Source: Fidelity Information Services
Fidelity Information Services (Fidelity), a division of Fidelity National Financial, Inc. (NYSE: FNF), announced today that it has signed a multi-year application management and application development agreement with Fifth Third Bancorp (Nasdaq: FITB).
The contract also includes upgrading the bank's Advanced Lending Solutions application to the current release.
"After utilizing Fidelity software applications for years, the decision to use Fidelity's development services is a natural expansion of our partnership and one we look forward to cultivating," said Greg Carmichael, executive vice president of Fifth Third. "In addition to providing a smooth transition and building upon a solid and successful foundation with consistent expertise and knowledge, it is important for us to partner with the firm that has responsibility for the development and deployment of our software."
Carmichael said additional factors in signing the agreement with Fidelity include the company's increased capacity to process a growing consumer loans portfolio including HELOCs, and the ability to satisfy customer demands for capability and timeliness without sacrificing Fifth Third's high-quality standards.
"This agreement calls for strategic solutions wrapped around core applications that will enable Fifth Third greater flexibility in their use of capital, tighter regulatory compliance and expanded capacity," said Roger Leitner, president of Fidelity Information Services' Enterprise Banking Solutions division. "This is a significant win for us, and we appreciate the value the bank has placed in our team and solutions. We are looking forward to an expanded and successful relationship with Fifth Third to help the bank meet its objectives."