Fifth Third Bank Homeowner Reemployment Qorus Banking Innovation Awards 2014 - Winner

Following the 2008 recession, the banking industry experienced a marked rise in foreclosures. Every foreclosure is a tragedy for all involved, including the homeowner, the bank and the community. Understanding that the industry’s solution to this problem – loan modifications – was incomplete, Fifth Third sought a different path. As the reason for up to half of mortgage delinquencies is job loss, Fifth Third designed a Homeowner Reemployment programme that solved that fundamental issue. Fifth Third partnered with NextJob, a reemployment solutions company, to sponsor its customers through comprehensive job training that included one-on-one job coaching, online job search and training modules, and weekly coach-led webinars. The training helped participants turn their CVs into marketing tools, discover the hidden job market, harness the power of social media and develop their ‘30-second commercial’. Fifth Third Bank was the first bank to launch this programme and waived its right to programme exclusivity to help the US develop a strategy where banks help to tackle unemployment, especially long-term unemployment, and stem foreclosures. The bank led a substantial marketing and public relations effort to create awareness of the programme. This has led to other financial institutions adopting the programme, including M&T Bank and USAA, while several other large banks are currently considering this approach.