Wells Fargo adds 2 CIOs to technology roster

Dive Brief:

Wells Fargo is rounding out its technology leadership with the appointment of two chief information officers to its technology organization, the company announced last week.
Effective Friday, Chintan Mehta became the CIO and head of Digital Technology and Innovation, reporting to Saul Van Beurden, Wells Fargo's head of technology, and line of business leaders. Mehta previously was CIO of Wells Fargo's digital ecosystem, where he was responsible for "all digital experiences and capabilities" for the company and its customers.
Beginning in August, Munish Kumar will become CIO and head of Wealth and Investment Management Technology, also reporting to Van Beurden and line of business leaders. Kumar is joining the company from JPMorgan Chase, where he oversaw a team of 400 technologists tasked with personalizing customer experience, working on technology to personalize customer experience.

Dive Insight:

Wells Fargo is working to repair its reputation after widespread consumer abuses were revealed, which CEO Charlie Scharf attributed to a "flawed business model" and "broken" culture, reports Banking Dive.

As part of its overhaul, the company has focused on rounding out its technology stack and accelerating digital transformation under the leadership of Van Beurden, who was appointed in 2019.

While banks were already working to enhance their digital services, the pandemic has added urgency to technology adoption. With in-person interaction limited, companies have to rely on digital transactions and understanding how customers operate.

In the past year, Wells Fargo has named a CTO and CISO, working to modernize core technical capabilities and shoring up governance and controls.

Naming Mehta and Kumar CIOs builds on the company's five areas of focus for digital transformation, which include advancements in personalization and attention toward digital accounts and payments.

As CIOs for individual lines of business, Mehta and Kumar can prioritize their departments' needs without relying on overarching technology leadership to set the pace transformation. It's a nimble approach, which highlights unique technology problems in different parts of the business.