PNC has launched unique software that is pushing personal online banking to the next level, especially for the generation of young adults who are new at money management.
Called Virtual Wallet, the tool offers the latest patent-pending technologies aimed at helping Gen Yers plan, save and eliminate costly financial mistakes. This hi-def way of looking at personal finances is not just for the newly initiated in the banking world. Internet savvy customers may benefit as well.
“We went through a lot of pains to design this for the Gen Y user,” explains Michael Ley, vice president of the e-Business division. “It’s very easy to set up and very bill-centric. I think this innovation will change how online banking is viewed.”
A national study finds that people between the ages of 21 and 30 tend to be spendthrifts while managing loan debt from college. A calendar allows users to track their money in three linked accounts—spend, reserve and growth. The reserve account serves as overdraft protection while the savings account encourages short and long-term savings.
Features like “Money Bar” transfers between accounts and “Danger Days” helps to avoid overdraft fees. Want to save some money? “Punch the Pig” places a preset amount aside in savings.
Users may open an account with a minimum of $25 and there is no minimum balance requirement. The savings account offers a yield of 3 percent. PNC hopes to offer mobile bill paying in the future.
”We found that many of these users are just out of college, living paycheck to paycheck,” Ley adds. “By aligning our offering with a mental makeup on banking and reserves, it helps their money to grow.”
For a preview on Virtual Banking, click here.
Writer: Debra Smit
Source: Michael Ley, Gina Villiotti, PNC
Image courtesy PNC