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On Demand Webinar

Putting Excess Deposits to Work on Profitable Loans

How a community bank has grown their consumer loan portfolio with the Upstart Referral Network

Barry Headshot Round
FFBKC

GUEST SPEAKER

Barry Cooper

Barry is the Chief Sales Officer at FFBKC.
He is responsible for all lines of business, including mortgage lending, retail banking, consumer lending, as well as their go to market strategy. Barry is a self described nerd, and has a strong background in technology and cybersecurity.

ABOUT

First Federal Bank of Kansas City

First Federal (FFBKC) is a community bank located in Kansas City that was founded in 1934. They offer both personal loans and mortgages nationwide, and serve their community in the greater Kansas and Missouri area with 11 branches. 2020 was the banks most profitable year in history (nice work, Barry!)

Key Takeaways

  1. Current economic conditions have banks struggling to find qualified borrowers and experiencing slower personal loan growth, leading to a capital surplus without viable investment options.
  2. With deposits flooding the bank, First Federal Bank of Kansas City needed to quickly find a way to put that cash to work. With limited resources internally, they sought out a partner that could make it happen quickly.
  3. FFBKC partnered with Upstart to find more creditworthy borrowers with AI-enabled lending and to augment their current loan portfolio strategy. After seeing the stability of the portfolio even throughout the pandemic, they decided to double their lending volume.
  4. Upstart loans have out-performed the industry during the pandemic: a lower fraction of loans have become impaired, and a higher fraction of impaired loans have recovered.

Notable Quotes