Fifth Third has been named “Bank of the Year” for the U.S. 2023 by The Banker. This annual award program recognizes industry-wide excellence within the global banking community.

“Congratulations to Fifth Third Bank for outshining the competition to win the Bank of the Year award for the U.S.,” said Joy Macknight, editor of The Banker. “The judges were impressed by Fifth Third’s commitment to leveraging technology and innovation to serve its customers. Major achievements include the strengthening of its embedded payments offering and of its private bank’s Business Transition Advisory Team (BTAT), dedicated to preparing business owners for their succession planning.”

In May 2023, Fifth Third announced the acquisition of Rize Money, Inc., an embedded payments platform that provides payment infrastructure and risk management capabilities to fintechs and other technology companies that want to offer innovative financial products through a single application programming interface. Fifth Third’s win is also attributed to the evolution of its mobile app virtual assistant Jeanie.

“I believe great banks stand apart from the rest by how they navigate challenging environments and deliver for their customers,” said Tim Spence, Fifth Third’s president and CEO. “That is when customers need our advice and support most, and when we can generate outperformance for shareholders. I want to thank our employees for everything they’ve done to earn this honor.”

Judges select winning banks based on performance, innovation, adding customer value and leadership in society. The Banker selects one winning bank for each of the 120 countries judged.