With members’ expectations and the competitive landscape evolving daily, Commonwealth Credit Union knew it needed a partner that could help it provide a fast, fintech-like, digital banking experience for its members.

The right partnership model

When their search began, leaders at the credit union knew they were looking for a partner, not a vendor. “One thing we look for at Commonwealth is a partnership – we feel we gain more when we are working together to improve each other’s outcomes,” said Jaynel Christensen, Executive Vice President at Commonwealth.

In order to serve members within their risk tolerance and economic approach, Commonwealth was also looking for a partner that leveraged AI and machine learning to expand their pool of creditworthy borrowers. Christensen explained that the team was already comfortable leveraging AI technology due to existing fintech partnerships, and Upstart’s ability to increase automation and approve more borrowers without increasing losses stood out.

With Upstart, Commonwealth could simultaneously improve the digital experience and gain new members within its credit parameters. Qualified personal loan applicants on Upstart.com who met Commonwealth’s field of membership requirements and credit parameters could automatically be matched with a personal loan from the credit union. These applicants would seamlessly transition into a Commonwealth-branded experience to complete the online membership application and closing process.

Once Commonwealth gained buy-in from the appropriate stakeholders who manage risk in their consumer portfolios, they worked alongside their dedicated Upstart account manager to set key metrics for success and appropriate thresholds for volume, returns and more.

Adjusting program levers and strong credit performance

With the Upstart partnership, the Commonwealth team has had the flexibility to adjust the credit union’s max loan amounts, DTI, income levels and other program levers as economic conditions have changed. “We’re very pleased with the flexibility of the program—it allows us to scale activity up or down as needed without adding staff. It consistently delivers loan volume when we need it, and that level of control is where the real value lies,” said Kathy Begley, VP of Consumer Lending.

Four years into their partnership with Upstart, Commonwealth has increased its monthly loan volume targets, and losses have performed better than expected.¹

Christensen and the Upstart team review Commonwealth’s KPIs monthly to determine where they stand today, and where they’d like to be in six months. “At different times and seasons of lending, we’re willing to take on more, and other times, we need to pull back. This helps the overall program management to have the flexibility to adapt to where we are in our lending strategy,” said Christensen.

Expanding the relationship into multi-product growth with HELOC and auto retail

After building momentum with personal loans, Commonwealth expanded its relationship with Upstart to include HELOC and auto retail lending, broadening the partnership from a single-product growth channel into a multi-product strategy to serve members across more borrowing needs.² These additions give Commonwealth new ways to grow in secured lending, diversify the portfolio and deepen relationships with prime borrowers over time — all while building on the same flexible, digital-first partnership model that made the personal loan program successful. Four years since launch, the credit union has originated over $235M in combined personal loans and HELOCs and gained over 15,000 new members.

As Commonwealth’s member relationships have grown, so has the opportunity to serve those members with additional products. The credit union has already seen strong evidence that Upstart-acquired members can become broader Commonwealth relationships: six percent of members gained through Upstart have purchased additional products and services, including checking, savings, credit cards, home equity loans and auto loans.³ By expanding into HELOC and auto retail, Commonwealth is creating a more direct path to meet more of those borrowing needs.

Enhancing member service through technology

Looking ahead, the Commonwealth Credit Union leadership team continues to seek ways to grow membership, improve the member experience through technology, and improve the lives of their members through their passion for serving.

“Automation and improving our member experience is top of mind and what drives everything we do,” said Christensen. “It’s all about striking a balance between in-branch and digital, and providing the best experience possible for whichever channel members choose.”

References:

¹ Findings are reported on information collected by Commonwealth Credit Union and reported to Upstart from June 2022-April 2026.

² All mortgage lending conducted by Upstart Mortgage, LLC dba Upstart Home Lending. NMLS. #2443873.

³ Findings are reported on information collected by Commonwealth Credit Union and reported to Upstart as of June 2026.