CINCINNATI--(BUSINESS WIRE)--

Recently Fifth Third Bank (NASDAQ: FITB) unveiled plans to expand its retail branch footprint by opening more than 200 branches over the next four years, primarily in fast-growing Southeast markets. Speaking to investors at the BancAnalysts Association of Boston Conference on November 8, Chief Operating Officer Jamie Leonard detailed how Fifth Third has created the infrastructure – inclusive of digital and physical components – to create a differentiated customer experience that fosters deep banking relationships and drives sustainable organic growth.

This press release features multimedia. View the full release here:

James Anthos speaking at Future Branches conference. Photography by Wes Ellis

Today, at the Future Branches Conference in Austin, TX, Director of Distribution Strategy & Retail Analytics James Anthos discussed how the Bank’s expansion strategy leverages data and analytics to meet customers’ banking needs – from data-driven site selection to innovative branch design and disciplined execution.

Expansion strategy anchored by data science, disciplined execution

“We employ an economical and disciplined approach to harnessing data to build better relationships between our customers and our branches,” Anthos said. “When we embarked on this expansion journey in 2017, we invested in a nimble team and smart tools so we could move with precision as quickly as possible.”

Fifth Third operates a suite of proprietary technology to guide its expansion and effectively and efficiently place branches where customers want and need them. The Bank developed a Market Strength Index (MSI) to identify new cities to add to its network. To optimize branch placements at scale with quantitative sophistication, Fifth Third developed a geospatial heatmap that identifies attractive areas to explore for branch sites in prioritized cities. Fifth Third’s application of geospatial sciences is highly regarded in the industry and in 2018 the Bank won a Special Achievement in GIS (SAG) Award from Esri.

“We apply trillions of calculations from thousands of data points – including anonymized cell phone data showing the retail destinations people frequent most in a particular area,” Anthos continued. “We are disciplined in targeting the sites we want, and our experience building ‘de novos’ means we can move quickly to lock down sites. In one market we decided to enter, within six months, we had over 75% of our targeted sites under contract and the rest were under initial negotiations.”

Innovative Branch Design

Utilizing customer input, Fifth Third redesigned its Financial Centers to better meet how consumers want to bank today. The Bank’s new Financial Centers enable deeper, more meaningful conversations between customers and bankers: each branch features a welcoming open concept layout and localized design elements that invite warmer, more memorable conversations. Traditional transaction space has been greatly reduced and replaced with modular meeting and seating areas that offer adjustable layers of privacy.

Southeast expansion plans

Fifth Third currently operates nearly 1,100 branches, the majority of which are located in the Midwest. In 2017 the Bank began strategically expanding in the Southeast to capitalize on demographic migration trends that accelerated during the pandemic.

Through 2028, Fifth Third intends to double its investment pace by opening 50 or more branches annually in critical Southeast markets. The Bank will complete the build-out of existing markets and enter 11 new Metropolitan Statistical Areas (MSAs), including two new Alabama markets. By the end of 2028, Fifth Third expects its branch footprint to be approximately 50% in the Midwest and 50% in the Southeast.

On Fifth Third’s accelerated expansion strategy, COO Jamie Leonard remarked, “We are laser-focused on providing a differentiated experience that meets our customers' needs, and creates deep, long-lasting relationships. Through our expansion strategy, we’re excited to welcome new customers with a banking experience that is truly a Fifth Third Better.”

###

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.

View source version on businesswire.com: