Wells Fargo – Enterprise Tech Ecosystem Series
Wells Fargo has been focusing on emerging technologies as a part of its digital transformation strategies. The annual ICT spending of Wells Fargo was estimated at $3.4 billion in 2021. A major share of this spending is earmarked for acquiring software, hardware, and ICT services from vendors. Wells Fargo is a diversified financial service holding company that offers retail banking, wholesale banking, and wealth management services to individuals, businesses, high net worth individuals, and institutions through its subsidiaries.
The Wells Fargo Digital Transformation Strategies report will act as a reference point to understand a company/competitor’s digital strategy. It will also help in understanding the digital preparedness of the company against its peers. Information included in these reports are sourced from a mix of our very own internal database and authentic secondary research links such as company’s annual report, presentations, press releases etc. The report covers overview of the company, its digital transformation strategies, technology focus areas, technology initiatives, technology introductions, investments, acquisitions, ICT spending among others.
Digital Transformation Strategies
Wells Fargo’s digital infrastructure strategy centers around deploying a secure and compliant multi cloud approach along with data centers to accelerate digital technology implementation and attain agility and scalability for its customers and employees. In 2021, Wells Fargo partnered with two public cloud providers Microsoft Azure to enhance the development of innovative solutions, support strategic business workloads, and leverage data and analytics services and Google Cloud to run advanced workloads and complex AI and data solutions.
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Wells Fargo Technology Theme Focus
Wells Fargo is utilizing number of emerging technologies including artificial intelligence, big data, biometrics, blockchain, and cloud computing to enhance its operational and service capabilities.
Wells Fargo Technology Theme Focus
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Wells Fargo Technology Initiatives
Wells Fargo has been involved in several strategic technology partnerships and collaborations, technology developments and roll outs, acquisitions, and technology investments over the past few years.
For instance, Wells Fargo signed a multi-year agreement with IBM. As per the deal, Wells Fargo will leverage IBM Q Network to augment its AI and quantum computing capabilities. Wells Fargo gains access to quantum computing systems for commercial use case exploration and research, to explore and develop apps to enhance its customers’ experience. Under this agreement, the company also participates in the MIT IBM Watson AI Lab.
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Wells Fargo ICT Spend by Function
- Communications
- Data center
- Network
- Application
- End-user computing
- Service desk
- Management
Wells Fargo ICT Spend by Function, 2022
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Wells Fargo ICT Spend by Channel
- Internal development and maintenance
- Technology vendors (direct)
- Local resellers
- Telcos
- ICT services providers/Consulting firms
- Specialist outsourcers
- Systems integrators
Wells Fargo ICT Spend by Channel, 2022
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Wells Fargo External ICT Spend by Segment
- ICT services
- Software (including Cloud SaaS)
- Hardware (including Cloud Iaas)
- Network and communications
- Consulting
- Others
Wells Fargo External ICT Spend by Segment, 2022
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Wells Fargo Digital Transformation Strategies Overview
| Total ICT Spending 2022 | $3.4 billion |
| ICT Spend by Function | Communications, Data Center, Network, Application, End-User Computing, Service Desk, and Management |
| ICT Spend by Channel | Internal Development and Maintenance, Technology Vendors (Direct), Local Resellers, Telcos, ICT Services Providers/Consulting Firms, Specialist Outsourcers, and Systems integrators |
| External ICT Spend by Segment | ICT services, Software (including Cloud SaaS), Hardware (including Cloud Iaas), Network and communications, Consulting, and Others |
| Technology Theme Focus | Artificial Intelligence, Big Data, Biometrics, Blockchain and Cloud Computing |
This report provides:
- Insight into Wells Fargo’s technology activities.
- Insights of its digital transformation strategies and technology center & innovation program.
- Overview of technology initiatives covering partnerships, investments, and acquisitions.
- Insights on each technology initiative including technology theme, objective, and benefits.
- Details of estimated ICT budgets and major ICT contracts.
Reasons to Buy
- Gain insights into Wells Fargo’s technology operations.
- Gain insights into its technology strategies and innovation initiatives.
- Gain insights into its technology themes under focus.
- Gain insights into its various partnerships, investments, and acquisitions.
Key Players
Table of Contents
Frequently Asked Questions
The annual ICT spending of Wells Fargo was estimated at $3.4 billion in 2022.
The key ICT spending categories by function for Wells Fargo are communications, data center, network, application, end-user computing, service desk, and management.
The key ICT spending categories by channel for Wells Fargo are internal development and maintenance, technology vendors (direct), local resellers, telcos, ICT services providers/consulting firms, specialist outsourcers, and systems integrators.
The key external ICT spending categories by segment for Wells Fargo are ICT services, software (including cloud SaaS), hardware (including cloud IaaS), network and communications, consulting, and others.
The key technological theme in focus for Wells Fargo are artificial intelligence, big data, biometrics, blockchain and cloud computing.
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