PNC Financial Base CaseBy David F. Carr | Posted 2004-03-01 Email Print
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A project to clean up errors in customer records brought an unexpected dividend to PNC Bank.
PNC Financial Base Case
Company: PNC Financial Services Group
Headquarters: 249 Fifth Avenue, Pittsburgh, PA 15222
Phone: (412) 762-2000
Business: PNC Bank is the largest business unit of the company, which also provides asset-management and mutual-fund processing services.
Chief Information Officer: Timothy Shack
Financials in 2003: Total assets, $62.8 billion; earnings of $274 million on total revenue of $5.3 billion. Revenue from banking operations dipped to $3.8 billion, down from $4.0 billion in 2002.
Challenges: Eliminate inaccuracies in customer data, create a more rounded view of each customer and drive up customer retention. Leverage this data to improve the bank's response to laws involving customer-identity verification and watch-list matching.
- Grow banking business 5%-7% per year.
- Grow overall financial-services business 10%-12% per year.
- Use better knowledge of customers to improve retention from a rate of 91% in 2000 to 94% in 2003.
- Reduce the volume of returned mail by 50%-65%.