PNC is dubbing itself “boring” in a new national advertising 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've grown our business by focusing on the essential financial needs of customers, patiently nurturing relationships over generations and delivering results,” Demchak said in the release. “We believe this ‘boring’ approach positions us extremely well for growth opportunities on the horizon.”
In the first 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 the un-boring things we do,” such as vacations or early retirement.
Boring is “smart, dependable and steady — all words you want from your bank,” he says during the 60-second commercial. PNC “strives to be boring with your money — the pragmatic, calculated kind of boring.”
Actions such as saving and investing may not be “thrilling,” but they can pay off, Alex Overstrom, head of PNC’s retail banking unit, said in the release.
“Most customers don’t want 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 be especially important 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 people, the word ‘boring’ is interpreted as meaning dull, not interesting, mundane, not value-add,” McAdam said. “The PNC campaign is challenging customers to think about the meaning of ‘boring’ differently, and not all customers will be able to make that connection.”
But PNC isn’t alone in embracing the humdrum label. Fifth Third executives, too, have said “boring is good” during a recent conference appearance, Bloomberg reported.
PNC, with about $562 billion in assets, is scouting for acquisitions, Demchak suggested during the bank’s fourth-quarter earnings call in January. He wants to see PNC ascend to the next 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 during 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.
