From the Fifth Third Bank 2020 ESG Report: Empowering Customers

From the Fifth Third Bank 2020 ESG Report: Empowering Customers

Friday, July 30, 2021 - 10:15am

The enduring truth about Fifth Third Bank is that our success is a product of our customers’ success. G. Carlton Hill, who was president of the Fifth Third Union Trust Company from 1955 to 1963, often said, “We never allow ourselves to forget that it is ‘other people’s money,’ which is entrusted to us. Nor have we lost sight of the fact that the people whom we serve—their problems, their needs, their well-being—are our paramount concern.”

It’s from this legacy that we at Fifth Third strive to be the best relationship bank—the One Bank people most value and trust—because from relationships come growth and the achievement of shared goals. We want to provide the products, services and experiences that enable our customers to live their best lives.

Today, consumers have many options for establishing their financial accounts. This includes neobanks—those financial technology, or fintech, firms that offer internet-only financial services without physical branches—as well as the large trillionaire banks, where individual consumers can often get lost in the shuffle.

As a traditional bank, we keep our customers at the center of everything we do. We know our customers and build strong relationships with them, which provides us with in-depth insight into their needs. Our digital transformation focuses on fulfilling those needs and enables us to offer a unique combination of products and solutions, which are tailored to meet different consumer segments, alongside our local presence and the relationship benefits of a community bank.

We offer three primary banking programs for consumers:

  • Fifth Third Express Banking®*
  • Fifth Third Momentum® Banking
  • Fifth Third Preferred Banking

These programs are much more than just a checking account; each enables our customers to actively manage and meet the needs of their financial lives, in whatever way they wish to do so.

Fifth Third Momentum® Banking perfectly illustrates our digital transformation. It’s a fundamentally new approach to personal banking, launched in 2021, made to help customers manage money with confidence, protect their identity and finances, earn great rewards, and grow their savings. The first of its kind, Fifth Third Momentum® Banking brings the best of fintech innovation together with traditional banking security, reliability and personal touch to equip customers to make smart financial decisions both big and small.

“Fifth Third Momentum® Banking offers an experience you cannot get at a digital bank or a big brick and mortar bank,” said Melissa Stevens, head of digital and marketing for Fifth Third Bank. “Fifth Third Momentum® Banking is another way we are here for customers, both on their mobile devices and in their communities.” 

It delivers an integrated solution for our customers’ everyday banking needs, helping customers get paid, pay bills, pay others and save for the future. With Fifth Third Momentum® Banking, there is no monthly service fee, customers have access to the largest U.S. bank network of fee-free ATMs, and they can open their accounts digitally—without making a call or visiting a branch.

In addition, it provides options to Fifth Third Momentum® Checking customers, including:

  • Free access to paychecks up to two days early
  • Getting an advance on a future direct deposit
  • Immediate funds availability with mobile check deposits
  • Added time to make a deposit and avoid overdraft fees
  • Fraud protection
  • Fifth Third Cash/Back Card

Fifth Third Momentum® Checking customers can also set up personalized savings goals and schedule savings deposits through a Fifth Third Momentum® Savings account. 

However, unlike digital bank offerings, Fifth Third Momentum® Banking also has local bankers ready to help customers; and we make it easy to reach them by chat, scheduling an in-person or phone meeting via the app or online banking, or by simply walking into one of our nearly 1,100 local branches.

Since Fifth Third was founded over 160 years ago, empowering our customers to achieve what matters most to them has been at the heart of what we do. Today, as customers’ needs evolve, we’re uniquely positioned to serve them by delivering tailored, digital solutions that meet their on-demand expectations and lifestyles, while providing the human connection and expert guidance that makes for lasting, rewarding relationships for both our customers and Fifth Third.

“With Fifth Third Momentum® Banking, we know we have a winning proposition to meet our customers’ every day financial needs,” said Tim Spence, president, Fifth Third Bancorp. “This is a game changer. It allows us to serve our customers in an entirely different way.”

More about Fifth Third Momentum® Banking, and the other programs, Express and Preferred, is available at 53.com. The full 2020 ESG Report is also available online.