History of Technological Innovations in Banking

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History of Technological Innovations at PNC Bank
Susan Santos
CMGT 557 - Emerging Technologies & Issues
April 16, 2012
Professor Tammy Borunda

Abstract
This paper will describe how technology has changed the banking industry. I will specifically talk about PNC Bank. PNC Bank was founded in 1852, in Pittsburgh, PA. Its founders were James Laughlin and B.F. Jones. Since 1852, PNC Bank has expanded geographically in the northeast, Midwest, eastern and southeast part of the country through acquisitions and mergers. PNC Bank has been a leader in regards to technological innovations in the banking industry. PNC Bank created a mobile banking application in 2009, at that time; it was one of four banks in the country to have a mobile application. In 2008, PNC Bank created the Virtual Wallet, the first interactive software on a online banking web site. Then in 2011, PNC Bank created PNC Wealth Insight, a first time technological, banking, innovation which provided consumers with more information and daily access to their portfolios and net worth.

History of Technological Innovations in at PNC Bank
Technological innovations have dramatically altered the banking industry in recent decades. My bank is PNC Bank and I chose to write about it and describe how technology has affected the company, its product line, and the services it provides. PNC Bank was first opened in 1852, in Pittsburgh, PA. Its’ founders are James Laughlin and B.F. Jones. Since its opening, PNC Bank has changed its name several times and expanded by acquiring more banks and merging with others. “In 1982, PNC Financial Corporation was formed from the merger of the Pittsburgh National Bank and the Provident National Bank” (The Finance Owl, 2009, para. 2). PNC Bank has expanded its number of branch offices throughout the eastern part of the United States, purchasing and merging with other financial institutions in the following states: PA., N.J., Mass., FL., D.C., Md., Del., VA., KY., N.C., S.C., and AL. (PNC Bank, n.d.). During its expansion, PNC Bank has also been a leader in the banking industry in regards to technological innovations and implementations. What Technologies have Affected the Company?

PNC Financial Corporation (PNC Bank) has implemented many new technologies in order to maintain its’ competitive edge. PNC Bank offers online banking to individual and business consumers. Its’ online banking website is one of the most interactive in the industry, due to its creation of the Virtual Wallet. Virtual Wallet was created to attract younger consumers (primarily from the generation y era). The design team of Virtual Wallet began by studying how Gen Y consumers view banking. The result was Virtual Wallet, a family of banking products that “provides customers with seamless access to their finances and intuitive, tangible, and direct control of their money” (IDEO, 2008, para. 3). Other banking technological services offered by PNC Bank are online banking and mobile banking (PNC Financial Corporation, n.d.).

The technological implementations of online banking and mobile banking have made banking easier for working, busy professionals, and increased PNC Bank’s revenue by attracting more customers of all ages. Online banking consists of online bill pay, transfer funds, online banking with Quicken, Alerts, online statements and track rewards. With online banking, consumers can manage, pay and receive bills, receive ebills, receive email reminders, and notifications of when payments are due (PNC Financial Corporation, n.d.). With mobile banking, a person can perform almost most of the same functions as if you were using a regular computer. PNC mobile banking allows one to check balances, make bill payments, transfer funds, and locate the nearest ATMs (PNC Financial Corporation, n.d.). Smartphone (iPhone and Android) owners can deposit checks and have access to the Virtual Wallet as well (PNC Financial Corporation, n.d.)....
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