Customers want their banks to work for them to enable their goals, not to create new sources of complexity and potential challenges in their financial lives.
This year, Fifth Third accepted the challenge of delivering new solutions that take the worry out of some of customers’ biggest banking stressors. Switching banks has historically been stressful – scheduling an appointment at a bank to fill out applications, figuring out HR processes to set up direct deposit for a new account, waiting for money to be available, and ensuring bills get paid on time.
Fifth Third has made those processes as simple and easy as possible with the addition of direct deposit switch and a Free Overdraft Window within its Fifth Third Momentum Banking® products and mobile app. The Bank also launched SmartShieldTM – a suite of security tools that helps bring peace of mind to customers.
“With Fifth Third Momentum Banking, we challenge ourselves every day to improve the value we deliver to customers and to make it easier for them to get the full benefits of our product and mobile app,” said Ben Hoffman, head of consumer product at Fifth Third. “In addition to consistently improving our product, we set out to remove barriers potential customers might have to gaining those benefits.”
Direct Deposit Switch
Now, with a few simple steps in the mobile app, Fifth Third Momentum customers can easily switch their direct deposit. The Bank can provide direct deposit switch to more than 1,000 of the largest employers. Fifth Third also supports dozens of payroll providers and over 25 government agencies.
Enabling digital direct deposit switch helps customers get faster access to Early Pay, bill pay, Zelle, and MyAdvance® among other benefits of Fifth Third Momentum Banking. Fifth Third is proud to be one of the first banks to enable this customer experience.
Direct deposit switch builds on Fifth Third’s track record of innovation in helping customers access their pay as soon as possible. The bank has offered Early Pay since 2021, allowing customers to receive their paychecks up to two days early1. Currently, 45% of Fifth Third Momentum customers benefit from Early Pay. Fifth Third was also one of the first banks to enable Early Pay for gig workers and many government and retirement benefits recipients in 2022 and added tax refunds in 2023, enabling Fifth Third customers to receive more than $500 million in refunds up to five days earlier.
Free Overdraft Window
Free Overdraft Window protection for new customers provides no overdraft fees for the first 90 days2.
“Free Overdraft Window gives customers peace of mind, especially as they navigate the bank switching process,” added Hoffman. “We understand that coordinating the timing of transferring existing deposits, setting up direct deposit and moving recurring payments to a new bank is a source of stress and may prevent some customers from seeking out the best bank for them. Free Overdraft Window gives customers the ability to focus on what really matters.”
Once the free overdraft window has passed, Fifth Third customers will have access to Extra Time®, which gives them additional time to make a deposit and avoid paying fees when they overdraw their accounts.
As of May 2023, Free Overdraft Window provided peace of mind to about 13 percent of new customers, helping them avoid $2 million in overdraft fees during their first 90 days.
SmartShieldTM
When Fifth Third asks consumers about their banking priorities, a common reply is: “protect me, protect my money.” The SmartShield portal within the mobile app engages directly with customers to offer options to keep them safe by providing alerts, login security, awareness of scams and controls to prevent theft.
“In addition to sharing what we do every day to safeguard our customers, SmartShield guides customers seamlessly and efficiently through the steps they can take to help best secure their identity and financial assets,” Hoffman said. “While security is top of mind for all in the digital era, addressing it can be intimidating and overwhelming. SmartShield provides a comprehensive toolkit to help our customers build good security habits.”
Some SmartShield security features include:
- Automated threat blocking, multi-factor authentication and data encryption.
- Smart alerts to notify customers of potential risks.
- Live support with experts to help with questions and resolving issues.
- An automated delivery tracker for new and replacement cards.
Over 1 million Fifth Third customers have already used SmartShield and benefited from the broad range of free services since launch. To encourage engagement with the platform, the SmartShield dashboard includes a protection meter that rates a customer’s security measures. More than 1 in 10 customers have achieved the top tier “Exceptional” status. Achieving this status requires, in addition to things like use of biometrics and alerts, completion of a three-question monthly security quiz that educates customers on the latest security trends and threats.