This move is part of a strategic initiative to cash in on the demographic shifts that gained momentum during the pandemic. Credit: JHVEPhoto/Shutterstock.

Fifth Third Bank has announced a significant expansion plan to open more than 200 retail branches by 2028, focusing on the Southeast US.

This move is part of a strategic initiative to cash in on the demographic shifts that gained momentum during the pandemic.

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The bank, which presently has nearly 1,100 branches with bulk of them in the Midwest, began its Southeast expansion in 2017.

Its strategy includes opening 50 or more branches each year in key Southeast markets, doubling its investment pace.

This expansion will not only enhance the bank’s presence in existing markets but also introduce Fifth Third to 11 new Metropolitan Statistical Areas (MSAs), including two in Alabama.

By the end of the expansion, the bank’s footprint is expected to be evenly distributed, with approximately 50% of branches in the Midwest and 50% in the Southeast.

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Fifth Third chief operating officer Jamie Leonard said: “Through our expansion strategy, we’re excited to welcome new customers with a banking experience that is truly a Fifth Third Better.”

At the Future Branches Conference, Fifth Third director of Distribution Strategy & Retail Analytics James Anthos outlined the bank’s approach to expansion, focused on the use of data and analytics to address customer banking requirements.

This includes data-driven site selection and ‘innovative’ branch design.

The bank employs proprietary technology, such as the Market Strength Index (MSI), to identify new cities for its network and a geospatial heatmap to pinpoint potential branch sites in prioritised cities.

Anthos elaborated on the bank’s site selection process, stating: “We apply trillions of calculations from thousands of data points – including anonymised cell phone data showing the retail destinations people frequent most in a particular area. We are disciplined in targeting the sites we want, and our experience building ‘de novos’ means we can move quickly to lock down sites. In one market we decided to enter, within six months, we had over 75% of our targeted sites under contract and the rest were under initial negotiations.”