- Debra DeCourcy, APR (Media) 513.534.4153
Fifth Third Bank Introduces New Brand - And Promises for a Better Tomorrow
A journey that Fifth Third Bank began more than 18 months ago today culminated in the unveiling of the Bank’s new brand which focuses on meeting customers’ needs both today and tomorrow.
Kevin T. Kabat, president of Fifth Third Bancorp, today outlined efforts the bank has been taking for nearly two years on its rebranding initiative. “Today we have plenty of banks, all offering similar products and services with no true differentiation. We believe it is important for Fifth Third Bank to stand out in a crowded marketplace.”
In mid-2005, Fifth Third Bank hired Deskey, a Cincinnati-based brand consultancy, to learn how to break through the clutter. Through an extensive study of banking customers and competing banks, the answer became clear. According to the research, no financial institution was effectively handling the majority of customers’ needs, both short- and long-term. Most customers were relying on separate institutions for day-to-day banking and future needs such as retirement or college savings. No financial partner was linking the decisions customers make today with the possible implications for tomorrow.
“The belief in a better tomorrow is the center of our new brand,” said Kabat. “Our customers – people from every walk of life – share the core human value that hard work will result in a brighter future. Our customers, employees and shareholders value a solid work ethic and know that money has a higher purpose. Together we understand the true value of money is what it can provide today and tomorrow.”
“This core human value Kevin mentioned, combined with the determination of our employees and the confidence of the Bank’s leadership team, helped direct the brand positioning,” said Larry S. Magnesen, chief marketing officer. “In many ways, our 22,000 employees and six million customers helped to create this new brand.”
In general, time-pressed customers believe their dreams for a strong future can be achieved, but deep down, both customers and business-owners would like to spend more time focusing on the future. Fifth Third Bank will begin to take steps to more actively help customers see how decisions made today can impact tomorrow.
“Based upon its new brand positioning, Fifth Third Bank will become the bank people choose over others, because customers seek clarity in making their financial decisions,” said Miki Reilly-Howe, vice president of Strategy Development for Deskey. “The new brand is the result of the vision and courage to become the only bank that can help customers live better today and tomorrow.”
The most visible indication of the new brand positioning is the new identity and color palette. The new identity symbolizes a horizon, with an update of the distinctive Fifth Third shield serving as a foundation for the visual. The shield has been a part of the Fifth Third identity for more than 50 years. Its central focus in the new identity represents the rich heritage of Fifth Third Bank, while the intersecting horizon line is a metaphor for the bright future it seeks for its customers, employees, communities and shareholders.
Reilly-Howe added, “The new color palette reinforces the horizon metaphor with the addition of an invigorating green, designed to evoke growth and possibilities. By incorporating a brighter shade of blue, the identity remains true to the Bank’s legacy while evolving into the new positioning.”
Along with the new identity and colors comes an internal Fifth Third brand promise – we will relentlessly meet today’s needs while working hard to deliver a better tomorrow for our customers and ourselves. “Our internal brand promise should not be construed as a new advertising tagline or catch phrase,” commented Magnesen. “It is, in fact, a promise that our employees will work to fulfill every day by thinking of the long-term needs of each and every customer. This brand promise will be expressed in a variety of ways for both our retail and commercial customers.”
“While our new identity and colors are visible signs of change, we want the experience our customers receive in our banking centers to be a sign of change as well,” Kabat said. “That’s why we are working to improve the performance of our Call Center staff, to roll out a problem resolution platform that is consistent throughout our footprint, and to increase customer retention and loyalty.”
Kabat added, “Fifth Third is reinventing banking by dedicating itself to providing smart options that help protect both today’s prosperity and tomorrow’s financial decisions.”
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $100.7 billion in assets, operates 19 affiliates with 1,157 full-service Banking Centers, including 110 Bank Mart locations open seven days a week inside select grocery stores and 2,103 Jeanie ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania and Missouri. Fifth Third operates five main businesses: Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2006, has $220 billion in assets under care, of which it managed $34 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 through the NASDAQ® National Global Select Market System under the symbol “FITB.”