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Fifth Third Bank’s overall noninterest expenses increased in the third quarter driven by higher technology and communication spend. The $214 billion bank saw a $23 million increase from Q2 in noninterest expenses in the third quarter to $1.24 billion, driven by continued investments in its technology and branches, according to its earnings supplement released today. […]
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Courtney Blackann
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U.S. banks are investing in health care payments technology companies to diversify revenue. The points of convergence between fintechs and healthtech companies are increasing, especially in the United States. Employing fintechs with billing or insurance capabilities, for example, can limit middlemen and costs in the health care payments system, Asaf Charnilas, principal investor at Tel […]
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Vaidik Trivedi
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Fifth Third Bank applied legacy practices to its digital account opening process, which has led to regulatory scrutiny. The Consumer Financial Protection Bureau alleged that the Cincinnati-based bank opened fake accounts in its customers’ names and used a cross-selling strategy to boost its product and services sales, according to a CFPB July 9 release. The […]
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Vaidik Trivedi
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Fifth Third Bank was fined $15 million by the Consumer Financial Protection Bureau today for allegedly opening fake accounts in their customers’ names from an existing 2020 lawsuit. The Cincinnati-based bank was using a cross-selling strategy to boost the number of products and services it was selling to customers and opening unauthorized accounts to meet […]
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Whitney McDonald
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Major banks in the United States are increasing tech investment for added efficiencies and frictionless digital experiences — which has become the consumer’s expectation since the pandemic. There is always a struggle for C-level executives, especially chief financial officers, to decide how to spend money to streamline operations while improving customer experiences and driving customer […]
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Vaidik Trivedi
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Fifth Third Bank saved $15 million in the first quarter, partly driven by deploying automation throughout its operations. “Expenses are well controlled … driven by savings realized through process automation and our focus on value streams,” Chief Executive Tim Spence said during the bank’s first-quarter earnings today. The bank reported noninterest expense, which includes tech […]
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Vaidik Trivedi
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Gerald Cohen and Jeff Korzenik Author
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Kelly Garcia
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NASHVILLE, Tenn. — Fifth Third Bank says that added efficiencies to its chatbot have boosted its accuracy rate as it leans into generative AI. When it comes to technology, “our chatbot is one that we are really investing a lot of energy in,” Jude Schramm, chief information officer, said March 18 at Bank Automation Summit […]
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Whitney McDonald
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Technology buzz, both inside and outside the banking industry, is centered on innovation — including the ongoing ramp of cloud migration and the excitement around the promise of AI, the new kid on the block. The World Economic Forum in January highlighted how topics such as the application of and disruption from generative AI […]
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Hemal Nagarsheth
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Fifth Third Bank is exploring expanding again in the Charlotte area, this time with plans to replace a southwest Charlotte restaurant.
The Cincinnati-based bank recently submitted a sketch plan to the city of Charlotte to demolish a restaurant at 12811 S. Tryon St. — T.G.I. Fridays.
The 1.2-acre Steele Creek site property is an outparcel of RiverGate shopping center, owned by Kolb Tucson in Englewood, N.J, according to Mecklenburg County property records.
Fifth Third’s project would include building a 1,900-square-foot bank branch with a two-lane remote drive-thru, according to the application filing. The plan also includes about 12 parking spaces.
The sketch plans submitted by BDG Architects in Tampa, Florida, are for preliminary review, city records show.
TGI Fridays did not respond to a request for comment by Wednesday morning. After this story posted, however, a TGI Fridays spokeswoman said there currently are no plans to close the restaurant.
Fifth Third officials declined to comment Tuesday. Kolb Tucson officials did not respond to requests for comment by Wednesday.
The proposed Steele Creek bank branch would be part of the regional bank’s rapid expansion across the Southeast.
Fifth Third has more than doubled the number of branches since 2020 to 24 in Charlotte, according to the bank’s website. There are 46 Fifth Third branches in the Charlotte region.
The bank plans to open eight more branches in the Charlotte market through 2028, including one in the second half of next year at Mills Crossing in Fort Mill and another at 2340 Beatties Ford Road in west Charlotte.
Last year, Fifth Third Bancorp raised its minimum hourly pay to $20 affecting nearly 95% of employees in branches and operations support functions like call centers.
North Carolina’s seventh largest by deposits. Fifth Third ranks fourth to the city’s three largest banks — Bank of America, Truist and Wells Fargo — in total deposits in the metro area.
This story was originally published November 29, 2023, 11:38 AM.
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Jude Schramm, executive vice president and chief information officer at Fifth Third Bank, will speak on the panel “The AI revolution in banking: A road map for the future” at Bank Automation Summit U.S. 2024 on Monday, March 18, at 1:15 p.m. CT.
The summit takes place March 18-19 at the Omni Nashville in Nashville, Tenn., and brings together industry experts to discuss advancements in AI and banking automation, including operational challenges and boosting efficiencies.
View the full agenda for Bank Automation Summit U.S. 2024 here.
Schramm will discuss Fifth Third’s latest tech modernization efforts, how the bank identifies AI uses and how to tackle challenges when navigating new technology.
In the third quarter, Fifth Third increased its technology and communication spend 8% year over year to $115 million as it looked to amp up its technology platforms and boost its fintech acquisition strategy, according to the bank’s Q3 earnings presentation in October.
Schramm, who previously spoke at Bank Automation Summit U.S. 2023, joins Steve Hagerman, chief information officer of consumer technology at Wells Fargo, on the panel.
With technologies like machine learning, RPA, and AI rapidly evolving, the Bank Automation Summit U.S. 2024 strives to be the epicenter for discourse and insights to better prepare industry professionals for the future.
Learn more and register here for Bank Automation Summit U.S. 2024.
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Whitney McDonald
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Vaidik Trivedi
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Vaidik Trivedi
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Artificial intelligence has revolutionized credit decisioning. What was once a slow, manual and subjective process is becoming highly automated, and the all-important act of approving or denying credit is increasingly being turned over to highly sophisticated neural networks. Compared with the simple logistic regression models still used by many financial institutions, AI models can provide […]
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Victor Swezey
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Vaidik Trivedi
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Vaidik Trivedi
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Vaidik Trivedi
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CHARLOTTE – Bank Automation Summit U.S. 2023 kicks off Thursday with panelists from Fifth Third Bank, Truist Financial and Wells Fargo taking the stage to discuss data expandability issues through cloud technology at the Westin Charlotte in Charlotte, N.C.
The two-day event features panel discussions, presentations, networking roundtables and a fireside chat with Goldman Sachs’ Brinda Bhattacharjee, chief operation officer and head of partnerships for transaction banking.
The event brings together U.S.-based industry experts to discuss banking automation and technology topics, including RPA strategy and automation of real-time payments. View the full agenda.
The Summit will take on the following three key trends:
1. How to approach automation projects: Financial institutions continue to automate and invest in technology
Decision makers from PNC Financial and Discover Financial Services will discuss how to approach new projects, how to pitch to senior management and how to determine where to invest time, energy and resources.
2. Balancing automation and human capital: As more technology surfaces in the financial industry, banks are faced with finding the right mix between digitizing and hiring.
In many cases, banks are investing in both to balance customer needs and their desire for digital capabilities. Sessions will deliver how to maintain that balance through employee training.
3. Implications for core systems: Cloud modernization, integration tools and pushing legacy systems to their limits.
The Summit will address on how to determine whether to wrap or scrap a core system. Speakers from TD Bank, BankUnited and Arvest Bank will discuss how they have approached core modernization.
Learn more about and register for Bank Automation Summit U.S. 2023.
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Whitney McDonald
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Fifth Third Bank announced the addition of Early Pay for federal tax refunds through its Fifth Third Momentum Checking digital banking platform as part of the bank’s ongoing tech modernization initiatives. Web- and mobile-based Momentum Checking, which launched in 2021 and has more than 1 million customers, offers quick access to cash, avoidance of overdraft […]
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Whitney McDonald
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Fifth Third Bank saw higher technology-related expenses during the fourth quarter as it continued to invest in “platform modernization,” including the launch of its new cloud-based mobile app, Chief Financial Officer Jamie Leonard said during today’s earnings call. WHY IT MATTERS: Fifth Third increased technology and communications spend 8% year over year to $111 million […]
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Brian Stone
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