Banking services aim to help Gen Y manage money

Who is doing it: PNC Financial Services-a 2009 CIO 100 honoree-is targeting 18- to 24-year-olds with its Virtual Wallet, a mobile and online banking service that is designed for people who are setting up their first bank accounts. Since the service launched in August 2008, PNC is averaging 200 new accounts per day, says Michael Ley, vice president at PNC.

Who is doing it: PNC Financial Services-a 2009 CIO 100 honoree-is targeting 18- to 24-year-olds with its Virtual Wallet, a mobile and online banking service that is designed for people who are setting up their first bank accounts. Since the service launched in August 2008, PNC is averaging 200 new accounts per day, says Michael Ley, vice president at PNC.

How it works: Customers sign up online to get three bank accounts: a spending account for everyday use, a reserve account for short-term savings and overdraft protection and a higher yield growth account. Users can access a calendar that shows pay days and bill due dates. A "danger day" indicator pops up to warn customers if they risk overdrawing an account. Sliding an icon along a bar lets users drag money from one account into another, making it easy to manage balances. A student version enables users to send notes to their parents about their finances.

Growth potential: PNC may add features such as community tools so that users can share savings tips or learn about budgeting. While it competes with Mint and Wesabe-two online services that let people track their spending and manage their money-PNC is one of the few banks that has implemented its own personal financial management tool, says Nicole Sturgill, research director at Tower Group. "Because of the success of Virtual Wallet, Mint, Wesabe and others, we are going to see a number of implementations coming next year," she says.

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection

Tags innovationfinancegen-y

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Nancy Gohring

IDG News Service
Show Comments

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

David Coyle

Brother PocketJet PJ-773 A4 Portable Thermal Printer

I rate the printer as a 5 out of 5 stars as it has been able to fit seamlessly into my busy and mobile lifestyle.

Kurt Hegetschweiler

Brother PocketJet PJ-773 A4 Portable Thermal Printer

It’s perfect for mobile workers. Just take it out — it’s small enough to sit anywhere — turn it on, load a sheet of paper, and start printing.

Matthew Stivala

HP OfficeJet 250 Mobile Printer

The HP OfficeJet 250 Mobile Printer is a great device that fits perfectly into my fast paced and mobile lifestyle. My first impression of the printer itself was how incredibly compact and sleek the device was.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?