The news: Wells Fargo’s workflows redesigned around AI are already affecting business outcomes, the bank’s head of AI products and solutions, Faraz Shafiq, said at Money20/20. 

• AI tools that help advisers prepare for client meetings have lifted product sales rates by 40%.
• And virtual assistant Fargo has logged roughly 1 billion customer interactions.

Shafiq also said that Wells Fargo’s proprietary small language model outperforms third-party models at debit card fraud detection, per Banking Dive.

Wells Fargo climbed from No. 6 to No. 5 in this year's Evident AI Index, driven largely by an 11-point jump in its leadership score.

Zooming out: The vast majority of banks across the US have adopted AI tools, and they’re starting to see a payoff.

• KeyBank CEO Christopher Gorman said AI has cut call center costs by 97%. An AI-handled call costs about 35 cents, versus $9 for a human agent.
• Citi mandated AI prompt training for most employees last year. They logged more than 6.5 million prompts and cut down the time they spent on multiple tasks, per American Banker.
• JPMorganChase claimed its $2 billion annual AI spend has generated comparable savings, CEO Jamie Dimon said during a Bloomberg TV interview.