Established bank Fifth Third (NASDAQ:FITB) has selected Brex to improve its digital banking services, including the addition of artificial intelligence (AI).
According to a release, the multi-year partnership will incorporate Brex’s API-driven payments infrastructure, and the Fifth Third Commercial Card will become the default commercial card solution for Fifth Third Bank’s commercial banking clients.
Tim Spence, Chairman, CEO, and President of Fifth Third Bank, said the partnership is part of their commitment to redefine how companies leverage Fintech. He noted that Brex’s AI-driven innovation will deliver intelligent solutions that simplify operations, drive efficiency, and enable businesses to scale globally.
Art Levy, Chief Business Officer at Brex, said that automated spend controls and real-time visibility handled by AI enable finance teams to eliminate manual work that slows them down.
Brex aims to integrate AI across all workflows, eliminating manual processes. The company reports over 35,000 customers.
Fifth Third is a significant US bank based in Cincinnati, operating more than 1,100 branches across 12 states.
As digital finance takes over and physical locations become less relevant, the bank must move quickly to adapt to the Fintech reality. While Fifth Third is currently building more branches in growth markets (200 in Florida and 100 in the Carolinas), the fact is that more people are comfortable with banking on their iPhone. Shawn Niehaus, head of consumer banking at Fifth Third, explained they are opening branches that “serve as community hubs, staffed by bankers who understand local needs and are empowered by technology to deliver meaningful financial guidance.”
As for AI, it is already prevalent in just about all financial services, driving efficiency while, hopefully, improving customer interactions. Fifth Third, which faces numerous challenges from both legacy banks and Fintechs, has chosen to buy rather than build transformative services.