On Demand Webinar with Customers Bank
One Year Later: AI Underwriting & Consumer Lending Performance During the Pandemic
How Customers Bank has been growing their consumer loan portfolio while managing risk appropriately during the pandemic.
Customers Bank, a subsidiary of Customers Bancorp, Inc., a bank holding company, is a full-service bank with $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 that provides 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 mobile-first apps, online portals, and a network of offices and branches. Consumer services include personal loans, checking and savings accounts, and CDs and IRAs. Customers Bancorp, Inc.’s voting common shares are listed on the New York Stock Exchange under the symbol CUBI.
More at www.customersbank.com
- Customers Bank partnered with Upstart to expand their consumer loan business and find more creditworthy borrowers.
- During the pandemic, Customers Bank saw peak impairment rates less than half of the industry average during the pandemic for personal loans originated with Upstart.
- With the stability of the portfolio even throughout the pandemic, Customers Bank is now originating upwards of $100M in unsecured personal loans per month with Upstart.
- 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.
- By leveraging other fintech partnerships and applying its fintech/traditional bank hybrid model to service small businesses, Customers Bank was one of America’s top Paycheck Protection Program (PPP) lenders participating in nearly 400,000 loans worth ~$11 billion.