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Upstart announces free webinar on leveraging AI and fintech partnerships to expand into additional product lines

Upstart is excited to announce an upcoming free webinar on how credit unions can leverage AI and fintech partnerships to expand into new product lines. The virtual event titled “Overcome Paralysis by Analysis: Embracing Fintech Partnerships to Expand into New Products” is scheduled for Wednesday, March 23, 2022 at 1pm Eastern and is hosted by CUInsight.

Attendees will hear from Jeff Keltner, SVP of Business Development at Upstart and Margie Click, CEO of Agriculture Federal Credit Union. The expert speakers will share how AgFed partnered with Upstart to embrace digital transformation, expand into unsecured personal lending, and harness artificial intelligence to expand access to credit for new and existing members. 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.

“Either you’re going to fight the change or embrace it, and we’ve made the decision to embrace it,” says Margie Click.

This free event will be presented on March 23, 2022 at 10am Pacific/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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