Latest news with #BenHoffman
Yahoo
2 days ago
- Business
- Yahoo
Fifth Third takes ‘intentionally unsexy' approach to mobile app improvements
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Ben Hoffman has no doubt Fifth Third Bank's peers and competitors are mulling some of the same mobile app features and enhancements as the Cincinnati-based lender. 'There is more convergence in bank strategy than there is in bank execution,' said Hoffman, Fifth Third's chief strategy officer and head of consumer products. 'It's really about your ability to execute' at a sustained pace, he said. For Fifth Third, that means leaning on dedicated staff, operating rhythms and experience, and systems set up to support success, he said. Last week, Fifth Third was named best mobile banking app experience among regional banks in a J.D. Power survey. The bank's app offers services like direct deposit switching and card controls, and features tools like SmartShield, its in-app security tool that 'gamifies' digital safety. The lender continues to work on enhancements to the app, which about 2.4 million bank customers use to handle everyday banking tasks. In Hoffman's eyes, the $212 billion-asset bank's approach stands out in part because of its focus on quality over quantity. 'We focus on quality where it matters, with the core theory being that, for the most part, our customers want banking to fade into the background,' he said. Rather than stuffing apps with features or equipping chatbots with an ever-growing roster of skills, 'it needs to just work to support real lives.' When Fifth Third releases a new feature in the mobile app, automated monitoring is set up to ensure the process works well; if there are defects, point people are contacted and troubleshooting begins. Product managers join release calls, no matter the hour, he noted. It's an 'intentionally unsexy' approach, he said. 'It's really about focusing on the things that matter to our customers and not falling in love with the thing that feels exciting and feels different,' Hoffman said. 'It is more important to customers that banking works, than that banking is delightful.' The bank's technology and communications spending has ticked up in recent years, from $416 million in 2022, to $474 million in 2024, with increased investments in technology modernization being one of the drivers, according to Fifth Third's annual filing. Bank executives, when reporting Q1 earnings in April, said technology investments would continue in the second quarter. The bank declined to comment on its expectation for technology spending this year, or what it's invested in the mobile app specifically. A spokesperson said Fifth Third has 735 technology employees in Cincinnati, and about 300 team members across technology, product, design and other areas of the company worked on development of the mobile app. Behind the scenes, Fifth Third has sought to be intentional with its approach to digital, with the way it's practically integrated into the organizational structure. The approach the bank has taken, and one the reasons Hoffman has a 'somewhat odd mandate': If digital lives off to the side, and the mobile app is disconnected from product and run by IT as a piece of technology not powered by research, 'you risk doing work for its own sake,' he said. And the collaboration among product, technology and design is reflected in physical co-location and culture at the bank, Hoffman said. Teams are structured by customer jobs to be done – like getting into the app or getting paid – rather than by product. 'When you organize that way and then you embed customer research and co-development with the customers at every step, you focus on the things that matter more to customers, and you ensure a higher degree of relevance and salience,' he said. That mindset continues to drive further enhancements. For one, Fifth Third is working on driving 'more smarts' into Jeanie, the bank's virtual banking assistant; the bank has sought to hone its ability to understand what a customer wants. 'We are certainly imagining a world in which you can achieve much of everyday banking in sort of native language interaction with Jeanie, just as you do today through screens and taps in a traditional mobile interface,' Hoffman said. Fifth Third is also undertaking improvements to SmartShield and its customers' Zelle experience, including helping clients manage fraud risk. Hoffman said he expects material releases or substantial developments in the next six months in each of those areas. The bank has focused its initial deployments of artificial intelligence in a couple of key places – 'we work very hard to not use AI for its own sake,' Hoffman said – with Jeanie being one of those. 'Hyper-customized' product and service recommendations, as well as identity and fraud protection, are the other areas, he noted. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
29-05-2025
- Business
- Business Wire
J.D. Power Recognizes Fifth Third as No. 1 for Banking Mobile App User Satisfaction Among Regional Banks
CINCINNATI--(BUSINESS WIRE)--J.D. Power today recognizes Fifth Third Bank (NASDAQ: FITB) as America's best mobile banking app experience among regional banks as part of its 2025 U.S. Banking Mobile App Satisfaction Study SM. Study respondents also rate Fifth Third No. 1 for Visual Appeal. 'We're honored by this recognition from our customers,' said Ben Hoffman, chief strategy officer and head of consumer products at Fifth Third. 'Our digital teams are dedicated to delivering seamless, high-quality experiences that align with how our customers choose to bank—whether in a branch or through our app. With millions of users engaging with our digital platforms over a billion times annually, we remain committed to listening, learning, and evolving our app to meet our customers' needs and power their financial journeys.' Fifth Third launched its next-generation mobile app in 2022, and today, more than 2.4 million users rely on it each month for seamless, everyday banking. Built to simplify financial life, the app delivers a powerful combination of innovation, usability, and personalization through industry-leading features: Early access to pay and secure, real-time person-to-person payments, giving customers more control over their money. A clean, modern interface with intuitive navigation, including dark mode and app theming tailored to specific customer segments. A streamlined onboarding experience that makes switching direct deposit effortless—so customers can quickly start receiving paychecks into their Fifth Third account. SmartShield® 1, a first-of-its-kind in-app security experience that gamifies digital safety, empowering users to protect their finances through interactive learning and proactive engagement. Instant card controls that allow users to quickly lock or unlock their credit cards, adding flexibility and peace of mind in moments that matter. Real-time card tracking that keeps customers informed on the status of their debit card orders—from processing to delivery—bringing added transparency to the experience. With a relentless focus on innovation, the Bank delivered hundreds of app enhancements in 2024, reinforcing its commitment to delivering more intelligent, responsive, and user-centric digital banking experiences. 'This recognition is a testament to the deep collaboration between product, technology and design at Fifth Third,' said Jude Schramm, chief information officer at Fifth Third. 'Our teams are focused on delivering digital experiences that truly serve our customers. We're continuously evolving through thoughtful, rapid innovation to make banking simpler, more intuitive, and—ultimately—a Fifth Third better.' Fifth Third also earned the top spot for Retail Banking Customer Satisfaction in Florida for the second year in a row as part of the J.D. Power 2025 U.S. Retail Banking Satisfaction Study SM. About Fifth Third Fifth Third is a bank that's as long on innovation as it is on history. Since 1858, we've been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it's one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World's Most Ethical Companies ® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation's highest performing regional bank, but to be the bank people most value and trust. Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC. About J.D. Power J.D. Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies. J.D. Power has offices in North America, Europe, and Asia Pacific. To learn more about the company's business offerings, visit The J.D. Power auto-shopping tool can be found at Fifth Third Bank received the highest score among regional banks ($65B to $250B in deposits) in the J.D. Power 2025 U.S. Banking Mobile App Satisfaction Study, which measures customer satisfaction with financial institutions' mobile applications for banking account management. Visit for more details. Fifth Third Bank received the highest score in Florida in the J.D. Power 2024-2025 U.S. Retail Banking Satisfaction Studies (tied in 2025), which measure customers' satisfaction with their primary bank. Visit for more details. Download and use of Fifth Third mobile app is subject to Digital Services User Agreement terms and conditions. 1 Fifth Third employs a number of fraud protection measures to help protect your account. Your SmartShield dashboard is a free tool to customize alerts and help further secure your information. You may also enroll in Fifth Third Identity Alert, an optional, non-FDIC insured product with enhanced features, subject to additional fees, provided by Fifth Third's vendor, Trilegiant.
Yahoo
19-05-2025
- Business
- Yahoo
Fifth Third Becomes First Bank to Offer Free Wills to All Customers
New Digital Offering Helps Millions of Families Plan Ahead Through Exclusive Partnership with Trust & Will CINCINNATI, May 19, 2025--(BUSINESS WIRE)--Fifth Third (NASDAQ: FITB) today announced a first-of-its-kind initiative to offer free wills to every customer, through an exclusive partnership with Trust & Will, the leading digital estate planning platform in the U.S. Starting today, millions of Fifth Third customers can access a secure, guided online experience to create a state-specific, attorney approved will – at no cost and in less than one hour. This experience is designed to be simple and stress-free, ensuring peace of mind and a streamlined legal process for more American families during what can be a time of great emotional turmoil. This pioneering offer from Fifth Third and Trust & Will seeks to addresses a significant gap in estate planning in the U.S. According to Trust & Will's 2025 Estate Planning Report, which surveyed 10,000 Americans aged 18 and over, 83% of Americans think a will is important, and yet only 31% have one in place. This lack of preparedness isn't evenly distributed. Older generations, wealthier households, and men tend to be more prepared, while younger adults, lower-income individuals, and women lag behind. "At Fifth Third, we are leading the industry with digital solutions that solve everyday banking needs," said Ben Hoffman, chief strategy officer and head of consumer products at Fifth Third. "First, we focused on getting customers paid as early as possible, which then streamlined how they paid others. In response to evolving threats of scams and fraud, we reinforced security protections to better protect customers identity and money. Now, we're thrilled to address another gap in financial planning with this novel partnership, securing our customers' legacies for generations to come." For many families, not having an estate plan can result in significant financial strain and stress. Without a will, families may struggle to access critical funds needed for funeral expenses, rent, or everyday bills. By offering free wills to all families, Fifth Third Bank and Trust & Will proactively address these concerns, ensuring families of all income levels have access to modern tools to secure their legacies and protect what matters most. "We believe every family deserves peace of mind," said Cody Barbo, CEO of Trust & Will. "Our mission is to make estate planning accessible to all, and this partnership brings us one step closer to that goal." Fifth Third customers can learn more about Trust & Will and get started at About Fifth Third Fifth Third is a bank that's as long on innovation as it is on history. Since 1858, we've been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it's one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World's Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation's highest performing regional bank, but to be the bank people most value and trust. Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC. About Trust & Will Founded in 2017, Trust & Will is the leading digital estate planning platform in the U.S., trusted by over one million individuals and families. Our simple, secure, and attorney-approved online solutions help Americans easily create wills, trusts, healthcare directives, and other essential estate planning documents tailored to state-specific laws. With a focus on easy access and a guided experience, we're transforming how families plan for the future and protect their legacies. Our platform supports 17,000+ financial advisors, along with 150+ enterprise partners and financial institutions — including AARP, Fifth Third Bank, LPL Financial, UBS, and USAA. We empower professionals to integrate estate planning into their client services, enabling multi-generational wealth planning. With more than one million users and $100+ billion in self-reported estate assets, Trust & Will is redefining estate planning as a relationship-deepening driver of financial wellness. Recognized for innovation and leadership, Trust & Will has earned spots on the CNBC Disruptor 50, Inc. 5000, and Deloitte Technology Fast 500™ lists. Learn more at Category: Other View source version on Contacts Sophie Isherwood (Media Relations) Matt Curoe (Investor Relations) | 513-534-2345 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
19-05-2025
- Business
- Business Wire
Fifth Third Becomes First Bank to Offer Free Wills to All Customers
CINCINNATI--(BUSINESS WIRE)--Fifth Third (NASDAQ: FITB) today announced a first-of-its-kind initiative to offer free wills to every customer, through an exclusive partnership with Trust & Will, the leading digital estate planning platform in the U.S. Starting today, millions of Fifth Third customers can access a secure, guided online experience to create a state-specific, attorney approved will – at no cost and in less than one hour. This experience is designed to be simple and stress-free, ensuring peace of mind and a streamlined legal process for more American families during what can be a time of great emotional turmoil. This pioneering offer from Fifth Third and Trust & Will seeks to addresses a significant gap in estate planning in the U.S. According to Trust & Will's 2025 Estate Planning Report, which surveyed 10,000 Americans aged 18 and over, 83% of Americans think a will is important, and yet only 31% have one in place. This lack of preparedness isn't evenly distributed. Older generations, wealthier households, and men tend to be more prepared, while younger adults, lower-income individuals, and women lag behind. 'At Fifth Third, we are leading the industry with digital solutions that solve everyday banking needs,' said Ben Hoffman, chief strategy officer and head of consumer products at Fifth Third. 'First, we focused on getting customers paid as early as possible, which then streamlined how they paid others. In response to evolving threats of scams and fraud, we reinforced security protections to better protect customers identity and money. Now, we're thrilled to address another gap in financial planning with this novel partnership, securing our customers' legacies for generations to come.' For many families, not having an estate plan can result in significant financial strain and stress. Without a will, families may struggle to access critical funds needed for funeral expenses, rent, or everyday bills. By offering free wills to all families, Fifth Third Bank and Trust & Will proactively address these concerns, ensuring families of all income levels have access to modern tools to secure their legacies and protect what matters most. 'We believe every family deserves peace of mind,' said Cody Barbo, CEO of Trust & Will. 'Our mission is to make estate planning accessible to all, and this partnership brings us one step closer to that goal.' Fifth Third customers can learn more about Trust & Will and get started at About Fifth Third Fifth Third is a bank that's as long on innovation as it is on history. Since 1858, we've been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it's one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World's Most Ethical Companies ® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation's highest performing regional bank, but to be the bank people most value and trust. Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC. About Trust & Will Founded in 2017, Trust & Will is the leading digital estate planning platform in the U.S., trusted by over one million individuals and families. Our simple, secure, and attorney-approved online solutions help Americans easily create wills, trusts, healthcare directives, and other essential estate planning documents tailored to state-specific laws. With a focus on easy access and a guided experience, we're transforming how families plan for the future and protect their legacies. Our platform supports 17,000+ financial advisors, along with 150+ enterprise partners and financial institutions — including AARP, Fifth Third Bank, LPL Financial, UBS, and USAA. We empower professionals to integrate estate planning into their client services, enabling multi-generational wealth planning. With more than one million users and $100+ billion in self-reported estate assets, Trust & Will is redefining estate planning as a relationship-deepening driver of financial wellness. Recognized for innovation and leadership, Trust & Will has earned spots on the CNBC Disruptor 50, Inc. 5000, and Deloitte Technology Fast 500™ lists. Learn more at Category: Other
Bloomberg
16-05-2025
- Business
- Bloomberg
Fifth Third Plans More Crypto After Five Years Studying Assets
Fifth Third Bancorp. began forging relationships with crypto companies about five years ago, but held off on major investments until regulation became clearer. That moment has arrived, according to the bank's head of strategy. The firm is considering ways it can do more crypto business after building a small portfolio of customers which use its deposit accounts and payments capabilities for operations like sending payroll and receiving revenue, chief strategy officer Ben Hoffman said.
