Wells Fargo has struck a partnership agreement with NCR to create next-generation technology for retail banking stores and ATMs.

Under the agreement, the two companies will set up a team focused on research and development in ATM and retail banking customer experience.

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Wells Fargo head of ATM banking and store strategy Jonathan Velline said: “Aligning our development strategy with NCR allows us to shape the future of technology in our stores and ATMs to benefit Wells Fargo customers.

“We have a long history of innovation, and we expect this collaboration with NCR to add to our legacy, deliver the next generation of technology in our physical channels and further enhance customer experience.”

The new agreement builds on the existing relationship of the two companies, who have previously collaborated to bring various technologies such as cash- and check-processing innovations, concierge solutions offered through self-service devices, and next-generation materials to boost usability of the physical channels.

NCR chairman and CEO Bill Nuti said: “Wells Fargo is one of the most innovative banks globally, and our work with them has created breakthroughs in amazing, personalized customer experiences. In addition, Wells Fargo will have access to our global innovation community, customer engineers and executive leadership to provide support in Wells Fargo’s lab.

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According to NCR, the latest agreement takes the relationship of the two companies to a “more strategic level”, and co-locates team members from both the firms to develop the technologies.