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.
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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.
Product highlights
included a sharp increase in the number of customers opting for its
Relationship Checking account as opposed to its free checking
product.
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By GlobalDataThe 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
strategy.
