PNC is dubbing itself “boring” in a new national promoting campaign.
Amid recent turbulence in the banking industry, the Pittsburgh-based bank is “focused on being reliable and trustworthy,” CEO Bill Demchak said in a Monday news release.
“In a frenetic industry that sometimes chases shiny objects, we have grown our business by focusing on the essential financial needs of shoppers, patiently nurturing relationships over generations and delivering results,” Demchak said in the discharge. “We imagine this ‘boring’ approach positions us extremely well for growth opportunities on the horizon.”
In the primary TV spot of PNC’s marketing campaign, which the bank created with ad agency Arnold Worldwide, actor Chris Diamantopoulos proclaims, “Boring is the jumping-off point for all of the un-boring things we do,” resembling vacations or early retirement.
Boring is “smart, dependable and regular — all words you wish out of your bank,” he says in the course of the 60-second industrial. PNC “strives to be boring along with your money — the pragmatic, calculated form of boring.”
Actions resembling saving and investing will not be “thrilling,” but they will repay, Alex Overstrom, head of PNC’s retail banking unit, said in the discharge.
“Most customers don’t need a roller-coaster for a bank,” Paul McAdam, senior director of banking and payments intelligence at J.D. Power, said in an email. “They want security, reliability, ease, friendliness and fairness. Supporting these ideas will probably be especially essential if the U.S. experiences an economic downturn.”
Still, banks have faced increased competition from fast-moving fintechs, and the campaign could pose risks.
“To many individuals, the word ‘boring’ is interpreted as meaning dull, not interesting, mundane, not value-add,” McAdam said. “The PNC campaign is difficult customers to think in regards to the meaning of ‘boring’ in another way, and never all customers will have the opportunity to make that connection.”
But PNC isn’t alone in embracing the humdrum label. Fifth Third executives, too, have said “boring is nice” during a recent conference appearance, Bloomberg reported.
PNC, with about $562 billion in assets, is scouting for acquisitions, Demchak suggested in the course of the bank’s fourth-quarter earnings call in January. He desires to see PNC ascend to the following level, so it’s viewed as a ubiquitous brand that garners the support giant banks receive in times of crisis, he said.
“We are a natural player in the consolidation of an industry where scale matters,” Demchak said in the course of the call.
PNC, which has about 2,300 branches across the country, plans to open about 100 new locations and renovate roughly 1,200 existing locations through 2028, the bank said last month.
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