Wells Fargo’s New Innovation Technology Group is challenged with meeting evolving customer needs and staying ahead of a shifting competitive landscape, which includes a key focus on payment strategies. The New Innovation Technology Group is specifically interested in determining the extent to which millennials will utilize virtual currencies such as bitcoin. Virtual currencies are early in their product life cycle, and there are conflicting views about their scalability and profitability.
In 2016, Seidman was commissioned by Wells Fargo to investigate academic and practitioner claims about millennial knowledge of, and interest in, virtual currencies. The study included a survey of millennials implemented in Tempe and downtown Phoenix.