Online and mobile-based money management tools are all the rage these days, though some are better than others. One mobile application worth looking into is PNC Bank’s “Virtual Wallet,” which just added new features that may help bank customers avoid making overdraft errors and minimize fees.
Mobile banking applications are white hot right now. IDC Financial Insights, in a study released July 12, reports that mobile banking usage has nearly doubled from 2009 to 2010, noting that texting is the favorite mode of mobile banking communications for consumers.
PNC (Stock Quote: PNC) is aiming to stay ahead of the crowd with some new additions to its mobile banking program. The bank rolled out Virtual Wallet in 2008, and learned a thing or two about what customers really want from the technology. Thus the “new and improved” version that PNC hopes will resonate with technology-savvy customers. It certainly has boosted PNC’s fortunes so far – the bank reports 3,500 new accounts opened weekly via Virtual Wallet in 2010.
“People want more control over their money and Virtual Wallet can help them take charge of their finances,” says Thomas Kunz, director of payments and e-business for PNC. “Since Virtual Wallet was introduced in 2008, we have used input from our customers to make innovative enhancements for real-time information and resources to help them avoid financial mistakes and achieve their financial goals.”Kunz adds that PNC solicited customer feedback on the Virtual Wallet via the product’s blog site and the bank’s Twitter account.