On June 30, Fifth Third Bancorp released its 2022 Sustainability Report. It contained a message from President and CEO Tim Spence and Chief Corporate Responsibility Officer Kala Gibson about the Company’s commitment to sustainability.
“Last year was full of opportunities, accomplishments, challenges, and growth–all of which continued in a very real way in 2023 as our industry faced a crisis.” We are delighted to say that the catastrophe did not occur within Fifth Third’s borders.
This was due, in large part, to our unwavering commitment to becoming the bank that people most respect and trust. We’ve always tried to be there for our consumers, and we’ve seen them be there for us in the last six months. They recognised the value we bring and placed their trust in us by actively choosing Fifth Third every day.
Meeting our sustainability strategy, priorities, and commitments is critical to our capacity to provide long-term value for all of our stakeholders. To create a more inclusive and sustainable society, we are committed to putting the customer first, developing strong communities, honouring our commitments to employees, supporting inclusion and diversity, and addressing climate change.
Fifth Third Bancorp
We are devoted to developing with technology while maintaining strong human interactions and connections for our consumers. Last year, our Retail team made over 12 million consumer outreach calls to ensure we were fulfilling our customers’ requirements and to learn what else we could do.
We kept improving our innovative and inclusive consumer offerings, like as our award-winning Fifth Third Momentum® Banking checking and savings accounts. We updated Fifth Third Momentum’s Early Pay® function in 2022 to incorporate revenue from freelance employment, as well as various government and retirement benefits. More than 500,000 client accounts have received their pay up to two days early since the start in 2021, totaling $27.6 million deposited last year.
Maintaining the Customer at the Centre
We are devoted to developing with technology while maintaining strong human interactions and connections for our consumers. Last year, our Retail team made over 12 million consumer outreach calls to ensure we were fulfilling our customers’ requirements and to learn what else we could do.
We kept improving our innovative and inclusive consumer offerings, like our award-winning Fifth Third Momentum® Banking checking and savings accounts. We updated Fifth Third Momentum’s Early Pay® function in 2022 to incorporate revenue from freelance employment, as well as various government and retirement benefits. Since the introduction in 2021, over 500,000 customer accounts have received their pay up to two days early, totaling $27.6 million.
We removed non-sufficient funds fees for all consumer accounts in June 2022 to focus on the greatest results for our clients while reducing punitive penalties. Among peers with major consumer banking operations, we have the lowest concentration of overdrafts as a percentage of deposit fees.
The same is true for our corporate clients. Expert AP® is one of our peer-leading, digitally enabled Treasury Management Managed Services. This solution assists our clients in better managing their payments and improving access to payment information, while also assisting AP departments in running more smoothly.
Banking is a respectable career in our opinion. It is a privilege to serve our clients with the services they require; it is also a privilege to contribute to the well-being of our communities. Strong communities require strong banks, and strong banks require strong communities. Fifth Third achieved an “Outstanding,” the highest possible rating, on its most recent Community Reinvestment Act performance examination from the Office of the Comptroller of the Currency in early 2023. We achieved “Outstanding” grades on all three exams: lending, investments, and service.
Our $180 million Fifth Third Empowering Black Futures Neighbourhood Investment Programme is thriving and will bring about the kind of structural change that will help communities prosper in the long run.
Aside from times of great need, our foundations actively serve our communities all year. Our overall philanthropic giving in 2022 was $38.8 million. Over 117,000 volunteer hours were logged by our staff. Financial access and capability remain important areas of attention for volunteerism. We provide a variety of financial education programmes, including the Fifth Third Young Bankers Club® and the Fifth Third Bank Finance Academy®, and our eBus is on the road approximately 250 days a year, serving 30,000 individuals directly.
We provided over $5.2 billion in qualifying affordable housing financing last year as part of our $100 billion environmental and social finance target for the period 2021-2030. This dedication resulted in the creation and preservation of nearly 6,280 jobs.
As an example of our effect, our $2.1 million investment aided in the establishment of Adelphi Bank, Ohio’s first Black-owned depository institution, in May 2023. Fifth Third was the largest investment among financial institutions, and Adelphi was founded by a group of senior leaders, including Jordan Miller, a former Fifth Third Bank regional president. The Bank’s contribution is in line with our participation in the OCC’s Project REACh. Participants, including our bank, promised to build minority depository institutions and assist in removing specific barriers that prohibit traditionally disadvantaged populations from participating fully, equally, and fairly in the economy.
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