Roughly a third of Fifth Third Bancorp's (FITB) branches are suited for self-service and a portion of them will go that route in 2014, according to the Cincinnati company's chief financial officer, Tayfun Tuzun.
As the rising popularity of Fifth Third's online and mobile banking platforms reduces the need for in-person transactions, the company is exploring ways to take advantage of cost-saving opportunities while continuing to offer customers the convenience of branches, Tuzun said Wednesday at an investor conference hosted by Goldman Sachs.
To that end, Fifth Third plans to roll out a number of smaller branches staffed by two or three personal bankers, as opposed to a traditional branch's six to eight employees. The branches will offer automated, self-service, non-cash transactions, Tuzun said. They will be located close to full-service locations, with which they will share a branch manager.
"Our banking centers are the most visible brand identifiers in our communities, and they will remain a key source of deposits and cross-selling," he said, noting that a vast majority of the company's checking account customers had visited a branch within the last six months.