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Corning Credit Union selects Upstart for personal lending

Corning Credit Union (CCU), a $2.1 billion credit union with a field of membership that includes more than 1,700 employer groups, associations, and businesses, today announced it has partnered with Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, to offer AI-powered personal loans to more people.

“To better serve the ever-changing needs of our communities and members, CCU has made significant investments in its digital strategy and online experience over the past several years,” said Jason Bierman, SVP & Chief Administrative Officer at CCU. “Through the strategic partnership with Upstart, CCU is able to deliver a modern, all-digital experience powered by AI to lend to more people.”

As an Upstart lending partner since September 2021, CCU will be part of the Upstart Referral Network. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet CCU’s credit policies receive tailored offers as they seamlessly transition into a CCU-branded experience to complete the online member application and closing process.

“We welcome CCU to the growing family of Upstart lending partners,” said Michael Lock, SVP of Lending Partnerships for Upstart. “As part of the Upstart Referral Network, CCU will be able to reach and lend to more qualified members and provide more access to affordable credit."

To learn more about Upstart for Credit Unions and the Upstart Referral Network, please watch this video.

Upstart

Upstart is a leading AI lending platform provider that partners with credit unions to help them grow their memberships and expand access to affordable credit. By leveraging Upstart’s all-digital, AI lending platform, Upstart-powered credit unions can grow consumer loan portfolios, lend to more creditworthy borrowers safely, and deliver a modern, all-digital experience for their members that allows them to originate loans in minutes. Over 70% of loans funded are fully automated with no human interaction.[1]Upstart’s AI model leverages over 1,000 variables and advanced machine learning algorithms to enable more accurate risk-based pricing and greater automation. With Upstart, credit unions can approve almost 3x the number of borrowers at the same loss rates as traditional credit score-based models[2] with near-zero default rates.[3] Our credit union partners can achieve these results while retaining full control over their credit policy. ...

[1] AS OF 3/31/2021. FULLY AUTOMATED LOANS ARE DEFINED AS LOANS ORIGINATED END-TO-END (FROM INITIAL APPLICATION TO FINAL FUNDING) WITH NO HUMAN INVOLVEMENT. [2] IN AN INTERNAL STUDY, UPSTART REPLICATED THREE BANK MODELS USING THEIR RESPECTIVE UNDERWRITING POLICIES AND EVALUATED THEIR HYPOTHETICAL LOSS RATES AND APPROVAL RATES USING UPSTART’S APPLICANT BASE IN LATE 2017. SUCH RESULT REPRESENTS THE AVERAGE RATE OF IMPROVEMENT EXHIBITED BY UPSTART’S PLATFORM AGAINST EACH OF THE THREE RESPECTIVE BANK MODELS. [3] BASED ON AN INTERNAL UPSTART DATA ANALYSIS OF PERSONAL LOANS FIRST PAYMENT DEFAULTS AS OF 9/30/2020.

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