Technology and Innovation

Our customers increasingly prefer to use online, mobile and ATM channels to complete their financial transactions. To meet their expectations, we invest in new ideas and evolving technology, including:

• Creating a secure environment for innovative change through open application interfaces (APIs)
  
• Hosting internal API Fests that encourage employees to use their creativity to develop new products and services for Retail Banking, Asset Management and Corporate & Institutional Banking customers
• Partnering with FinTechs and other technology companies to discover best practices that enhance the customer experience

By driving innovation at a faster pace, we believe that we may fundamentally change the way banking is done.

Intelligent Automation

Intelligent automation is software that takes on time-consuming and repetitive manual tasks traditionally done by employees, freeing them for more knowledge-based work and customer interaction. Automating these tasks boosts job satisfaction while offering many of our employees the chance to gain new skills.

In 2018, we successfully introduced nearly two dozen automated solutions – or "bots" – into several areas of the bank. In 2019 and beyond, this software will open new opportunities that create better service experiences, strengthen security and compliance, and streamline processes to reduce costs.

Blockchain

Ledgers have existed in one form or another for centuries. They became easier to access when digitized but still reflected what was on paper. Now, that's all changing. New technology, known as blockchain, is revolutionizing record-keeping and allowing companies and their customers to more securely gather, record, communicate and audit their financial transactions.  

While blockchain is essentially an electronic ledger, its key difference is that an encrypted record of each transaction is updated in real time and shared with each individual who has access to those transactions. Similar transactions are "chained" into blocks, which makes the information difficult to manipulate or attack. These transactions are highly secure and can be audited, resulting in greater accuracy, as well as a clear record of all financial activity.  

PNC is researching and experimenting with blockchain and testing its application to improve our Treasury Management solutions. Recently, we worked with a healthcare system and a national insurance company to identify every point of friction in their claims submission, adjudication and payment process and to determine how we could use blockchain to remove them. We’re also evaluating the use of blockchain to increase the settlement speed and transaction transparency of international payments.

Retail Enhancements

In 2018, we introduced three new ATM features:

• PNC Express Funds: Offers a customer who deposits a qualified check at a PNC DepositEasy^SM ATM the option of immediately using the full amount for withdrawals or purchases, for a fee (2% of the dollar value of the check, with a $2 minimum)
• Denomination Choice: Gives customers the option, at select ATMs, to receive their cash in a mix of denominations ⁠— from $1 to $20 bills and, in some cases, $50 bills
  
• Card-Free ATM Access: Enables customers to complete a transaction at a PNC-owned ATM by using the PNC mobile app on their smartphone, instead of using a card

Virtual Call Center

In 2018, PNC transitioned 300 employees from a traditional call center in Columbus, Ohio, to a virtual model. Our new Virtual Call Center enables customer-care representatives to access the PNC resources they need while working from a home office, eliminating the time and cost of commuting. Ease of talent acquisition to support varied customer-focused business strategies and environmental variability has been realized through virtual recruiting, onboarding and training. PNC now has access to recruit from a wider geographic area, opening more opportunities to hire diverse and bilingual individuals. Our new model also allows PNC to cover more time zones and therefore better serve our customers regardless of their location. This becomes especially important during extreme weather events, when PNC’s building facilities may be physically impacted and temporarily unable to serve customers. Due to the positive impact on both employees and customers, virtual expansion continues in 2019.

National Retail Digital Expansion

In October, PNC Bank launched the national expansion of its retail banking business, leveraging an array of digital banking capabilities and featuring a new High Yield Savings Account available to new customers who reside outside of our existing retail branch network. Since that time, many of our new high-yield savings account customers have selected us as their primary bank by opening a PNC Virtual Wallet^® account.

While most consumers today are looking for a digital banking experience, we know that many also want to talk in person with a bank consultant before making major financial decisions. In response, PNC committed to follow its digital bank expansion with a thin network of retail locations in select new markets, beginning in Kansas City and Dallas.