Fifth Third Bank 2014 Annual Report Download - page 11
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2014 ANNUAL REPORT | 9
We believe our investments to develop and strengthen
our Commercial verticals in healthcare, mid-corporate,
and energy are ahead of the industry and allow us to serve
clients at a higher level. In 2014, we added a retail-focused
vertical as well.
We are seeing greater utilization of the sophisticated
payments, capital markets, and other non-credit products
that we oer. Results showed our strong levels of treasury
management sales, and we believe this business is growing
at a rate more than double the industry. One of our treasury
management solutions, Currency Processing Solutions
(CPS), was awarded a patent in 2014 and also was featured
in a Wall Street Journal article as a best practice in cash
management. In 2014, Fih ird led the largest rollout
of smart safes in the United States, going out across 497
locations, in 446 cities in 42 states.
Our prospects for success in treasury management
are further enhanced through the realignment of our
Payments and Commerce Solutions business. We created
this new division to rethink those aspects of the customer
experience, both for businesses and consumers, and to
nd ways to turn our curiosity about new technology into
greater value for customers. is provides yet another
example of how we are managing the Company to achieve
the right business mix. e new division optimizes
the resources of our existing businesses like treasury
management, commercial and consumer cards, and CPS
through consolidated strategy, product development,
and operational execution. We expect to leverage the
Company’s scale and extensive payments infrastructure to
provide solutions for complex, high-transaction industries
and to capture new market development opportunities
such as payment security, mobile payments, and cobranded
cards and loyalty programs.
Our commitment to improving the risk culture and
achieving the right business mix at Fih ird extends
to investments we are making in our infrastructure
needed to support this enhancement. We are adding
talented and experienced employees to our enterprise
risk and compliance organizations and we will continue
to invest in talent, training, and systems to maintain a
strong and robust platform across our entire Company.
We are working to make our strength in these areas a
competitive advantage for Fih ird. We are balancing
our investments with disciplined expense management
as we reduced total noninterest expense by 6 percent in
2014. We took signicant costs out of mortgage and retail
CPS units fill the cash room managed by Delaware North at Great American Ball Park in Cincinnati.