PNC, the sixth-largest
US bank by deposits, has announced ambitious chanel cost-savings
targets based on greater customer use of ATMs.
At present, only 10% of
PNC customers use ATMs to make a deposit with only 1% of customers
using them to cash a cheque.
PNC is aiming to raise
these percentages to 40% and 20% respectively as part of a cost
cutting strategy designed to save $50m.
ATM use for cash withdrawal by PNC
customers currently runs at around 80%.
PNC channel successes in
2011 included increasing customer numbers using its online channel
from 3.06m to 3.51m.
included a sharp increase in the number of customers opting for its
Relationship Checking account as opposed to its free checking
The percentage of PNC
current account customers operating the Relationship Checking
account product grew from 31% at the end of 2010 to 59% at the end
of last year.
PNC has set itself a
target of 70% of current account customers opting for the paid-for
Relationship Checking account product.
PNC is investing over
$400m in new technology to drive forward its operating efficiency