Wells Fargo recently announced that Steve Ellis, head of its innovation group, will retire after almost 31 years with the company. Lisa Frazier will take over as head of the group in September, overseeing its mission of accelerating delivery of Wells Fargo’s next-generation products and services.
Among the initiatives developed under Ellis are the Wells Fargo Startup Accelerator and the upcoming GreenhouseSM app, according to a company press release. Previously, Ellis led the Wholesale Services Group, including Treasury Management; Wholesale Banking Technology and Operations; Wholesale Social Strategies, Innovation and Research and Development; and the Enterprise Payment Strategies Group. Before that he started and ran the Wholesale Internet Solutions group, which launched Wells Fargo’s Commercial Electronic Office (CEO) portal in 2000 and CEO Mobile in 2007.
“Steve has been a champion for customer-centric innovation since he joined the company more than three decades ago,” Avid Modjtabai, head of Payments, Virtual Solutions and Innovation for Wells Fargo, said in the release. “He has been a mentor to many, and his influence is reflected in how we’re reimagining the future of banking. He has been a trusted advisor to me over the years, and I wish him the best in his well-deserved retirement.”
Wells Fargo largely credits Ellis’s commitment to fostering workplace creativity to the company’s relatively early move into commercial online and mobile financial services. He also held finance and operations roles in Wells Fargo Commercial Banking, Real Estate Group and Wholesale Banking.
Frazier has experience in digital and technology specializing in digital disruption, customer experience and product innovation. She has led digital programs for Commonwealth Bank of Australia and as a Partner at McKinsey & Company. Most recently, Frazier has focused on advising startup companies on growth, with examples including product development at Jacobi Inc., and scaling enterprise integrations of digital wealth management solutions at SigFig for financial institutions like Wells Fargo. Additionally, Frazier has served as an advisor to the ANZ Banking Group and Citi FinTech.
“I am excited to have Lisa serve as a catalyst for innovation at Wells Fargo,” Modjtabai said. “Her vision, passion, and deep experience in digital transformation at scale will help us further our efforts to build simple, personalized experiences that make a difference in our customers’ lives.”
Frazier will join the company on May 29 and will be based in San Francisco. Ellis will continue in his role until September to ensure a smooth transition.
“I have long admired Wells Fargo’s approach to innovation and the willingness to explore new things while always keeping the focus on the customer experience,” Frazier said. “I am looking forward to joining a talented team and contributing to Wells Fargo’s outstanding work to use technology and innovation to make life easier and simpler for customers and team members.”