PNC is rebuilding its technology stack to be more modern and flexible, Michael Degnan, head of enterprise innovation at PNC, said Wednesday at Fintech Nexus in New York.  

The $557 billion bank has nearly completed upscaling its tech to enable more agile decisions — especially when quick pivots are necessary, he said. 

For example, PNC acquired BBVA USA in June 2021 and was able complete the transaction and integrate the bank over a long weekend, Degnan said. The upgraded tech stack “allowed us to bring that together.”

“We’ve been really adopting things like human-centered design and emerging technologies, and we’re in the middle of and almost through rebuilding our entire technology stack,” he said, adding that PNC aims to be more scalable, modern and containerized to respond to technological challenges or changes that present themselves.  

“If you have the cultural aspect of being open to change — and you’ve invested in the things that make you productive, like better technology stacks — there’s things that can really make us a much better place, because [being open to change] allows us to respond when opportunities arise,” he said. 

PNC’s tech investments 

PNC invested $369 million in equipment during the first quarter, a 6% year-over-year increase, while personnel costs also saw 6% YoY growth to $1.8 million as the financial institution looks to build out its talent roster to utilize the new capabilities as part of its tech improvement program. 

“This program funds a significant portion of our ongoing business and technology investment,” PNC Chief Financial Officer Rob Reilly said during April’s earnings call. 

The increased funding and rebuilt tech stack will allow the bank to make quicker decisions — in times of crisis and in times of opportunity, Degnan said at Fintech Nexus.