Fifth Third Bank taps FIS for core banking and wealth management platforms

By Pavithra R

Cincinnati, Ohio-based Fifth Third Bank has announced selecting financial service technology provider FIS to replace its legacy deposit and trust servicing systems with FIS next-generation platforms.

Under the deal, 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 the bank to further accelerate its digital transformation and better serve its customers through a modernized platform, while also generating operational efficiencies and scale benefits.

“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.  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,” said Jude Schramm, Chief Information Officer, Fifth Third Bank.

The bank will deploy FIS Unity, a global wealth management platform that is fully integrated with FIS trust accounting, which provides users with the data and insights they need to serve investors better throughout their wealth journey. FIS Unity incorporates automated cash management, multi-currency, and other advanced wealth management functionality in a flexible design, which enables the bank to customize and scale both wealth and institutional offerings across each of its client segments. 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.

“We could not be more excited to partner with Fifth Third Bank on the next phase of its digital transformation journey. 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,” said Bruce Lowthers, President of FIS.