First Horizon Corporation (FHN): Business Model Canvas

Key Partnerships

First Horizon Corporation forms strategic partnerships with fintech companies to leverage their innovative technology solutions and enhance their products and services. These collaborations help First Horizon stay ahead in the rapidly evolving digital banking landscape and offer customers cutting-edge solutions for their financial needs.

First Horizon Corporation works closely with mortgage brokers to expand their reach in the mortgage market. By partnering with trusted mortgage brokers, First Horizon is able to reach a wider customer base and provide competitive mortgage products and services to meet the diverse needs of homebuyers.

First Horizon Corporation establishes alliances with reputable financial advisory firms to offer comprehensive wealth management services to their clients. These partnerships enable First Horizon to provide personalized financial planning and investment solutions, enhancing the overall customer experience.

First Horizon Corporation enters into joint ventures with insurance companies to offer insurance products and services to their customers. These partnerships allow First Horizon to provide customers with a one-stop-shop for all their financial needs, creating a seamless and convenient experience for customers.

Key Activities

Banking Services: First Horizon Corporation offers a wide range of banking services to its customers, including checking and savings accounts, loans, credit cards, and online banking options. These services are essential for individuals and businesses to manage their finances effectively and securely.

Investment Management: As a financial institution, First Horizon provides investment management services to help individuals and businesses grow and protect their assets. This includes offering mutual funds, retirement planning, and investment advisory services to help clients achieve their financial goals.

Mortgage Lending: First Horizon Corporation is also involved in mortgage lending, providing individuals with the opportunity to purchase homes and properties. The company offers various mortgage options, such as fixed-rate mortgages, adjustable-rate mortgages, and refinancing options to meet the diverse needs of its customers.

Wealth Management Services: In addition to investment management, First Horizon offers wealth management services to high-net-worth individuals and families. These services include estate planning, tax planning, and trust services to help clients protect and transfer their wealth to future generations.

• Provide a wide range of banking services, including checking and savings accounts, loans, and credit cards.
• Offer investment management services to help individuals and businesses grow and protect their assets.
• Provide mortgage lending options for individuals looking to purchase homes or refinance their existing mortgages.
• Offer wealth management services to high-net-worth individuals and families, including estate planning and trust services.

Key Resources

Financial capital: One of the key resources for First Horizon Corporation (FHN) is its substantial financial capital. This capital allows the company to invest in new technologies, expand its branch network, and provide competitive financial products and services to its customers.

Branch network: Another important resource for FHN is its extensive branch network. With multiple branches located across various regions, the company is able to reach a wide customer base and provide in-person financial assistance to those who prefer face-to-face interactions.

Skilled financial advisors: FHN also boasts a team of skilled and knowledgeable financial advisors. These professionals play a crucial role in helping customers make informed decisions about their finances, investments, and retirement planning. The expertise of these advisors is a valuable resource for the company.

Robust IT infrastructure: In today's digital age, having a robust IT infrastructure is essential for any financial institution. FHN recognizes this and has invested in state-of-the-art technology to streamline its operations, enhance customer experience, and ensure the security of sensitive financial information. This IT infrastructure is a key resource that enables the company to stay competitive in the rapidly evolving financial services industry.

Value Propositions

First Horizon Corporation (FHN) offers a range of value propositions that set it apart from other financial institutions. These value propositions are what make FHN a preferred choice for customers seeking personalized banking experiences and comprehensive financial solutions.

• Personalized Banking Experience: FHN understands that every customer has unique financial needs. That's why we provide personalized banking solutions tailored to individual preferences and goals. Our dedicated financial advisors are committed to helping customers achieve their financial objectives.
• Competitive Mortgage Rates: FHN offers competitive mortgage rates to help customers fulfill their dream of homeownership. Whether it's a first-time homebuyer or someone looking to refinance, our mortgage options come with attractive rates and flexible terms.
• Comprehensive Financial Solutions: From checking and savings accounts to investment options and retirement planning, FHN offers a comprehensive suite of financial solutions to meet the diverse needs of our customers. Our range of products and services enables customers to manage their finances effectively and build wealth over time.
• Strong Customer Service Reputation: At FHN, we pride ourselves on our strong customer service reputation. Our team of experienced professionals is dedicated to providing exceptional service and support to customers at every touchpoint. Whether it's in-person at a branch or online, customers can expect top-notch service from FHN.

These value propositions reinforce FHN's commitment to delivering high-quality financial services that empower customers to achieve their financial goals and secure their future.

Customer Relationships

First Horizon Corporation prioritizes building strong customer relationships to ensure satisfaction and loyalty. Here are some key aspects of the company's customer relationship strategy:

• Dedicated account managers: Each customer is assigned a dedicated account manager who serves as a primary point of contact for any questions or concerns. These managers develop personalized relationships with customers to understand their needs and provide tailored solutions.
• Customer service call centers: First Horizon Corporation has established customer service call centers to provide assistance and support to customers. These call centers are staffed with trained professionals who are able to address inquiries, resolve issues, and provide guidance on products and services.
• Online banking support: The company offers comprehensive online banking support to enable customers to conveniently access their accounts, make transactions, and manage their finances. Online support resources such as FAQs, tutorials, and live chat are available to assist customers with any online banking needs.
• Community engagement initiatives: First Horizon Corporation actively engages with the community through various initiatives such as financial literacy programs, volunteering opportunities, and sponsorships of local events. By participating in community activities, the company aims to build trust and rapport with customers while making a positive impact in the communities it serves.

Channels

First Horizon Corporation (FHN) utilizes a variety of channels to deliver its banking services to customers. These channels include:

• Physical bank branches: FHN has a network of physical bank branches located in various cities and towns throughout its operating regions. These branches provide customers with personalized service and access to a wide range of banking products and services.
• Online banking platform: FHN offers an online banking platform that allows customers to access their accounts, transfer money, pay bills, and perform other banking tasks from the convenience of their own homes or offices.
• Mobile banking apps: FHN also provides mobile banking apps for smartphones and tablets, allowing customers to bank on the go. These apps offer many of the same features as the online banking platform, such as account management and bill payment.
• ATMs and kiosks: FHN operates a network of ATMs and kiosks where customers can withdraw cash, deposit checks, and perform other basic banking functions outside of regular business hours.

By providing multiple channels for customers to access its services, FHN strives to offer a seamless and convenient banking experience for its customers, whether they prefer to bank in person, online, or on the go.

Customer Segments

Individual consumers: First Horizon Corporation caters to individual consumers by offering a range of banking products and services such as checking accounts, savings accounts, personal loans, mortgages, and credit cards. The corporation focuses on providing convenient and personalized solutions to meet the financial needs of its individual customers.

Small and medium enterprises (SMEs): First Horizon Corporation serves small and medium enterprises by providing a variety of financial services including business checking accounts, business loans, merchant services, and cash management solutions. The corporation understands the unique challenges faced by SMEs and offers tailored solutions to help them grow and thrive.

Large corporations: First Horizon Corporation offers a comprehensive suite of financial services to large corporations including treasury management, commercial lending, foreign exchange, and investment banking services. The corporation leverages its expertise and resources to support the complex financial needs of large organizations.

Wealth management clients: First Horizon Corporation provides wealth management services to high-net-worth individuals, families, and institutions. These services include investment management, financial planning, trust and estate planning, and private banking. The corporation focuses on building long-term relationships with its wealth management clients to help them achieve their financial goals.

Cost Structure

First Horizon Corporation's cost structure is composed of various elements that support its operations and growth. Understanding and effectively managing these costs are crucial in ensuring the financial health and sustainability of the organization. The key components of the cost structure include:

• Rent and utilities: First Horizon Corporation operates a network of physical bank branches across its service areas. Operational costs, such as rent and utilities, are essential for maintaining these branches and providing a physical presence for customers.
• Property maintenance: Regular maintenance and upkeep of bank branches are necessary to ensure a safe and pleasant environment for customers and employees.

• Software development: First Horizon Corporation invests in developing and maintaining technology platforms that support its banking services, including online and mobile banking.
• Hardware costs: In addition to software, hardware infrastructure such as servers and data centers are essential for ensuring the reliability and security of digital banking services.

Compensating employees fairly is critical for attracting and retaining top talent in the banking industry. Employee salaries are a significant component of First Horizon Corporation's cost structure.

Promoting and positioning First Horizon Corporation's products and services in the market requires investments in marketing and advertising. These expenses include advertising campaigns, digital marketing initiatives, sponsorships, and promotions to attract and retain customers.

Revenue Streams

Interest from loans and mortgages: First Horizon Corporation generates a significant portion of its revenue from the interest earned on loans and mortgages provided to customers. This stream of revenue is a key driver of the company's profitability.

Fees from banking services: First Horizon Corporation charges fees for various banking services such as account maintenance, wire transfers, and ATM withdrawals. These fees help to supplement the company's overall revenue and contribute to its bottom line.

Investment management fees: First Horizon Corporation offers investment management services to its clients, charging fees based on the value of assets under management. This stream of revenue provides a stable source of income for the company.

Commission from financial products sales: First Horizon Corporation earns commissions from the sale of financial products such as insurance policies, mutual funds, and annuities. These commissions are a key source of revenue for the company and help to diversify its income streams.

• Interest from loans and mortgages
• Fees from banking services
• Investment management fees
• Commission from financial products sales