PNC Financial Services Group is looking to launch a national consumer lending product through their mobile app and new branches; they plan to launch into new markets with branches in Minneapolis, Dallas, Kansan City and more; “We're going there to be there with our full-service capabilities, patiently banking the clients that we ultimately want to bank,” Chairman and CEO William Demchak said this week; the new plans will take place in 2018. Source.
Citi and PNC striking a deal with HighRadius is the latest example of banks forming partnerships to improve commercial payments; HighRadius has already done partnerships with Bank of America, Walmart, Johnson & Johnson, Procter & Gamble and Starbucks; HighRadius uses artificial intelligence to help automate some of the slower more paper driven processes in commercial payments. Source.
According to Business Insider Intelligence’s inaugural Banking Digital Trust study PNC, Chase and Citi scored as the most Ed trusted...
This week’s PeerIQ Weekly Industry Update covers the Fed raising rates by 25 bps, Affirm’s big fundraising and securitization news; PNC announced their new lending pro cuts through their mobile wallet and anticipate it will outperform branch loans; Equifax completed their first Securitization, a $200mn deal backed by lender fee revenues; PeerIQ does a deep analysis on the Sharpe Ratio which helps to gauge risk-adjusted returns. Source.