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From the Fifth Third Bancorp 2021 ESG Report: Serving Customers

Northampton, MA --News Direct-- Fifth Third Bancorp

Since Fifth Third was founded over 160 years ago, empowering our customers and clients to achieve what matters most has been at the heart of what we do. Today, as customer and client 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.

Consumer Customers

By keeping the customer at the center of everything we do and focusing on continual digital transformation, Fifth Third offers a unique combination of products and solutions tailored to meet different consumer segments, along with our local presence and the relationship benefits of a community bank. The Bank’s primary programs for consumers are Fifth Third Express Banking®, Fifth Third Momentum® Banking and Fifth Third Preferred Banking.

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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. More information is available at 53.com.

Business Clients

Just as we keep our consumer customers at the center, the same level of attention and priority is given to our business clients. Fifth Third’s Treasury Management business, for example, offers solutions that help clients manage their cash flow to efficiently collect and disburse payments, manage liquidity and mitigate risk.

Payable solutions such as Expert AP help our clients control their payments and improve access to payment information. Expert AP is an innovative, full-service B2B payables solution powered by AvidXChange™. It covers 100% of clients’ domestic payables and optimizes the payment mix. It helps AP departments run more efficiently and impacts their bottom line. Our client’s suppliers also benefit with additional payment and enhanced data options.

Expert AP includes:

  • Electronic invoice capture and AP workflow automation technology integrated with clients’ current accounting ERP systems for AP process.

  • Ability to facilitate 100% of a client’s domestic supplier payments across all payment types (virtual card, enhanced ACH and check), while also giving clients the option to use other payment methods when necessary.

  • Direct engagement with suppliers to identify their preferred payment type and verify payment information resulting in 40% conversion to electronic payment method on average.

  • Enhanced virtual card and ACH payment value-added options, including enriched remittance data, enabling suppliers to more easily reconcile payments.

  • Card payments processing delivered in a variety of methods (email, manual entry, supplier’s portal).

  • User-friendly buyer and supplier portal, providing clients with visibility to payment data and all associated information.

Expert AP provides significant direct and indirect value to its nearly 100 customers. In total, clients gained an estimated $3.5 million in value through increased operational efficiency in 2021. Additionally, Fifth Third awarded over $1.7 million in Expert AP rebates for card and ACH spend last year. As the product continues to grow, Fifth Third looks forward to providing increasing value to commercial clients for years to come.

Receivables solutions help our clients receive funds more efficiently, gain better insight into their cash position and make informed investing and borrowing decisions. Solutions such as Expert AR Receivables Matching, Expert AR Statement Production, Real-Time Payments and Cash Logistics create operational backroom efficiencies that enable clients to focus on projects that power business performance.

Fifth Third also offers liquidity management solutions that help clients channel their balances into investment income and improve cash position forecasting; information management tools that put comprehensive reporting in our clients’ hands so they have the data they need when they want it; and risk management solutions that provide fraud mitigation tools that help safeguard clients’ financial information from fraud.

Read the Company’s full 2021 Environmental, Social and Governance Report online.

View additional multimedia and more ESG storytelling from Fifth Third Bancorp on 3blmedia.com

View source version on newsdirect.com: https://newsdirect.com/news/from-the-fifth-third-bancorp-2021-esg-report-serving-customers-899671130