Wells Fargo’s newest addition to its incubator is a sign the hybrid way of working on Wall Street is here to stay.
The bank announced Tuesday that Theta Lake was joining the Wells Fargo Startup Accelerator. The startup, which the bank also invested in, speeds the review process of digital and video bank communications to ensure compliance.
Banks currently have compliance programs for text conversations, like email surveillance or voice-call recording, but they don’t account for new mediums of communicating, Theta Lake CEO Devin Redmond told Insider.
Theta Lake is integrated with workplace tools, like Zoom and Microsoft Teams, to digitally capture new ways of exchanging information — be it screen sharing over a video call, using a thumbs-up icon to affirm something, or sharing a link that pulls a file from an online cloud storage, Redmond said.