Fifth Third Sees ‘Pretty Remarkable’ AI Ability to Cut Costs (1)

Fifth Third Bancorp’s use of artificial intelligence has led to “pretty remarkable” results in cost savings, Chief Executive Officer Tim Spence said.

“At financial institutions, we should experiment more than maybe we have historically,” Spence said Wednesday in a Bloomberg Television interview.

The Cincinnati-based regional lender rolled out AI tools to improve productivity about two years ago, starting with Microsoft Corp.’s Copilot, Spence said. Last year, a third of the code the company released was written by AI, increasing to 40% in the first two months of 2026.

The increase in productivity has helped ...