Greenhouse by Wells Fargo is coming - Card Issuers News

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Card Issuers » Greenhouse by Wells Fargo is coming

Greenhouse by Wells Fargo is coming

Add to Favorites:
Greenhouse by Wells Fargo is coming
Tags: , ...
November
13

Greenhouse by Wells Fargo is a new app the bank is gearing up to launch next year, designed to boost a user’s level of financial health. The app is a combination of personal finance management tools and Wells Fargo banking capabilities. What does this mean in terms of practical abilities? People will be able to do everything from paying their bills to saving money via the app.

Greenhouse by Wells Fargo will also use artificial intelligence to give users access to personalized insights into their finances, so they will know where they are at with their finances. They will be rolling out a limited, national pilot program during the first quart of next year, with a launch of the app for iPhone users coming at some point during the first six months of 2018.

“We believe the Greenhouse experience will appeal to a broad base of consumers, many of whom have several income sources or are paid infrequently, which can make budgeting a challenge,” said Avid Modjtabai, head of Payments, Virtual Solutions and Innovation at Wells Fargo, while onstage at The BancAnalysts Association of Boston Conference in Boston.

“Whether you are new to banking, don’t have regular paychecks, or typically manage money with cash, we believe the Greenhouse experience can help you manage day-to-day spending while planning for the future,” he said.

The inside story

What will people be able to do with this app? They will be able to engage in intuitive money management, by using two accounts – one that is connected to their debit card and is used for weekly spending, and another account that is used just for savings and to make bill payments.

With the savings and bill payment account, they will be able to allocate money to be used to pay bills, including their rent and phone bill. And they will also be able to begin building up their savings so they have a cushion.

The app connects both accounts and gives the user a wide range of information, including:
• Spending trend visualizations
• Personalized insights
• Key financial reminders

People will also be able to send payments via Zelle, a peer-to-peer payments network, as well as use the network to receive payments. There are no overdraft fees to deal with when using the app, and payments and purchases that would overdraw the account would not be processed.

Financial health matters

Wells Fargo points to research showing that financial health is an issue for many Americans, with 57% reporting that they are struggling with their finances. They also found that 44% of people said that if they had an emergency expense of $400, they could not come up with the money. In order to pay that expense, they would have to borrow the money or sell something.

All credit cards terms, fees and rates mentioned in this article/post are actual on the posting date. See the current products’ Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Gen Z and Millennials Spending More This Holiday Season

Posted: November 23, 2017

Holiday shopping is in full swing, and while spending trends are on target to be on par with last year across the generations, Gen Z and Millennials are feeling more festive, and are on point to spend more this season whether that's on ... Continue reading
Hackers Are Not Dimming Holiday Cheer

Posted: November 22, 2017

Holiday shopping season can be a big draw for criminals, in both stores and online, and while consumers are worried, it's not going to get in their way this season, according to a new study by Discover. They found that 73% of people will ... Continue reading
Small Business Saturday Resonates With Consumers

Posted: November 21, 2017

If you know that November 25 is Small Business Saturday you are in good company because 61% of consumers know it is taking place too, according to the 2017 Small Business Saturday Consumer Insights Survey. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the cash back earned at the end of your first year, automatically.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit