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.”
AI-based lending will vastly improve the experience of customers at Drummond Community Bank, according to Michael Lock, SVP of bank partnerships at Upstart. “If you were to apply for a personal loan at Drummond Community Bank today, you would have a very non-digital experience, which would probably involve talking to somebody in a call center or visiting the branch,” said Lock. “In today’s digital world, that’s not how people like to get serviced.”
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