Automated Financial Systems, Inc. Announces Fifth Third Bank’s Selection of AFSVision®, the Next Generation Commercial Lending System

Rhea-AI Summary

Fifth Third Bank (NASDAQ: FITB) has selected Automated Financial Systems, Inc. (AFS) to convert and consolidate its commercial and capital markets systems to AFSVision, a next-generation commercial lending system. This choice aligns with Fifth Third's digital transformation initiative, aimed at enhancing growth, profitability, and customer experience. AFSVision offers an integrated loan system that supports seamless processing and real-time management for lenders. AFS expresses excitement about its continued partnership with Fifth Third, supporting their modernization efforts and strategic goals.

Positive

• Fifth Third Bank has signed a contract with AFS to implement AFSVision, enhancing its commercial lending capabilities.
• The move supports Fifth Third's digital transformation, aligning with growth, profitability, and risk management objectives.
• AFSVision provides integrated, real-time management for diverse commercial lending activities.

Negative

• None.

EXTON, Pa.--(BUSINESS WIRE)-- Automated Financial Systems, Inc. (AFS®) announced today that Fifth Third Bank, National Association, an indirect subsidiary of Fifth Third Bancorp (NASDAQ:FITB), has signed on to convert and consolidate their commercial and capital markets systems to AFSVision, the state-of-the-art next-generation commercial lending system from AFS.

“We know that to continue to win and grow, we must constantly evolve and adapt. Choosing a forward-looking replacement for our commercial and syndicated loan systems, we needed a company whose philosophy matched ours, and we found that in AFS,” said Jude Schramm, Chief Information Officer, Fifth Third Bank. “We know our selection of AFSVision will accelerate our digital transformation initiative while enabling growth, profitability, risk management, and a better experience for our customers.”

AFSVision is an integrated single loan system for all commercial lines of business. Its ability to integrate with and into third-party systems promotes seamless processing through its unique suite of digital-enabling capabilities. AFS provides configurable real-time management of any size commercial lending portfolio–from first customer touch to servicing and reporting. AFSVision provides a globally available, unified banking experience, empowering financial institutions with 24/7, digital and mobile, real-time access allowing banks to better serve their customers.

“We are excited to continue our long-standing relationship with Fifth Third to provide an essential piece of their platform modernization initiative, supporting their long-term goals and success. AFSVision helps our clients focus on their core business while streamlining processes, creating efficiencies, and increasing their own customers’ experiences, all of which aligns with the Bank’s strategic priorities,” said Richard Bare, CEO and President of AFS.

About Fifth Third Bank

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of Dec. 31, 2021, the Company had $211 billion in assets and operates 1,117 full-service Banking Centers, and 2,322 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of Dec. 31, 2021, had $554 billion in assets under care, of which it managed $65 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”

About AFS

AFS is the global leader in providing real-time, end-to-end lending solutions to the world’s top-tier institutions as well as regional and de novo clients. Solely dedicated to the financial industry, AFS is uniquely positioned to support our client’s business and technology transformation, evidenced by our solutions processing more than $3 trillion in small business, commercial, CRE, wealth management, and syndicated loans daily. AFS clients have achieved measurable results in customer expansion, revenue increases and efficiency gains that outpace their competition. AFS is headquartered in Exton, Pennsylvania, with an office in Brussels, Belgium. For more information, please visit www.afsvision.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220405005209/en/

Rene Baron Coady

rcoady@afsvision.com

484-875-1120

Source: Automated Financial Systems, Inc.

FAQ

What is the recent partnership between Fifth Third Bank and AFS about?

Fifth Third Bank is converting its commercial and capital markets systems to AFSVision, a next-generation commercial lending system from AFS.

How will AFSVision benefit Fifth Third Bank?

AFSVision will enhance Fifth Third's digital transformation, supporting growth, profitability, risk management, and improving customer experience.

What system is Fifth Third Bank replacing with AFSVision?

Fifth Third Bank is replacing its commercial and syndicated loan systems with AFSVision.

When was the announcement about Fifth Third Bank's partnership with AFS made?

The announcement was made on April 5, 2022.

What stock symbol is associated with Fifth Third Bank?

The stock symbol for Fifth Third Bancorp is FITB.