Wells Fargo & Company's (NYSE:WFC) Wholesale Internet and Treasury Solutions group, which serves middle-market and large corporate customers, has been named by information technology publication CIO magazine as a winner of its annual CIO 100 award. This marks the second consecutive year Wells Fargo has been honored. Last year, Wells Fargo's Wholesale Internet and Treasury Solutions division received the CIO 100 award for innovation and leadership for developing the Commercial Electronic Office(R) (CEO(R)) portal, which launched in 2000 and now is used by two-thirds of Wells Fargo's commercial customers to run their businesses more efficiently.
"This year we're being honored for our Desktop Deposit(R) service, the first internet-based electronic deposit product that allows businesses to deposit checks straight from their desktops -- no more trips to their bank," said Steve Ellis, executive vice president of Wells Fargo's Wholesale Services Group. "The adoption rate has been unprecedented -- in the first five months alone enrollment in the service jumped by about 100% each month and check volume grew an average of 130% each month."
Desktop Deposit is fully integrated into the Commercial Electronic Office platform. Because the system is internet-based and requires no software, installation requires minimal technical support on the customer's end. Product upgrades occur instantaneously and simultaneously to all users at all locations.
"Our goal is to give our customers the tools they need to do business smarter, faster and more efficiently, such as with Desktop Deposit," said Danny Peltz, executive vice president of Wells Fargo's Wholesale Internet and Treasury Solutions. "We understand how their businesses are changing because we put them at the center of product development. We consistently listen to them and anticipate their needs."
CIO 100 honorees were selected by CIO magazine editors and writers through a comprehensive three-step process. Wells Fargo will receive its award during a gala dinner at the CIO 100 Conference & Symposium August 22 in Coronado, California.
About Wells Fargo
Wells Fargo & Company is a diversified financial services company with $500 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the highest credit-rated bank in the U.S., receiving an "Aaa" by Moody's Investors Service -- its top credit rating -- and "AA+" by Standard & Poor's Ratings Services.