Wells Fargo Wins Celent Model Bank Award for Embedded Finance

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The FINANCIAL — Celent has recognized Wells Fargo as its 2021 Model Bank winner for Embedded Finance. The bank was recognized for its Software Development Kit (SDK) enabling Wells Fargo’s business clients to seamlessly embed a credit card application with near-instant financing into their ecommerce purchase flow.

“In an increasingly digital-first world, customers want to access our products and services in digital touchpoints that are convenient for them,” said Imran Haider, head of open banking for Wells Fargo. “This could be our website, or any partner app, website, or digital platform. To meet customers in their context, we have developed an SDK that offers a simple, low-code integration for our business clients’ developers. We are thrilled to have our work recognized by Celent.”

Wells Fargo’s SDK revolutionizes the customer experience by providing a card open experience within the online purchase flow; for example, during shopping cart check-out. With Wells Fargo’s innovative service, the customer is not redirected to an external site, and the business client isn’t responsible for collecting and managing sensitive customer information, simplifying the overall experience.

Wells Fargo is one of the first large banks to offer this service in an easy-to-use, fully customizable user interface drop-in. The SDK features bank-grade security, sample applications, documentation, call backs, tokenization, and workflow management, lowering the technical burden on business clients and making integration easier, Wells Fargo notes.

“This innovative approach demonstrates how to make it easy for partners to integrate financial products in their context,” said Zilvinas Bareisis, head of retail banking for Celent. “Customers are given an easy option to apply for and start using credit when they need it, merchant partners can look to increase their sales and reduce cart abandonment, and the bank acquires a new customer.”

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According to Wells Fargo, Celent’s annual Model Bank Awards recognize the best practices of technology usage in different areas critical to success in banking. Nominations are submitted by financial institutions and undergo a rigorous evaluation process by Celent analysts. Celent judges submissions on three core criteria: demonstrable business benefits of live initiatives, the degree of innovation relative to the industry, and the technology or implementation excellence.

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