Fifth Third Bancorp is turning to a veteran of the consumer goods industry to help shape its approach to innovation.
The $142 billion-asset company announced Thursday that it has hired Steve D’Amico, the former director of design innovation for Procter & Gamble, for the newly created role of head of innovation.
“Steve D’Amico is the ideal candidate to lead innovation at Fifth Third, as we seek continually to improve the value proposition we provide to our customers,” Tim Spence, Fifth Third’s chief strategy officer, said in a press release. D’Amico will report to Spence.
“Steve has an outstanding track record of accomplishment at a company we have long admired for its world-class innovation,” Spence said.
In his new role, D’Amico will be tasked with creating what Fifth Third described as an “embedded innovation capability” throughout the company. That capability includes things like human-centered design, rapid prototyping and deep customer research. Such approaches are intended to allow companies to rapidly develop products that customers will find useful.
D’Amico is also expected to enhance the Cincinnati company’s ability to connect with third parties and technology incubators.
At Procter & Gamble, also based in Cincinnati, D’Amico led an innovation lab that helped teams from various parts of the corporation solve their business challenges.
“We are excited to add a world-class product innovator and design expert to the Fifth Third team,” Greg Carmichael, Fifth Third's president and chief executive, said in the press release.