Mission Statement, Vision, & Core Values (2023) of The PNC Financial Services Group, Inc. (PNC). (2024)

An Overview of The PNC Financial Services Group, Inc. (PNC)

General Summary of The PNC Financial Services Group, Inc. (PNC)

As of 2022, PNC operates more than 2,300 branches and over 9,000 ATMs across 21 states and the District of Columbia, serving more than 10 million customers.

Company's Financial Performance in the Latest Financial Reports

One of the highlights of PNC's financial performance is the growth in its main product sales. The company's retail banking segment increased its net income by 13% to $1.9 billion, driven by growth in loan balances and deposit volumes. PNC's corporate and institutional banking segment also showed strong performance, with a net income of $1.6 billion, up 32% from the previous year.

PNC's market growth is another indicator of its strong financial performance. In 2021, the company expanded its footprint by acquiring BBVA USA Bancshares, Inc., a subsidiary of the Spanish bank BBVA. The acquisition added approximately $100 billion in assets to PNC's balance sheet and expanded its operations in Texas, Arizona, and California.

Introduction to The PNC Financial Services Group, Inc. (PNC) as a Leader

In 2021, PNC was ranked #1 in customer satisfaction for retail banking by J.D. Power for the fourth year in a row. PNC has also been recognized for its corporate social responsibility, diversity and inclusion efforts, and sustainability initiatives.

PNC's success is driven by its mission statement, vision, and core values, which guide the company's decision-making and actions. As of 2023, PNC's mission statement is 'to create hyper-personalized financial solutions that make banking easier, faster, and more intuitive,' while its vision is 'to be the most admired and consistently performing financial services company in the world.' PNC's core values include integrity, teamwork, character, inclusion, and performance.

• Integrity – We do the right thing, even when it's difficult.
• Teamwork – We collaborate and communicate openly and honestly to achieve shared goals.
• Character – We are honest, respectful, and ethical in all aspects of our work.
• Inclusion – We foster an environment where everyone is valued and respected and where diversity is celebrated.
• Performance – We strive for excellence and continuous improvement in everything we do.

To learn more about PNC and its commitment to excellence, visit the company's website.

Mission Statement of The PNC Financial Services Group, Inc. (PNC)

The Mission Statement, Vision, & Core Values (2023) of The PNC Financial Services Group, Inc. (PNC) serve as the foundation for the company's long-term goals and strategies. By outlining their purpose, direction, and values, the mission statement provides a roadmap for how PNC operates and what it strives to achieve. In this chapter, we will look at the three core components of PNC's mission statement and how they help guide the company towards success.

Mission

PNC's mission statement is to 'make a positive impact in the communities we serve by investing in people, ideas, and resources.' This means that PNC is committed to creating value for its stakeholders, including customers, employees, shareholders, and the community at large. This mission statement sets the tone for PNC's overarching strategy and goals by emphasizing its commitment to making a difference in the communities it serves.

Vision

PNC's vision is to 'be the bank that defines great customer experience.' This vision statement focuses on providing exceptional customer service, which is a key driver of long-term success in the banking industry. By striving to create outstanding experiences for its customers, PNC aims to build strong relationships and foster loyalty, which can ultimately lead to increased business and profitability.

Core Values

PNC's core values are 'Performance, Respect, Integrity, Diversity, and Teamwork.' These five values serve as guiding principles for how PNC operates and how its employees conduct themselves. By emphasizing the importance of performance, respect, integrity, diversity, and teamwork, PNC aims to create a culture of excellence and accountability that enables it to achieve its mission and vision.

Overall, PNC's mission statement, vision, and core values reflect its commitment to delivering high-quality products and services, fostering strong relationships with stakeholders, and making a positive impact in the communities it serves. By adhering to these principles, PNC positions itself as a responsible and trustworthy institution that is well-positioned to succeed in the challenging and competitive landscape of the banking industry.

• Statistical support: PNC's commitment to delivering high quality products and services is reflected in its performance. In 2022, PNC received a J.D. Power award for customer satisfaction in retail banking for the eighth consecutive year.
• Research support: PNC also demonstrates its commitment to diversity and inclusion by partnering with organizations such as the National Urban League and the Human Rights Campaign Foundation to promote equal opportunities for all.
• Additional support: PNC is committed to investing in the communities it serves, as demonstrated by its $1 billion commitment to reducing the racial wealth gap through its 'Path Forward' initiative.

Vision Statement of The PNC Financial Services Group, Inc. (PNC)

The PNC Financial Services Group is one of the largest diversified financial services institutions in the United States. As a company, PNC is known for its focus on providing superior customer service, building strong relationships with its clients, and creating sustainable value for its shareholders. To achieve its goals, PNC has laid out a clear and concise vision statement that outlines its aspirations for the future.

At PNC, customer satisfaction is a top priority. The company has a long-standing commitment to serving its customers with integrity, transparency, and professionalism. To achieve this goal, PNC regularly conducts surveys and listens to feedback from its customers to improve its services and build strong relationships. The company also invests in technology to deliver a seamless and efficient customer experience.

• Investing in customer service training for employees
• Providing 24/7 customer support through digital channels
• Developing new products and services
• Partnering with fintech companies to enhance customer experience

PNC understands the importance of giving back to the communities it serves. In fact, community investment is a core tenet of the company's vision statement. PNC actively seeks to address social and economic inequality by supporting affordable housing, small businesses, education, and environmental causes. The company also encourages its employees to volunteer in their local communities to make a positive impact.

• Investing in Community Reinvestment Act (CRA)-eligible projects
• Providing grants to non-profit organizations
• Partnering with local organizations to support economic development
• Sponsoring events that promote arts and culture

PNC recognizes the importance of staying ahead of the curve in a rapidly changing financial landscape. Innovation is one of the key pillars of the company's vision statement. PNC invests in emerging technologies to improve its services and meet the evolving needs of its customers. The company also encourages creativity and experimentation among its employees to drive new solutions.

• Investing in technology infrastructure
• Partnering with startup companies to explore new ideas
• Developing new products and services
• Embracing a culture of innovation

In conclusion, the PNC Financial Services Group's vision statement serves as a roadmap for the company's success. By focusing on customer commitment, community development, and innovation, PNC is well-positioned to achieve its goals and create sustainable value for all stakeholders.

Core Values of The PNC Financial Services Group, Inc. (PNC)

Integrity

Integrity is one of the fundamental values of PNC. It is crucial for building trust and fostering lasting relationships with stakeholders, including customers, shareholders, and employees. PNC has consistently demonstrated its commitment to this value through various actions. For instance, the bank has put in place rigorous ethical standards to guide employees' conduct and decision-making processes. It has also established effective mechanisms for reporting and addressing any breaches of ethical standards or suspected illegal activities.

• PNC has a Code of Ethics and Business Conduct that outlines its ethical standards and expectations for employees
• The bank has a formal Ethics and Integrity Program to ensure compliance with laws and regulations and uphold the highest ethical standards
• PNC was awarded an Ethics Inside Certification by the Ethisphere Institute, recognizing its commitment to ethical business practices.

Diversity and Inclusion

PNC recognizes that diversity and inclusion are essential for driving innovation, creativity, and growth. It is committed to fostering an inclusive work environment where everyone can thrive and reach their full potential, irrespective of their background, race, gender, sexual orientation, or culture. PNC's actions in promoting diversity and inclusion towards their employees and customers include:

• PNC has an Employee Business Resource Group to support underrepresented communities, such as Women in Business, African American, Asian, and Hispanic-Latino communities
• The bank has implemented Diversity and Inclusion training for employees to help them understand the benefits of diversity and inclusion and how to build inclusive work teams
• PNC has received several accolades and awards for its diversity and inclusion practices, including being named one of the Human Rights Campaign's 'Best Places to Work for LGBTQ Equality.'

Social Responsibility

PNC is committed to being a responsible corporate citizen and contributing to the well-being of the communities it serves. The bank has a long-standing tradition of supporting charitable organizations and investing in community development initiatives.

• PNC Foundation provides millions of dollars in grants annually to support organizations that focus on early childhood education, community development, and the arts
• Through its Community Development Banking program, PNC invests in affordable housing, economic development, and job creation in underserved communities
• PNC is committed to reducing its carbon footprint and promoting sustainable practices in its operations.

Innovation

PNC recognizes that innovation is critical for staying competitive and delivering value to customers. It continues to invest in technology and information systems to improve efficiency and enhance customer experience. Examples of PNC's innovation initiatives include:

• PNC's Virtual Wallet, a digital banking platform that enables customers to manage their accounts, track spending, and set financial goals
• PNC's use of artificial intelligence and data analytics to enhance fraud detection and prevention
• PNC's PNC WorkPlace Banking program, which offers a unique banking experience for employees of corporate partners, including access to exclusive benefits and personalized financial advice.

Conclusion

PNC's core values guide its actions and decisions, ensuring that its customers, shareholders, and employees are treated with respect, fairness, and transparency. The bank's commitment to integrity, diversity and inclusion, social responsibility, and innovation sets it apart as a leader in its industry. As we look towards the future, PNC will continue to uphold these core values while adapting to new challenges and opportunities.