Member Exclusive

Fifth Third Bank’s new digital offering could help it compete with fintechs

  • Momentum Banking by Fifth Third offers many features that are generally associated with digital banks.
  • This product may help the regional Midwest bank to compete against neobanks and fintechs.
close

Email a Friend

Fifth Third Bank’s new digital offering could help it compete with fintechs

Fifth Third Bank, a 163-year-old institution with $207 billion in assets, recently launched Fifth Third Momentum Banking, a digital solution focused on meeting the everyday banking needs of customers. The product aims to combine the modern features of a digital bank with the security and local presence of an established financial institution.

Momentum Banking has no monthly service charge and no minimum deposit required to open a checking or savings account. Its different features are aimed at helping consumers to easily send and receive payments, avoid cash shortfalls, and achieve their savings goals quicker. A notable feature is MyAdvance, which advances funds of $50 or more to customers against future direct deposits.

“Research tells us that one in three Americans is living from paycheck to paycheck. This makes MyAdvance very useful, as it essentially lets you borrow from your future self,” said Melissa Stevens, executive vice president and chief digital officer at Fifth Third Bank. “You can simply log into the app and pay a small fee to get early access to your funds, and then pay yourself back when the next direct deposit comes into your account.”

Another useful feature is Immediate Funds, which makes check deposits instantly available for customers. “Lots of times, there’s a hold on your deposit with banks, because they need to make background checks,” said Stevens. “But if you want, you can pay a small upfront fee in the mobile app, which will give you full access to those funds immediately upon putting that check in the deposit.”

 


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “Fifth Third Bank’s new digital offering could help it compete with fintechs”

Data Snacks, Member Exclusive

Data Snack: SMBs are growing increasingly resilient against macro headwinds

  • SMBs are confident they can successfully get through another period of economic difficulty despite inflation and supply chain issues, a new survey by Kabbage shows.
  • Having experienced the pandemic, SMBs feel better prepared to successfully navigate another period of economic turbulence.
Iulia Ciutina | June 28, 2022
Blockchain and Crypto, Member Exclusive

Bankchain Briefing: What can we learn from the Celsius withdrawal freeze?

  • This week, we try to make sense of the Celsius withdrawal freeze and discuss its implications for investors and the wider industry.
  • We also hear from Zero Hash co-founder Edward Woodford on the convergence of DeFi and TradFi.
Ismail Umar | June 28, 2022
Finance Everywhere, Member Exclusive

Embedded Briefing: How embedded platforms rose in preference for SMBs looking to borrow

  • In 2021, alternate lenders led the uptick in SMB loan application approval, approving 24.5% of the loans, as against the 23.8% approved by institutional lenders.
  • Why have traditional lenders been unable to effectively meet SMB demand? Because they can't figure out how to do it profitably.
Subboh Jaffery | June 27, 2022
Green Finance, Member Exclusive

Green Finance Briefing: Greenwashing on Wall Street, and climate tech stocks outperforming the market

  • Regulators have started to investigate misleading ESG claims at big banks, signaling that they’re paying close attention to the wave of greenwashing happening in finance.
  • Elsewhere, climate tech stocks continue to outperform the market, and UN Secretary General Antonio Guterrez bemoans the counterproductive attitude of the finance industry towards climate change.
Iulia Ciutina | June 24, 2022
Member Exclusive, Payments

Payments Briefing: Is the ‘Apple Pay Later’ hype warranted?

  • This week, we review the hype around Apple Pay Later and try to determine how much of it is justified.
  • We also look at Square’s move to bring Afterpay to in-store purchases, making it even easier to pay in four – and how this greater ease could lead to overspending and growing consumer debt.
Ismail Umar | June 23, 2022
More Articles