Wells Fargo becomes first bank to offer text message receipts

July 25th, 2013 | Posted by Kevin Corley in Information Management
Wells Fargo becomes first bank to offer text message receipts

Wells Fargo was the first bank to offer e-receipts to its customers in 2010, and its ATMs already offer numerous paperless options to users. But the company recently re-affirmed its commitment to making paperless transactions available by becoming the first bank to offer text message receipts.

According to IT Tech Post, Wells Fargo's head of ATM banking, Alicia Moore, said that many customers appreciate the ability to reduce paper waste. She stated that the newest paperless option was introduced in response to customer requests, and it was also part of the firm's ongoing commitment to environmental responsibility. 

Paperless transactions are just one of the ways in which Wells Fargo has been reducing its costs and improving enterprise content management. The bank has also begun constructing "neighborhood" branches that are smaller and cost less to run.

"There are tons of opportunities like that," Wells Fargo chairman and CEO John Stumpf said, according to the Minneapolis St. Paul Business Journal. "Paperless ATM receipts and nickels and dimes found in the corners that all add up at the end of the day."

The source reported that digital transactions, along with other cost-cutting information management measures, have helped Wells Fargo become the world's most valuable bank

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