Upstart launched a new capability, Recognized Customer Personalization (RCP), that allows banks to present customized loan offers to their clients searching for a loan on Upstart.com.
Banks can tailor the offer to each prospective borrower based on their risk tolerance, return target, preferred loan size and terms, and geographic focus.
Currently, more than 20 lenders within Upstart’s network are already using the new tool.
Lending marketplace Upstart recently unveiled a feature it calls Recognized Customer Personalization (RCP). This new personalization tool enables banks using Upstart’s Referral Network to present a customized loan offer to their customers who use Upstart.com to look for a loan.
The new capability offers lenders on the Upstart Referral Network insight into which of their customers are in the market for a loan and enables banks to send an immediate and automated branded credit offer to the customer. Banks can tailor the offer to each prospective borrower based on their risk tolerance, return target, preferred loan size and terms, and geographic focus. RCP also allows lenders to use their own, in-house underwriting model, or leverage Upstart’s AI-enabled credit decisioning tool.
“In the current economic environment, lenders are laser focused on retaining their customers and increasing the lifetime value of those relationships,” said Michael Lock, SVP of Lending Partnerships, Upstart. “RCP enables them to reach their existing customers in a new way, provide more value, and build loyalty.”
RCP is currently available for personal loans and Upstart plans to expand the program to auto loans and home equity lines of credit in the future. Currently, more than 20 lenders within Upstart’s network are already using RCP.
Charles Eads, Chief Lending Officer of one such lender, Abound Credit Union, noted RCP’s potential to help the credit union serve members outside of its typical geographic boundary. “RCP will enable us to retain and better serve our existing members,” said Eads. “This innovative program will allow us to continue to meet the financial needs of our members in the communities we serve, as well as those members who have moved outside of the area.”
California-based Upstart was founded in 2012 to leverage AI and machine learning to price credit and automate the borrowing process. The company closed its IPO in 2020 and is currently traded on the NASDAQ under the ticker UPST with a market capitalization of $2.02 billion.
Photo by Monica Silvestre
