Customers Bank expands consumer installment 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 community superbank and subsidiary of Customers Bancorp, Inc. (NYSE: CUBI), expanded and expanded its banking partnership with Upstart to expand its personal loan program through the Upstart referral network and its own consumer banking site.
Using Upstart’s AI Lending Platform and Upstart Personal Lending Referral Network, Customers Bank was able to make better and faster risk-based credit decisions and approve more borrowers. solvent. Customers Bank’s partnership with Upstart has helped it grow its consumer installment loan portfolio over the past few years, and it expects this trend to continue. With more predictive underwriting models and lower fraud rates provided by Upstart’s AI-powered lending platform, Customers Bank’s personal loan portfolio with Upstart has worked well for the bank, while providing a exceptional customer experience. Following this performance, Customers Bank is delighted to extend its relationship with Upstart.
“Upstart’s model has been able to deliver better returns, lower default rates and reduced risk of fraud,â said Sam Sidhu, Vice President and COO, Customers Bank. “We have grown the program from a small pilot project to a full-scale lending program that continues to meet and exceed our expectations.
Customers Bank is a digital futures bank that partners with leading technology platforms to deliver nationwide financial services with exceptional customer experience, industry-leading cybersecurity and demonstrable shareholder value. In recent months, Customers Bank has announced partnerships with other platform providers for blockchain-based commercial payment rails, consumer cash management and commercial loan portfolio optimization.
“We are excited to continue and expand our partnership with Customers Bank,â said Michael Lock, Senior Vice President of Banking Partnerships, Upstart. “Their digital-first approach to redefining banking in the 21st century has made them a great partner for us to transform how we help consumers effortlessly access credit based on real risk.
Customers Bank was a top U.S. Paycheck Protection Program (PPP) lender participating in over 320,000 loans worth over $9 billion in 2020 and 2021 by building a hybrid fintech/ traditional bank that used a “high tech/high touch” approach to serving small businesses. Customers Bank and Upstart build on this successful model to provide consumer lending services nationwide with the benefits and services that come from partnering a full-service bank and recognized loan originator. at national scale.
Additionally, as one of Upstart’s first banking partners in 2018, Customers Bank is able to reach and serve more of its community through the Upstart referral network – an attractive feature for banks. to add new customers requesting a personal loan on www.upstart.com. This program allows Upstart to display Customers Bank credit offers to consumers who come www.upstart.com. Consumers who select these offers will seamlessly transition to the Customers Bank branded experience to complete their application and close process.
Later this year, Upstart and Customers Bank will allow approved applicants to open a Customers Bank loan and deposit account in the same digital session on the Upstart referral network to create additional value for consumers.
To learn more about Customers Bank and Upstart, Register for the webinar,”One Year Later: AI Underwriting & Consumer Lending Performance during the Pandemic,â taking place Thursday, May 27 at 2:00 p.m. EST with Sam Sidhu, Vice President and COO of Customers Bank and Jeff Keltner, senior vice president at Upstart.
Upstart (NASDAQ: UPST) is an artificial intelligence-powered lending platform that partners with banks to expand access to affordable credit. By leveraging Upstart’s AI platform, banks powered by Upstart can have higher approval rates and lower loss rates, while simultaneously delivering the exceptional digital lending experience that their customers demand. More than two-thirds of Upstart loans are approved instantly and are fully automated. Upstart was founded by former Googlers in 2012 and is based in San Mateo, Calif., and Columbus, Ohio.
About the Customer Bank
Customers Bank, a subsidiary of Customers Bancorp, Inc. (NYSE: CUBI), a bank holding company, is a full-service community superbank with assets of approximately $18.8 billion as of March 31, 2021. Member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender providing a range of banking and lending services to small and medium-sized businesses, professionals, individuals and families. Services and products are available wherever permitted by law through digital applications, online portals and a network of offices and branches. Additional information can be found on the company’s website, www.customersbank.com.
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