Customers Bank is expanding its consumer loan program with Upstart
WEST READING, PA. & SAN MATEO, Calif .– (BUSINESS WIRE) – Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, today announced that Customers Bank, a full-service super-community bank and a subsidiary of Customers Bancorp, Inc. (NYSE: CUBI), is expanding and expanding its banking partnership with Upstart to expand its personal loan program through the Upstart Referral Network and its own consumer banking site.
With Upstart’s AI lending platform and Upstart Referral Network for personal loans, Customers Bank is able to make better, faster risk-based credit decisions and admit more creditworthy borrowers. Customers The bank’s partnership with Upstart has helped it expand its consumer installment loan portfolio in recent years, and it expects this trend to continue. With more forward-looking underwriting models and lower fraud rates provided by Upstart’s AI-based lending platform, Customers Bank’s personal loan portfolio with Upstart has done well for the bank while delivering a great customer experience. Because of this achievement, Customers Bank looks forward to expanding its relationship with Upstart.
“Upstart’s model has been able to deliver better returns, lower default rates and lower risk of fraud, ”said Sam Sidhu, vice chairman and chief operating officer, Customers Bank. “We have expanded the program from a small pilot project to a comprehensive loan program that continues to meet and exceed our expectations. ”
Customers Bank is a digital forward bank that works with world-class technology platforms to deliver financial services nationwide with exceptional customer experience, cutting-edge cybersecurity, and demonstrable shareholder value. In the last few months, Customers Bank announced partnerships with other platform providers for blockchain-based commercial payment channels, consumer cash management and optimization of the commercial loan portfolio.
“We look forward to continuing and expanding our partnership with Customers Bank, ”said Michael Lock, Senior Vice President of Bank Partnerships, Upstart. “Her digital approach to redefining banking in the 21st century has made her a great partner for us to transform the way consumers can easily access credit based on real risk. ”
Customers Bank was a leading US Paycheck Protection Program (PPP) lender, involved in more than 320,000 loans valued at more than $ 9 billion in 2020 and 2021 to serve small businesses. Customers Bank and Upstart are building on this successful model to offer consumer credit services nationwide with the benefits and services that result from the partnership of a full-service bank and a nationally recognized lender.
In addition, as one of Upstart’s first banking partners in 2018, Customers Bank will be able to reach and serve more of its community via the Upstart referral network – an attractive function for banks to add new customers who are looking for a Inquire about personal loans www.upstart.com. This program enables Upstart to display loan offers from the customer bank to consumers who come to us www.upstart.com. Consumers who choose these offers seamlessly switch to the customer bank experience to complete their application and completion process.
Later this year, Upstart and Customers Bank will allow eligible applicants to open a loan and customer bank deposit account in the same digital session on the Upstart Referral Network to create value for consumers.
To find out more about the customer bank and Upstart, to register for the webinar “A year later: AI Underwriting & Consumer Lending Performance During the Pandemic, ”on Thursday, May 27 at 2:00 pm Eastern with Sam Sidhu, Vice Chairman & Chief Operating Officer at Customers Bank, and Jeff Keltner, Senior Vice President at Upstart. takes place.
Upstart (NASDAQ: UPST) is a leading AI lending platform that works with banks to expand access to affordable credit. By leveraging Upstart’s AI platform, Upstart enables banks to achieve higher approval rates and lower loss rates while delivering the exceptional digital-first credit experience their customers demand. More than two-thirds of Upstart loans are approved instantly and are fully automated. Upstart was founded in 2012 by former Google employees and is based in San Mateo, California and Columbus, Ohio.
Via the customer bank
Customers Bank, a subsidiary of Customers Bancorp, Inc. (NYSE: CUBI), a bank holding company, is a full-service super-community bank with approximately $ 18.8 billion in assets as of March 31, 2021. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender offering a variety of banking and credit services to small and medium-sized businesses, professionals, individuals, and families. Via digital first apps, online portals and a network of branches and branches, services and products are available wherever this is legally permissible. For more information, please visit the company’s website, www.kundenbank.com.