Jude Schramm on AI, Fintech, and Transforming Fifth Third’s Digital Strategy

Fifth Third Bancorp CIO Jude Schramm shares how he has spearheaded a comprehensive digital transformation over the past seven years, positioning the bank for growth, resilience, and innovation. Jude discusses the modernization of IT infrastructure, the integration of AI tools for employees and customers, and the bank’s strategic fintech acquisitions, such as Rise Money, to advance in embedded finance. He also delves into the evolution of customer experience, emphasizing a blend of human and digital interactions to meet modern banking needs. Additionally, Jude reflects on lessons from his tenure at GE, including the importance of leadership development and applying Lean Six Sigma principles to technology and business processes.

Highlights include:

• Modernization and Resilience: Jude explains how Fifth Third upgraded its infrastructure, migrated to cloud-based systems, and established a robust foundation for scalability.
• AI for Transformation: The discussion explores the four pillars of AI at Fifth Third: for employees, engineers, business processes, and customers.
• Customer Experience Evolution: How the bank enhanced its mobile app, enabling 500+ updates in 2024 and creating seamless digital banking experiences.
• Talent Development: Strategies for building an engineering-centric IT workforce, including reskilling programs and partnerships for nontraditional hires.
• Fintech Acquisitions: Insights into how acquisitions like Rise Money and Provide have accelerated the bank’s entry into embedded finance and healthcare verticals.
• Governance and Innovation: The balance between adopting generative AI and ensuring regulatory compliance in a banking context.
• Lessons from GE: Jude reflects on the leadership training and Six Sigma practices that shaped his approach to problem-solving and innovation.