Most Powerful Women to Watch: Stephanie Novosel, PNC Financial Services Group
Head of Commercial Banking
One of Stephanie Novosel’s chief initiatives last year was introducing a new online portal for commercial banking customers at PNC Financial Services Group. Her goal was to make the online experience easier and more intuitive, sort of like shopping on Amazon.
Novosel faced skepticism from colleagues who, while acknowledging that the ease of online shopping had radically changed expectations for consumers, argued that business owners would still prefer to do much of their banking in person. She forged ahead anyway and the new site made its debut in the first quarter of 2020. It attracted 40,000 unique businesses in the first six months.
Among other things, it allows customers to view statements, deposit checks remotely, initiate payments and apply for a commercial rewards credit cards, while offering a range of self-help tools, such as one that shows business owners what peers are spending on marketing.
“That’s what most businesses want these days from their banks — the ability to find out more upfront without having to have a series of meetings,” said Novosel, who has headed commercial banking at PNC since 2011 and last year assumed responsibility for two other business lines: equipment leasing and centralized credit products. She leads a team of roughly 650 employees serving about 20,000 businesses with annual sales of $5 million to $50 million.
Outside of work, Novosel is drawing on her expertise and experience in commercial banking to help women-owned businesses thrive. She serves as a mentor with the Center for Women’s Entrepreneurship at Chatham University in Pittsburgh, her alma mater, and has helped sponsor similar mentorship programs in Baltimore, Cleveland and other markets. “Once you hear from them,” Novosel said of the female entrepreneurs, “it’s hard not to be passionate about what they’re doing.”
For the first time, American Banker's Most Powerful Women in Banking celebration is open to the whole financial community. Join us virtually October 6-8 to hear our 2020 honorees' stories and experiences. Register here.