PNC targets youth market with Virtual Wallet

PNC targets youth market with Virtual Wallet

Pittsburgh-based PNC Bank has launched Virtual Wallet, an interactive online money management and banking service developed specifically for teenagers and young adults.

The bank says its Virtual Wallet service is aimed at the next generation of banking customers, so-called "Generation Y".

Virtual Wallet - which can be opened online, over the phone or in branch - provides on-demand access to manage spending and saving in real time.

The site provides an interactive view of customer accounts by day, week or month, enabling users to create bill reminders, check balances, see past activities and future payments and mark pay days. The service includes an automatic warning alert to show customers when they are in danger of becoming overdrawn.

A "money bar" lets users move funds in real-time between spend, reserve and growth accounts and to view funds they have available before their next pay day.

Furthermore, a "savings engine" enables account holders to create a wish list and transfer money to savings accounts via predetermined set amounts or by using a customisable widget called "Punch the Pig".

Joseph Guyaux, president and head of retail banking, PNC, says: "This new solution is the most interactive offering on the market today that will empower tech-savvy, Generation Y consumers with an unprecedented high-def view, and control, of their money."

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