Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Pnc's Chief Says Consumer Loan Process Too Slow

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Pnc's Chief Says Consumer Loan Process Too Slow

Article excerpt

William Demchak, CEO of PNC Financial Services Group, said Pittsburgh's biggest bank needs to do a better job of providing loans and credit cards to consumers, calling PNC's application and approval process cumbersome and slow.

"We can do better. We will do better," he said during a Barclays investor conference in New York on Wednesday.

As an example, Mr. Demchak said that 20 percent of pre-qualified applicants for home equity loans "walked away from us because we haven't kept up with today's customer expectations for speed of delivery."

"I'm embarrassed," he said.

Other loan products - including auto loans, home mortgages and credit cards - have similar room to improve, he said.

"While we've done well in commercial lending, we've been operating below our potential on the consumer side," he said. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.