Member Exclusive, Online Lenders

Through software, Drummond Community Bank moves into personal and auto lending

  • The bank will provide its customers with AI-powered personal and auto loans.
  • AI-based lending platforms can give community banks a competitive advantage over larger banks.
close

Email a Friend

Through software, Drummond Community Bank moves into personal and auto lending

Drummond Community Bank, a Florida-based institution with total assets of around $800 million, will offer personal loans and auto loan refinancing on its website using Upstart’s all-digital lending platform.

With Upstart’s technology, the bank will identify and lend to more people in the community by providing them with easier access to credit, according to Matthew Gallman, vice president and enterprise risk officer at Drummond Community Bank. “Through this partnership, we are aiming to deliver a digital-first customer experience that will give our bank a better chance at retaining existing customers and attracting new ones,” said Gallman. “By utilizing Upstart’s AI lending model, we can identify and serve more customers in our communities who can benefit from affordable credit.”


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “Through software, Drummond Community Bank moves into personal and auto lending”

Online Lenders

How Petal’s product strategy extends access to credit through technology

  • Petal is a no-fee credit card company ideal for credit builders and rebuilders.
  • In three years, Petal has launched three products and a B2B API.
Shehzil Zahid | September 23, 2021
Member Exclusive, Online Lenders

Mission Lane’s approach to helping people access credit with Shane Holdaway

  • Shane Holdaway spent close to two decades working in large traditional financial institutions.
  • As CEO of Mission Lane, he's serving a million customers that banks tend to overlook.
Zachary Miller | July 30, 2021
Member Exclusive, Online Lenders

How Shopify is creating an ‘embedded finance ecosystem’ with Shopify Capital

  • Shopify merchants benefit from a quick, simple application and approval process.
  • Shopify is slowly building an arsenal of finance solutions to better serve its users.
Shehzil Zahid | June 10, 2021
Member Exclusive, Online Lenders

‘Fix the errors and a lot more people will flow through the system’: The credit ecosystem may need a makeover

  • Credit invisibility is still very much alive in the U.S.
  • But it may not be just one problem within the system that’s causing the mess. Rather, it could be the whole system.
Rivka Abramson | June 07, 2021
Member Exclusive, Online Lenders

With the cannabis market set to double, lenders hope to capitalize on the opportunity

  • Financing in the space typically has come in the form of equity investments.
  • Federal deregulation would give more lending options to cannabis businesses.
Shehzil Zahid | May 05, 2021
More Articles