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Banking technology pitfall WF Case - Coggle Diagram
Banking technology pitfall WF Case
Fintechs
Accelerate techological initiatives
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Finance Services infrastructure
Wells Fargo staff appear to have found ways around these controls. In some cases, they were reported to have used the e-mail address
“noname@wellsfargo.com
” to sign a customer up for online banking services
Develop apps and platforms
apps are making banks obsolete
Digital operations
Digital accounts
Increase Market Share
Created millions of unauthorized accounts & credit cards, forged signatures, and secretly transferred customers' money
All fake business manipulation “ a homeless woman into opening six checking and savings accounts with fees totaling $39 a month
Wells has created a startup accelerator and a virtual payments service for business
The operational system of requiring employees to meet strict quotas lead to employees creating fraudulent accounts and leading to the scandal.
Digital accounts
Real time information accounts
branch manager would blame a computer glitch or say the card had been requested by someone with a similar name
Personal information with quickly access
Workers also used a bank database to identify customers who had been pre-approved for credit cards.
Security key between bank and customer :red_flag:
Created fake email accounts to sign up customers for online banking
Customer accounts were closed without any explanation or warning, after they were victimized