PNC Bank has announced a “thin” branch expansion.
The Pittsburgh-based company, which is one of the three largest full-service banks in Delaware, will expand its territory with retail locations, beginning in Kansas City and Dallas.”
Like its competitors, PNC will push its mobile banking technology as well as higher-yielding savings accounts as interest rates rise and some customers look for safe harbors for their money. PNC also offers brokerage and other services that could become part of branches.
“This digitally led expansion makes sense for PNC, as more than half of our deposits today come via non-teller channels – the ATM, online and mobile banking,” said Karen Larrimer, head of PNC Retail Banking and chief customer officer. “Our research also indicates that while 80 percent of consumers report visiting a retail location one or fewer times a year, they want knowledgeable bank staff to be available nearby. So we have made the needed investments in technology to deliver the predominantly digital experience many people desire, coupled with boots-on-the-ground availability when that shoulder-to-shoulder discussion is desired for major financial decisions.”
The company will operate a “thin network” of branches in new markets, a release stated.
The Kansas City and Dallas markets were part of PNC’s expansion of Corporate & Institutional Banking in 2017. Local efforts are centralized through a PNC Regional President’s office in each location and supported by teams of corporate bankers and processing facilities, a release stated.
“We have built strong community partnerships in these markets and share their traditional Main Street values,” said Larrimer. “While direct bank models are typically digital only, we are committed to establishing a retail network presence in these expansion markets.”
PNC is ranked as the nation’s sixth-largest bank but has not grown its retail footprint beyond the East and Midwest. It faces competitors, such as Chase, Wells Fargo, US Bank and Bank of America that operate branch networks in large swaths of the nation.
While banks have been shuttering branches, Chase is expanding its brick and mortar presence with plans for 10 branches in Delaware and 50 total in the Delaware Valley, a key region for PNC. PNC has kept its branch system largely intact in Delaware.
For further information visit www.pnc.com.
