PNC Bank has increased the number of new branch locations and renovations that this financial institution intends to complete over the next five years.
During the mentioned period, the specified lender plans to open 200 new branches in 12 cities and renovate 1,400 existing similar facilities. The financial institution has invested $1.5 billion in the implementation of these projects. The relevant information is contained in a press release published by the bank on Friday, November 8.
It’s worth noting that the figures contained in the mentioned press release mean an expansion of the scale of the financial institution’s plans, which were announced in February. At that time, the bank announced its intention to open 100 new branches and carry out renovations in 1,200 existing facilities of its functional network.
According to information contained in a press release published on Friday, the financial institution currently has more than 2,220 branches throughout the United States. This lender also carries out customer service activities through 60,000 of its and partners’ ATMs, online and mobile banking platforms, the client care center, and 22 mobile branches.
The financial institution provides services to low- and middle-income communities. The bank also serves areas affected by natural disasters.
Alex Overstrom, head of retail banking at PNC Bank, stated that while the lender offers clients a variety of different ways to interact with it, its branches continue to be the heartbeat of the retail franchise.
It is worth noting that in the United States, other financial institutions are also betting on the effectiveness of conventional bank branches. For example, in March it became known that JPMorgan Chase and Bank of America are following the appropriate approach.
JPMorgan Chase planned to add 500 more branches over the next three years in the spring. It is worth noting that this financial institution already has almost 5,000 branches.
In March, Bank of America planned to open locations in four more states, securing a physical presence in 39 US regions.
It is worth noting that the interest of banks in physical presence does not negate the fact of the growing popularity of digital banking. The implementation of financial operations in the virtual space actualizes the issue of cybersecurity. Sometimes criminals carry out unauthorized access to their victims’ devices to get hold of money. Personal awareness of users is important to counteract the corresponding threat. For example, a query in an Internet search engine, such as how to know if my camera is hacked, will allow anyone to get information about signs of unauthorized access to the device.
As we have reported earlier, PNC and Plaid Collaborate on Secure Sharing of Banking Data.
