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Wells Fargo gets thumbs-up from Information Week for envelope-free ATM deposits
September 16, 2009
Wells Fargo & Company has been recognized by Information Week in its InformationWeek 500 as the No. 4 financial institution for delivering innovative, advanced technology products and services that make it easier, faster and more convenient for customers to conduct financial transactions.
Avid Modjtabai, Wells' head of technology and operations, says the recognition reflects Wells' ability to couple business with technology:
It is significant because it demonstrates our commitment to develop innovative technologies to benefit our customers and help them succeed financially.
One example noted by Information Week includes Wells' wide-scale rollout of its next-generation "envelope-free" ATMs, developed by Wincor Nixdorf AG. The automated deposits allow consumers to deposit up to 50 banknotes and/or up to 30 checks without envelopes.
The ATM converts the paper checks into digital images, which appear on the ATM screen and on the receipt. Additionally, customers get immediate credit for cash deposits and checks deposited on business days before 8 p.m.
Envelope-free ATMs also have helped save more than six thousand trees since their installation in the United States, according to estimates from the Environmental Defense Paper Calculator.
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