Wells Fargo will begin underwriting customers for their “entire credit limit” later this year, Avid Modjtabai, head of payments, virtual solutions and innovation (PVSI) group said during the bank’s investor day today.
Currently, customers seeking credit need to apply for individual products– such as loans or credit cards– separately, Modjtabai said. But starting in the second half of this year, the bank will start “showing customers their entire unsecured credit limit with Wells, 100% end-to-end digitally,” allowing customers to choose how to allocate their credit limit among products, she said.
