BANKING & FINANCE INTERVIEW
Tech takes off Growth remains positive at Fifth Third Bank where technology adoption is picking up pace
David Call Florida Regional President – Fifth Third Bank How have you seen the banking sector trending in Tampa Bay over the last few years? Everything is moving at a fast pace in the Tampa Bay region, and from my perspective there is not one particular sector or segment of the market that is doing better than another. Our bank has five lines of business in the region: commercial, small business, retail, wealth and mortgage. All five of those lines are doing well and we are still seeing strong momentum. We have seen this growth for the last four years, and while we are prepared for any kind of slowdown, we haven’t seen any sign of that for the near future. How much of an impact does technology have on deciding whether to build physical bank branches? Technology has not taken the place of our physical centers, but everything that we do around technology has definitely taken off. Whether that is depositing a check or checking an account balance, all of these uses are being adopted at a much quicker pace than how technology was adopted in the past. That being said, we believe at least 60% of our clients still want to come to a branch and bank with a human being. That does not mean that they do not want technology, because they do, so it is a balancing act. We are still building branches in the state of Florida, and we will have more branches in the Tampa Bay area too. How have you adapted to account for the influx of high-net-worth investors coming into Tampa Bay? When we adapt to this influx, it has a positive affect on our business, and this is true for all of Tampa Bay, not just our bank. There are a lot of businesses and people bringing money to Tampa Bay because they see the growth. Outside investment is a huge part of keeping this growth sustainable because we need an infrastructure that matches the influx of people coming to Tampa
Bay. In regard to our bank, we are investing our time and resources into making sure that we are a part of the change so we can help our communities thrive. What is the most significant challenge facing the banking industry in Tampa Bay? The biggest challenge for us has been attracting and retaining our employee base. We have seen this issue for our customer base as well. Florida as a whole has recordlow unemployment, which is positive but it has caused a bit of an issue that if unaddressed could become a larger issue as the state continues to grow. I believe it is solvable, but we must continue to remain competitive in the advantages that we offer. To that end, we raised our minimum wage to $18 an hour, which has been wellreceived by our employees as well as our community. www.capitalanalyticsassociates.com
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