Customers Bank, the subsidiary of Customers Bancorp Inc., has announced a collaboration with Palantir Technologies Inc.
In its Wednesday announcement, Customers said the bank will deploy Palantir’s Foundry and Artificial Intelligence Platforms — known as AIP platforms — to reimagine the deposit onboarding experience for its customers.
“You only get one chance to make a first impression, and for a growing number of our customers, that first impression is how fast and seamlessly we open their account,” Sam Sidhu, president and CEO of Customers Bancorp, said in a statement.
“This collaboration with Palantir is the beginning of something bigger for Customers Bank: a shared vision to make every client’s first experience with Customers Bank the best in the industry, at the scale our growth demands. This initiative is another step toward our goal: becoming the AI-native leader in banking,” he said.
Sam Sidhu (Courtesy Customers Bancorp Inc.)
As part of the collaboration, engineers from Palantir are working alongside Customers Bank’s in-house AI engineering and technology teams, building on the bank’s own data and systems, according to an announcement.
The work is addressing two key drivers of the bank’s growth: a best-in-class customer experience, and the ability to onboard new customers at scale without losing personal touch.
Through the collaboration, Customers Bank and Palantir look to deploy AI and automation to streamline document collection, entity verification and risk signal aggregation into a more connected, real-time digital application experience, Customers Bank said in its announcement.
“Customers Bank has already shown it’s willing to move faster and build deeper than most banks of its size. This is exactly the kind of use case our platform was built for,” Elias Davis, office of the CEO at Palantir Technologies Inc., said in a statement. “We’re proud to put our engineers alongside Customers Bank’s own AI and technology teams with the goal of building a client deposit onboarding and servicing experience that sets a new bar for the banking industry.”
Customers Bancorp Inc. is headquartered in West Reading, Berks County, and has nearly $27 billion in assets. Customers Bank has its headquarters in Charlestown Township, Chester County.