Fifth Third Bank: Scaling Relationship Banking Through a Unified Platform
Unified online banking, mobile, branch, direct mail, email, SMS, and telemarketing
Operationalized predictive analytics and machine learning
Implemented agile change management to scale relationship banking
We’re using one platform for all of our channels. All being done within one system, using the same data…That’s been critical for us to take personalization to the next level.
The Business Issue
Fifth Third bank, one of the largest in the United States, has a mission to improve the lives of community members through financial empowerment and next-level personalization.
The bank’s “batch and blast” approach to engaging customers made it difficult to deliver that mission. Lines of business ran campaigns independently, resulting in customers receiving multiple, conflicting offers.
With each business unit operating independently, it was difficult to track results and gather relevant information that could attract new customers and retain current ones. This model also presented challenges with agility. Change requests would take 90 days – but by that time, the customer had already moved on.
With Pega, the bank unified all of its channels using data from each to determine the next best action for every customer during every engagement – regardless of channel. By transitioning from a segment and campaign go-to-market to an always-on, AI-driven approach, they ensured that customers were always receiving the most relevant message at the right time.
Fifth Third Bank has also greatly increased its agility. When the COVID-19 pandemic hit, Pega helped the bank reduce the time it took to process a change request from 90 days, down to less than one week.
By centralizing its decisions and aligning all channels with a consistent next-best-action approach, Fifth Third Bank has been able to:
- Reduce a 46-step change request process from 90 days to 2 days when responding to customer emergencies
- Reduce marketing costs (e.g., direct mail) through channel optimization
- Establish stronger banker-customer relationships through increased personalization across digital channels
Fifth Third Bank uses decisioning to put the customer first.
Discover how Fifth Third Bank, RBS, and Commonwealth Bank used tools such as the Customer Decision Hub to deliver best practice customer targeting.
With a real-time, next-best-action approach, you engage customers 1:1, on their terms – ensuring every interaction is exactly what they need.