Associated Bank Launches Personal Loans Powered by Upstart

Rhea-AI Summary

Upstart (NASDAQ: UPST), an AI lending platform, announced its collaboration with Associated Bank to enhance personal loan services. This partnership allows Associated Bank to utilize Upstart's digital platform, improving customer experience and approval rates while adhering to risk parameters. Executive statements highlight the transformation in consumer lending, enabling a convenient and inclusive borrowing process. The initiative aims to lower APRs and automate approvals, benefiting both banks and borrowers.

Positive

• Enhanced personal loan capabilities through partnership with Associated Bank.
• Improved customer experience and higher approval rates using Upstart's AI platform.
• Potential for lower APRs and automated approvals, increasing borrower accessibility.

Negative

• None.

Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, today announced Associated Bank, a leading Midwest regional bank, has launched enhanced personal loan capabilities including a seamless, digital experience enabled by Upstart.

Quote from Brent Tischler, Executive Vice President, Director of Retail Banking at Associated Bank (Graphic: Business Wire)

Associated Bank is now offering personal loans powered by Upstart’s all-digital, AI-lending platform on its bank website to better serve its customers and approve more borrowers while staying within the bank’s risk parameters.

“Associated Bank is transforming our consumer lending products and excited to partner with Upstart to deliver a modern digital lending experience for personal loans,” said Brent Tischler, Executive Vice President, Director of Retail Banking at Associated Bank. “With a new personal loan product powered by Upstart on our website, we are able to provide a fast, convenient borrowing experience for more customers in the communities we serve.”

“We are excited to enable Associated Bank to combine its localized approach of a traditional community bank with the efficiencies and modern experiences of a larger organization through technology,” said Michael Lock, Senior Vice President of Lending Partnerships for Upstart. “With our AI lending platform, Associated Bank is now able to offer a new, inclusive lending program that can provide higher approval rates, lower APRs, and fully automated approvals for its customers.”

Upstart and Associated Bank began their partnership in February 2021. To learn more about Upstart for Banks and its bank-branded personal loan platform, please visit https://www.upstart.com/for-banks/ and watch this video.

ABOUT UPSTART

Upstart (NASDAQ: UPST) is a leading AI lending platform partnering with banks to expand access to affordable credit. By leveraging Upstart's AI platform, Upstart-powered banks can have higher approval rates and lower loss rates, while simultaneously delivering the exceptional digital-first lending experience their customers demand. More than two-thirds of Upstart loans are approved instantly and are fully automated. Upstart was founded by ex-Googlers in 2012 and is based in San Mateo, California and Columbus, Ohio.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $35 billion and is Wisconsin’s largest bank holding company. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 220 banking locations serving more than 120 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210728005358/en/

FAQ

What is Upstart's recent partnership related to personal loans?

Upstart partnered with Associated Bank to enhance personal loan capabilities through its AI-driven digital lending platform.

How does Upstart improve personal loan services for banks like Associated Bank?

Upstart's platform allows banks to provide a seamless borrowing experience with higher approval rates and lower APRs.

What are the benefits of Upstart's AI lending platform?

The benefits include faster loan approvals, improved customer experience, and more inclusive lending practices.

When did Upstart start its partnership with Associated Bank?

The partnership between Upstart and Associated Bank began in February 2021.

What stock symbol represents Upstart?

Upstart is represented by the stock symbol UPST on NASDAQ.