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Fifth Third Bank to Boost Supplier Diversity Efforts with ConnXus Agreement
February 6, 2018
CINCINNATI–(BUSINESS WIRE)–Fifth Third Bank today announced an agreement with supplier management software solutions provider ConnXus that makes it easier for the Bank to connect with woman- and minority-owned businesses.
Stephanie Smith, vice president and director of Fifth Third’s supplier diversity program, said ConnXus will be integral in helping the Bank achieve its goals. “We strive to create a level playing field where diverse suppliers can compete for Fifth Third’s business on a fair and equal basis. We partner with organizations that provide diverse suppliers with opportunities for their businesses to grow and leverage diversity to provide the best solutions for our customers, shareholders, employees and communities. We are thrilled that ConnXus was able to provide the right solution as we work hard to be the best at supplier diversity.”
“We do not treat supplier diversity as something that’s just ‘nice to do.’ Supplier diversity is a means for keeping the customer at the center of all we do, and it serves as an engine for innovation and growth.”
Fifth Third spends hundreds of millions of dollars annually on goods and services, ranging from facility-management services to information technology and office supplies. Awarding more of these contracts to diverse businesses has been a major focus of the Bank’s Strategic Sourcing department.
Daryl Hammett, co-owner and chief operating officer of Mason, Ohio-based ConnXus, said the joint effort will lead the way to create a new standard for supplier diversity in the workplace. “This strategic partnership will bring increased transparency and inclusion to Fifth Third’s cross-functional supply chain. This collaborative effort will streamline spending reporting and set an example for responsible and sustainable supplier management standards across the banking sector.”
Jule Kucera, Fifth Third’s senior vice president and chief diversity and corporate social responsibility officer, said that the partnership with ConnXus reflects the Bank’s commitment to working with diverse vendors. “Just as we understand the value of an inclusive workforce that reflects our diverse customers and communities, we understand this value extends to our supply chain,” she said. “We do not treat supplier diversity as something that’s just ‘nice to do.’ Supplier diversity is a means for keeping the customer at the center of all we do, and it serves as an engine for innovation and growth.”
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of Dec. 31, 2017, the Company had $142 billion in assets and operated 1,154 full-service Banking Centers and 2,469 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to more than 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of Dec. 31, 2017, had $362 billion in assets under care, of which it managed $37 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Member FDIC.
ConnXus supplier management software solutions simplify the complexities of global supply chains and allow buyers to achieve their goals of responsible and sustainable sourcing. ConnXus is a NMSDC, CAMSC, CPUC and State of Ohio-certified minority-owned business enterprise based in Mason, Ohio, with local, regional and international capabilities. For additional information about ConnXus and their growing suite of supplier management solutions, visit the company’s website at www.connxus.com, and to register your company on the ConnXus platform, visit https://mysuppliernetwork.com/user/signup.
Fifth Third Bank
Danielle Jones, 513-534-0162
Fifth Third Bancorp
Sameer Gokhale, 513-534-2219