Fifth Third Bank Selects FIS for Core Banking and Wealth Management Platforms
13 July 2021 - 10:00PM
Business Wire
Key facts
- Fifth Third Bank is expanding its relationship with FIS as part
of its digital transformation to continue to meaningfully leverage
technology.
- Agreement includes FIS Modern Banking Platform and FIS Unity
Wealth Platform.
Cincinnati, Ohio-based Fifth Third Bank has selected financial
technology leader FIS® (NYSE: FIS) to replace its legacy deposit
and trust servicing systems with FIS next-generation platforms.
The bank will replace its legacy, in-house developed core
banking system with the next-generation FIS Modern Banking
Platform. Delivered as a managed service, the innovative core
banking solution will allow Fifth Third Bank to further accelerate
its digital transformation and better serve its customers through a
modernized platform, while also generating operational efficiencies
and scale benefits.
The bank will deploy FIS Unity, a leading-edge global wealth
management platform that is fully integrated with FIS trust
accounting, which provides users with the data and insights they
need to better serve investors throughout their wealth journey. FIS
Unity incorporates automated cash management, multi-currency, and
other advanced wealth management functionality in a flexible
design—enabling Fifth Third Bank to customize and scale both wealth
and institutional offerings across each of its client segments.
“This agreement is a natural extension of our existing
relationship with FIS and provides a flexible, scalable platform to
support our bank well into the future,” said Jude Schramm, Chief
Information Officer, Fifth Third Bank. “This is a key part of our
multi-year digital transformation that is enhancing our customers’
financial lives, while empowering our employees to be more
efficient and opportunistic. Additionally, combining these
solutions with our existing payment processing relationship allows
us to modernize our platforms while maintaining an efficient
overall cost structure.”
“We could not be more excited to partner with Fifth Third Bank
on the next phase of its digital transformation journey,” said
Bruce Lowthers, President of FIS. “Fifth Third is moving
confidently into the future with FIS Modern Banking Platform and
Unity. These advanced new technologies will enable the bank to
better serve the changing needs of its customers.”
Because of its modular, cloud-native architecture and extensive
support of open application programming interfaces (APIs), FIS
Modern Banking Platform and FIS Unity will allow Fifth Third Bank
to utilize a wide set of FIS and third-party solutions available
via the growing FIS Code Connect ecosystem. The FIS solutions also
enable the bank to enhance operational efficiency by reducing the
bank’s internal IT burden of software management and complex
software integrations.
About FIS
FIS is a leading provider of technology solutions for merchants,
banks and capital markets firms globally. Our employees are
dedicated to advancing the way the world pays, banks and invests by
applying our scale, deep expertise and data-driven insights. We
help our clients use technology in innovative ways to solve
business-critical challenges and deliver superior experiences for
their customers. Headquartered in Jacksonville, Florida, FIS is a
Fortune 500® company and is a member of Standard & Poor’s 500®
Index. To learn more, visit www.fisglobal.com. Follow FIS on
Facebook, LinkedIn and Twitter (@FISGlobal).
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio, and the indirect parent company
of Fifth Third Bank, National Association, a federally chartered
institution. As of March 31, 2021, Fifth Third had $207 billion in
assets and operated 1,098 full-service banking centers and 2,383
ATMs with Fifth Third branding in Ohio, Kentucky, Indiana,
Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia,
North Carolina and South Carolina. In total, Fifth Third provides
its customers with access to approximately 53,000 fee-free ATMs
across the United States. Fifth Third operates four main
businesses: Commercial Banking, Branch Banking, Consumer Lending
and Wealth & Asset Management. Fifth Third is among the largest
money managers in the Midwest and, as of March 31, 2021, had $464
billion in assets under care, of which it managed $58 billion for
individuals, corporations and not-for-profit organizations through
its Trust and Registered Investment Advisory businesses. Investor
information and press releases can be viewed at www.53.com. Fifth
Third’s common stock is traded on the Nasdaq® Global Select Market
under the symbol “FITB.” Fifth Third Bank was established in 1858.
Deposit and Credit products are offered by Fifth Third Bank,
National Association. Member FDIC.
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version on businesswire.com: https://www.businesswire.com/news/home/20210713005029/en/
For More Information Kim Snider, +1 904.438.6278 Senior
Vice President FIS Global Marketing and Communications
kim.snider@fisglobal.com
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