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.