Cincinnati - Fifth Third Bank was named a leader in mobile banking by Javelin Strategy & Research. The Bank earned the highest score possible in the Most Comprehensive Alerts category for its mobile banking app, demonstrating outstanding support for real-time information about customers’ bank accounts. The annual awards recognize the most exceptional mobile banking providers among the top 30 financial institutions by deposit size.
Fifth Third’s mobile banking app allows customers to conduct all of their banking from a mobile device – from logging in with Touch ID to depositing a check with remote capture. The awards come in a year when, for the first time, the number of people nationwide using mobile banking exceeded the number of people using branch banking, according to Javelin.
“We know that mobile banking is simply banking for many of our customers,” said Greg Carmichael, president and CEO of Fifth Third Bancorp. “People want to be able to bank whenever they want, wherever they want. We are committed to continuing to create products that make it convenient for our customers.”
Carmichael, who became CEO last year after 12 years of increasing responsibilities at Fifth Third and two decades in information technology, recently announced a continued investment in technology. The Bank is recruiting more than 200 technology experts, bringing the total to more than 1,000. And Fifth Third recently hired a head of innovation as well as a new chief digital officer and head of omni-channel banking to continue to improve the customer experience.
“We place a lot of emphasis on serving our customers with the best technology,” Carmichael said. “And we are honored to be recognized by Javelin Strategy and Research for our mobile banking excellence.”
More Fifth Third customers now are using mobile banking, with mobile use up 21 percent from 2014 to 2015. Nearly two-thirds of new customers at Fifth Third are using mobile banking.
As more Fifth Third customers move to mobile banking, they are enrolling in alerts. In just nine months, Fifth Third saw a 233 percent increase in households using mobile alerts. Fifth Third offers more than a dozen alerts, and 60 percent of eligible customers now are enrolled in receiving at least one of these handy notices. The Bank’s most popular alerts are deposit balance alerts and real-time card alerts. Other alerts can send updates to customers on daily account balances, purchases made, money transfers and bills paid. Plus, Fifth Third recently added the ability to respond directly to a card fraud alert without even logging in.
“Alerts increasingly are becoming a way that consumers manager their money,” said Jason Kammer, senior mobile channel manager for Fifth Third Bank. “Customers use our alerts to stay in control of their finances and track where their money is being spent.
Javelin evaluated the mobile banking offerings of the top 30 banks and credit unions, using data provided and collected from November 2015 to February 2016. Javelin’s Mobile Banking Leader awards are drawn from annual Mobile Banking Financial Institution Scorecard report. The research layers rich analysis of mobile offerings at the top 30 retail banks with key trends, recommendations and implications for mobile banking executives. Fifth Third received a perfect score along with three other financial institutions.
About Fifth Third:
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has$142 billion in assets and operates 1,241 full-service Banking Centers, including 95 Bank Mart® locations, most open seven days a week, inside select grocery stores and over 2,500 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois,Florida, Tennessee, West Virginia, Pennsylvania, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has an 18.3% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2016, had $303 billion in assets under care, of which it managed $26 billion for individuals, corporations and not-for-profit organizations. 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. Member FDIC, Equal Housing Lender.