Fifth Third Bank Doesn’t See Need for Digital Only Bank

Fifth Third Bank CEO says the $167.8bn asset bank does not need to add a digital only offering as they have been growing deposits at a better rate with their current strategy; “We’re a relationship bank. When you go outside of footprint, you have to be competitive to offer one of the top three rates,” Fifth Third CEO Greg Carmichael said at the Morgan Stanley Financial Services Conference in New York according to American Banker. “That’s hot money, and it’s going to move as soon as the rate environment changes, and it’s not relationship-based.”; the bank saw total deposits grow 6 percent in Q1 to $109.6bn. Source.