Fifth Third Bank has been awarded “Bank of the Year” for the U.S. in 2023 by The Banker, an annual award program that acknowledges industry-wide excellence in the global banking community. The selection process involves judges who evaluate banks based on their performance, innovation, customer value and leadership in society. The Banker chooses one winning bank for each of the 120 countries that are evaluated.
“Congratulations to Fifth Third Bank for outshining the competition to win the Bank of the Year award for the U.S.,” Joy Macknight says, editor of The Banker. “The judges were impressed by Fifth Third’s commitment to leveraging technology and innovation to serve its customers. Major achievements include the strengthening of its embedded payments offering and of its private bank’s Business Transition Advisory Team (BTAT), dedicated to preparing business owners for their succession planning.”
In May 2023, Fifth Third Bank announced its acquisition of Rize Money, Inc. The latter is an embedded payments platform offering payment infrastructure and risk management capabilities to FinTech and other technology companies seeking innovative financial products through a single application programming interface. Fifth Third’s success in acquiring Rize Money is also attributed to the evolution of its mobile app virtual assistant, Jeanie.
“I believe great banks stand apart from the rest by how they navigate challenging environments and deliver for their customers,” Tim Spence says, Fifth Third’s president and CEO. “That is when customers need our advice and support most and when we can generate outperformance for shareholders. I want to thank our employees for everything they’ve done to earn this honor.”