Customers Bank expands its consumer installment loan program with Upstart
WEST READING, PA & SAN MATEO, CA – (COMMERCIAL THREAD) – Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, today announced that Customers Bank, a full-service community super bank and a subsidiary of Customers Bancorp, Inc. (NYSE: CUBI), has grown 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’s referral network for personal loans, Customers Bank was able to make better and faster credit decisions based on risk and approve more creditworthy borrowers. Customers Bank’s partnership with Upstart has helped it grow its consumer installment loan portfolio in recent years, and it expects this trend to continue. With more predictive underwriting models and lower fraud rates provided by the AI-based lending platform Upstart, Customers Bank’s personal loan portfolio with Upstart has performed well for the bank, while providing exceptional customer experience. As a result of this performance, Customers Bank looks forward to expanding its relationship with Upstart.
“The Upstart model has been able to deliver better returns, lower default rates and reduced risk of fraud, ”said Sam Sidhu, vice president and chief operating officer, Customers Bank. “We took the program from a small pilot to a large-scale loan program that continued to meet and exceed our expectations.
Customers Bank is a digital pioneering bank that partners with the best technology platforms to deliver nationwide financial services with exceptional customer experiences, cutting-edge 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 delighted to continue and expand our partnership with Customers Bank, ”said Michael Lock, senior vice president of banking partnerships, Upstart. “Their digitally-driven approach to redefining banking in the 21st century has made them an ideal partner for us to transform the way to help consumers effortlessly access credit based on real risk.
Customers Bank was a leading U.S. Paycheck Protection Program (PPP) lender participating in over 320,000 loans worth over $ 9 billion in 2020 and 2021 by creating a hybrid fintech / model. 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 nationwide consumer loan services with the benefits and services that come with the partnership of a full-service bank and a recognized loan issuer. at national scale.
Additionally, as one of Upstart’s first banking partners in 2018, Customers Bank is able to reach and serve a larger part of its community through the Upstart Referral Network, an attractive feature that enables banks add new customers wishing to obtain a personal loan on www.upstart.com. This program allows Upstart to display Customers Bank credit offers to consumers who come to www.upstart.com. Consumers who choose these offerings will seamlessly transition to the Customers Bank brand experience to complete their request 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 now for the webinar, “One Year Later: AI Underwriting & Consumer Lending Performance during the Pandemic ”, which will take place on Thursday, May 27 at 2:00 p.m. EST with Sam Sidhu, Vice President and COO at Customers Bank and Jeff Keltner, Vice -President of Upstart.
Upstart (NASDAQ: UPST) is a leading AI lending platform that partners with banks to expand access to affordable credit. By leveraging Upstart’s AI platform, Upstart-powered banks can have higher approval rates and lower loss rates, while simultaneously delivering the exceptional digital lending experience that demand their customers. Over 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, California and Columbus, Ohio.
About the customer bank
Customers Bank, a subsidiary of Customers Bancorp, Inc. (NYSE: CUBI) a banking holding company, is a full-service community super-bank with assets of approximately $ 18.8 billion 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 that provides a range of banking and lending services to small and medium 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 is available on the company’s website, www.banqueclients.com.