July 21, 2015 -- In the past few years, the banking and financial conglomerate has shut down hundreds of retail branches. In 2013, the Group disclosed plans to close about 200 branches as part of a plan to reduce expenses by almost $700 million, while in 2014 PNC announced plans to remodel its branches by converting over 300 locations to its tellerless “universal” concept by March of 2015.
However, in the first quarter of 2015, PNC has already closed more branches than any other financial institution in the country, bringing its total number of branches to only 2,790 across the United States.
In June of this year, during the bank’s second-quarter earnings call, CEO William Demchak told financial analysts about further cuts and consolidations. The CEO cited a plan to reduce its network by ten percent (approximately 400 branches) due to the exponential increase in online and mobile banking, which reduces the need for in-branch services.
In response to these new ways of customer banking, PNC unveiled its new branch concept back in 2014. The new concept calls for about 1,800 square feet per location, as opposed to traditional locations of 3,500 square feet. In addition to the reduced space, many branches are going “tellerless,” instead making use of a solution center with PNC customer service personnel trained to handle banking needs. Further online and automated accessibility at branches are being added, though traditional features such as safe-deposit boxes will continue to be maintained.
These changes are set to improve efficiency while reducing errors and overall business costs.
Edcomm Banker’s Academy helps companies navigate such profound shifts as these with efficient eLearning delivery systems. One of our most popular offerings is the “Universal Teller” curriculum which helps a bank define the new role of a teller, helping to shape a Teller’s job description into one more of elite service rep and revenue generator. Rapid change in a corporate culture and methodology can be more easily achieved with a sophisticated and focused consolidated Learning Management strategy.
Blumenthal, Jeff. “PNC cutting 100 branches this year.” Philadelphia Business Journal. Philadelphia Business Journal, 17 July 2015. Web. 21 July 2015.
Fleisher, Chris. “300 PNC branches to become tellerless.” TribLive. Trib Total Media, 10 December 2014. Web. 21 July 2015.
Olson, Thomas. “PNC to shut 200 branches as part of $700 million in cuts.” TribLive. Trib Total Media, 5 March 2013. Web. 21 July 2015.