NEW YORK (TheStreet) -- PNC Financial (PNC) is overhauling its technology to keep pace with digital retail competitors and to protect its fee base, which already makes up 44% of its revenue, CFO Robert Reilly said at a Morgan Stanley conference on Tuesday.
PNC, which moved into the home mortgage arena with its $5.6 billion purchase of Cleveland-based National City in 2008, is now adding technological features to make its loan and mortgage applications more convenient and competitive when compared with that of its established rivals.
PNC must also adjust to the industry-wide shift in how consumers bank and the fact that physical branches play a less important role, which puts a premium on developing digital applications rather than adding real estate.
Commenting on the bank's fledgling mortgage business, Reilly said a lot of progress has been made. "We spent a lot of time over the last couple of years building that product out to be a core consumer product in terms of our menu."
The bank extended mortgage loans of $2.6 billion during the first three months of 2015, compared with $1.9 billion during the first three months of 2014, according to its quarterly financial statements.
On Tuesday at the market's close, PNC shares were priced $97.57, showing a $1.33% rise for the day.