November 2, 2017 / 2:27 PM / 3 years ago

Wells Fargo unveils app aimed at millennials

FILE PHOTO: A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren

(Reuters) - Wells Fargo & Co on Thursday unveiled a new digital bank account app intended to help people who may be new to banking keep track of their finances more easily.

The new Greenhouse account is set to launch in the first half of 2018, said Avid Modjtabai, Wells’ senior executive vice president and head of payments, virtual solutions and innovation, during a presentation at an industry conference in Boston.

Greenhouse can be opened without walking into a branch, used within minutes, and does not allow for overdrafts. While many of the features are already available to Wells Fargo customers, its cash management offerings, such as keeping track of spending, are a marked improvement, according to Steve Ellis, head of innovation at Wells Fargo.

“We’ve been working on this pretty aggressively for the past nine months,” said Ellis, who said it is one of a handful of his pet projects.

JPMorgan Chase & Co launched a similar digital banking product called Finn last month, as banks face pressure to court millennials and cut back on branch-related costs.

Reporting by Dan Freed in New York; Editing by Chizu Nomiyama and Jeffrey Benkoe

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