Business
First National Bank of Omaha Expands Personal Loans Powered by Upstart
AI lending platform enables bank to expand access to affordable credit for borrowers nationwide OMAHA, Neb. & SAN MATEO, Calif.--(BUSINESS WIRE)-- First
About this update from Upstart Holdings, Inc.
[{"type":"text","content":"\nAI lending platform enables bank to expand access to affordable credit for borrowers nationwide\n\n OMAHA, Neb. & SAN MATEO, Calif.--(BUSINESS WIRE)--\nFirst National Bank of Omaha (FNBO) announced today that the bank has expanded its partnership with Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, to scale its personal loan program nationwide.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211208005384/en/Quote from Marc Butterfield, senior vice president of Innovation and Disruption at First National Bank of Omaha (Graphic: Business Wire)\nAfter a successful pilot program with Upstart in 2019 during which the program’s approval rates and loss rates met or exceeded expectations, along with an exceptional level of customer satisfaction, with a Net Promoter Score (NPS) of 83, FNBO has expanded its program with Upstart to broaden access to affordable credit, reach more borrowers and serve more customers nationwide. Through Upstart’s AI lending platform, FNBO has been able to approve more creditworthy borrowers, with 78% of loans approved instantly.1\n\n“FNBO is focused on delivering modern capabilities to our consumers that make capital more accessible and help them with their credit needs,” said Marc Butterfield, senior vice president of Innovation and Disruption at First National Bank of Omaha. “We are expanding our program with Upstart so that more people nationwide can get personal loans they need with higher approval rates through a modern all-digital experience enabled by AI.”\n\n“With proven results through Upstart’s AI lending platform, our partnership with FNBO has grown from an initial pilot to a full-scale nationwide program for personal loans,” said Michael Lock, SVP of Lending Partnerships for Upstart. “We are excited to scale our partnership with FNBO to help more consumers benefit from affordable credit based on true risk.”\n\nThrough the Upstart Referral Network, individuals come to upstart.com to apply for a personal loan. Once qualified applicants are approved, they are matched with and displayed credit offers from FNBO and seamlessly transition to complete their application and closing process with FNBO. In addition, FNBO plans to also use the Upstart platform to provide AI-powered personal loans to serve more custo...