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Upstart announces free webinar this week on how to drive member engagement & growth utilizing AI and fintech partnerships

Upstart is excited to announce an all-new webinar this week to help leaders understand how credit unions can use AI and machine learning to enable more inclusive lending and expand access to credit. The virtual event titled “Driving Member Engagement & Growth during Uncertain Times with AI: A Case Study with The Atlantic Federal Credit Union” is scheduled for Wednesday, September 21, 2022 at 1pm EDT and is hosted by CUInsight.

Attendees will hear from Jason Reed, Chief Operations Officer at Atlantic Federal and Drew Megrey, Senior Account Manager at Upstart. The expert speakers will share how The Atlantic Federal Credit Union (AFCU) embraced digital transformation to safely grow loans and members within their risk appetite. Credit union leaders will walk away with a deeper understanding of how to apply these concepts at their own organizations to better serve their members. 

This free event will be presented on September 21, 2022 at 1pm Eastern via Zoom. Those interested in attending this virtual webinar should register here. Log-in information will be provided upon registration.

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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