Wells Fargo announced Thursday its 2022 first quarter earnings report ending on March 31, 2022. Despite showing lower income compared to Q1 of last year, the company remains optimistic as the year progresses.
According to Wells Fargo CEO Charlie Scharf, the company is focused on a number of goals for 2022, including building a better risk and control infrastructure, solving regulatory issues, and providing customers with intuitive and convenient digital products.
"We are moving forward... and continue to note that our path forward will be uneven but remain confident in our ability to continue to close remaining gaps over the next several years," Scharf said in the press release[1].
According to Scharf, the company added 500,000 new mobile active users in the first quarter of 2022. The company plans to invest further in digital products, like Zelle, with a focus on providing a frictionless experience for customers moving money digitally.
"Providing our customers with simple, easy to use, and fast digital experiences is one of our most important strategic priorities," Scharf said during the company's earnings call. "In the first quarter, we began rolling out our new mobile banking experience for our customers in our consumer businesses, and feedback has been very positive."
He added, "Digital adoption, which is critical to both delivering seamless digital experiences that our customers expect and reducing the cost to serve, has continued to increase with mobile active customers up 4% from a year ago."
Also: Wells Fargo issues the Innovation Challenge, seeking to work with creators to solve problems via advancing technologies[2]
Additionally, the company will support financial wellness by introducing HOPE Inside centers within branches that offer financial education and guidance for clients. Wells Fargo will continue to reduce overdraft fees into 2022 as well.
The company reported