Bolder Thinking Blog

PNC wants to make the virtual a reality

August 26th, 2020 | Rachel Arndt

On Facebook, PNC made a case for the digital by comparing its Virtual Wallet Checking Pro tools to other digital tools.

PNC wants consumers to associate its Virtual Wallet tools with lighthearted—but useful tech—in the rest of their lives. The Virtual Wallet creatives were behind a boost in PNC’s Facebook spend in August, which comes after a lull in July, when it looks like PNC took part in the Facebook boycott (the company did not release a statement).

Source: Comperemedia Omni
Source: Comperemedia Omni

What we think 

Consumers may love digital tech in some parts of their lives, but they’re not craving it for banking.

In its latest paid Facebook campaigns, PNC is relying on consumers having a positive association with digital tech, including online food-ordering and gaming. Not only that, but the bank is hoping consumers actively want the same kinds of interactions with banking tools that they already have with leisure activities.

But that might not be what consumers want, with few consumers surveyed by Mintel seeking out banks with “interesting” digital tools. Still, PNC can use those tools as a way to stand out: “Even if technology is not a main motivating factor in choosing one financial services provider over another, it can still be a differentiator among institutions that are similar.”

Rachel Arndt

Rachel Arndt

Rachel Arndt is a Research Manager leading a team of analysts who deliver reports across industries to support clients with competitive insights. Rachel also researches and writes about marketing and industry trends. Her first book, Beyond Measure, came out in 2018.