PNC Launches New Digital Direct Deposit: A Move to Boost Fee Income?

BiancaDigital Marketing2025-07-104260

PNC Financial Services Group PNC is making efforts to increase its direct deposit market share by automating the payroll deposit switch process for consumers. This will likely help the company to bolster its fee-based income.

The bank unveiled a new feature, PNC Direct Deposit, designed to enable customers to automatically set up direct deposits for payroll, Social Security payments, or other regular income through the PNC Mobile app.

PNC Direct Deposit is an integrated experience that provides clients with a seamless and streamlined option to update or change their direct deposit preferences with just a few clicks, eliminating the need to fill out forms or make phone calls. It combines the roles of the employer, payroll provider, and bank into a single digital interface. The solution has been developed in partnership with the account-switching fintech Atomic.

The new digital solution eliminates the need for users to manually enter routing and account numbers, thereby minimizing the risk of user errors and payment delays.

PNC’s Management Remarks on PNC Direct Deposit

Alex Overstrom, head of Retail Banking, stated that, "This integrated direct deposit solution is just another example of how PNC is continuously enhancing and improving the client experience."

Overstrom further added, "By embedding direct deposit functions directly within the mobile app, our clients can seamlessly update and manage their direct deposit preferences without the hassle of filling out paperwork and finding routing and account numbers."

How Does PNC’s Direct Deposit Boost Fee Income?

By allowing customers to easily set up and manage their deposits using the mobile app, PNC Direct Deposit serves as a strategic tool to deepen customer relationships and positions itself to capitalize on increased engagement with fee-generating products and services. As more customers centralize their finances with PNC, the bank stands to gain from increased adoption of services that carry associated fees, ultimately supporting its broader goal of expanding its non-interest income base.

PNC’s Zacks Rank & Price Performance

Over the past year, PNC shares have gained 20.4% year to date compared with the industry’s growth of 34.1%.

Zacks Investment Research

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Similar Steps by Other Finance Firms

In June 2025, U.S. Bancorp USB entered a partnership with Fiservto integrate its Elan Financial Services credit card program into Fiserv’s Credit Choice solution. The collaboration aims to enhance digital card issuance capabilities, providing financial institutions with a seamless, integrated experience.

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The integration of Elan’s credit card program into Fiserv’s Credit Choice solution strengthens USB’s digital-first strategy. This integration will enable consumers and small businesses to access both debit and credit card account details within a unified digital platform.

Likewise, in May 2025, Deutsche Bank DB collaborated with International Business Machines IBM and finaXai, a Singapore-based AI company.

DB reinforced its strategic partnership with IBM through a new license agreement, providing the former with greater access to International Business Machines' advanced software solutions. Further, the collaboration with finaXai is expected to expand Project DAMA 2 significantly — Deutsche Bank’s public-permissioned multi-chain asset servicing pilot.

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