News Release from Wells Fargo - HSAs

News Release

Health Saving Accounts on the Rise; Wells Fargo Health Benefit Services Posts Record Results in 2011
Average balances increased in 2011 as more companies utilize HSAs for their employees

SAN FRANCISCO — March 7, 2012

Wells Fargo & Company (NYSE: WFC) today announced record growth of more than 100,000 new health savings accounts (HSAs) in 2011, representing 38 percent year-over-year growth. The company also reported a 22 percent increase in assets under the HSA program, which is offered through its Health Benefit Services group.

“We continue to see an increase in adoption as more of our customers take advantage of the long-term tax and retirement benefits of HSAs,” said Elizabeth Ryan, head of Wells Fargo Health Benefit Services. “Wells Fargo is committed to educating our customers – including corporate, small business and individual clients – on how HSAs can help people prepare for retirement and make smarter health care-spending decisions.”

Today, more than 320,000 individuals and 10,000 companies nationwide use Wells Fargo HSAs. In 2011, Wells Fargo business clients with HSA programs contributed more than 27 percent of total HSA contributions to their employees’ accounts, helping those businesses save an estimated $10 million in payroll taxes. As the average account balance increased by 10 percent to more than $2,500 (for accounts with a balance), account holders also saved an estimated $90 million in taxes last year. With more account holders taking advantage of the opportunity to invest in mutual funds through their Wells Fargo HSAs, total investment balances increased by 27 percent since last year.

Account-based health plans have surpassed $12.4 billion in assets in more than 8.4 million accounts nationwide, according to the Employee Benefit Research Institute (2012). More than 20 percent of employers offering health benefits now have this plan option, according to Mercer’s annual National Survey of Employer-Sponsored Health Plans (2011).

Which Mobile App Features make Consumers Tick?

Which Mobile App Features Make Consumers Tick?


Nuance Research Releases New Telling Data on Mobile Apps

Natural Language, Voice Biometrics, and Other Advanced Features are Set to Trigger Wider Consumer Adoption

BURLINGTON, MA. – March 7, 2012

WHAT: Mobile Apps are Here to Stay – When given the option, the majority (84 percent) of consumers would rather use a mobile app instead of calling a company for routine inquiries such as checking their balance, checking flight status and other tasks. While non-technophiles may find this mind-boggling, truth be told, mobile apps are here to stay and the numbers show that this trend is likely to continue. According to a recent survey commissioned by Nuance Research and conducted by Vocal Laboratories Inc. (Vocalabs), 85 percent of consumers expect to turn to a mobile app first for customer service over the next year.

Voice is King – The same survey also found that voice will be a key driver in mobile app growth, particularly when it comes to ease of use with a company’s customer service apps. More than half the respondents (59 percent) believe interacting with a company's mobile phone app through a natural spoken conversation would be easier than typing, while 42 percent said they believe it would be both faster and more fun than typing. For those surveyed who have already experienced natural language interactions through apps like Siri, those numbers skew higher with 68 percent thinking the interaction would be easier and 54 percent believing the interaction would be more fun. The survey also found that 77 percent would like to have the option and/or prefer to interact with mobile apps through a natural spoken conversation. Among those surveyed who have used conversational voice applications like Siri that number jumps to 91 percent.

Consumers Have an Appetite for Voice Biometrics – Nearly every consumer surveyed (a whopping 96 percent) said they make mistakes typing their passwords into their mobile phones, and 10 percent claimed that they make mistakes every time, signaling a clear opportunity for voice biometrics integration into mobile apps. Voice biometrics, which identifies each individual through their unique voiceprint, eliminates the hassle of remembering and then typing in passwords on virtual keyboards. Of the survey participants, 89 percent have more than 10 passwords that they manage, 34 percent have more than 20, and 15 percent have more than 40. Of these respondents, 77 percent feel a voice password would be more convenient than a typed password, while improved security is also a considering factor with 55 percent saying that they feel a voice password would be more secure than a typed password.