US-based Fifth Third Bank has strengthened its partnership with FIS to replace key legacy systems with new platforms.
As agreed, the Ohio-based lender will replace its in-house core banking system with FIS Modern Banking Platform. The platform will enable Fifth Third Bank to fuel its digital transformation and enhance its services.
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The bank will also deploy wealth management platform FIS Unity to scale its wealth and institutional offerings across various segments.
The platform is also integrated with FIS trust accounting to offer users with data and insights to improve their services.
Fifth Third Bank chief information officer Jude Schramm said: “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.
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By GlobalData“Additionally, combining these solutions with our existing payment processing relationship allows us to modernise our platforms while maintaining an efficient overall cost structure.”
FIS president Bruce Lowthers said: “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.”
Last month, BMO Harris Bank in the US tapped FIS to modernise its core and digital banking platforms.
