From The Motley Fool · The Motley Fool Team · · 40s
Customers Bancorp: 3 Key Takeaways for Long-Term Investors
Customers Bancorp's AI efficiency and team hiring boost deposits and loans for long-term investors.
In brief
Customers Bancorp's AI efficiency and team hiring boost deposits and loans for long-term investors. Customers Bancorp's AI cuts loan processing times by 95% and grows low-cost deposits to $7.2 billion. Originally reported by The Motley Fool.
Artificial Intelligence Shrinks Loan and Deposit Processing Times
Customers Bancorp uses ai to automate lending and deposit onboarding, cutting processing times by 95%.
“In lending, we scaled our ai powered loan underwriting process adding functionality and increasing utilization. The cycle time for this process is down 95%. This will allow the same team to handle significantly more loan throughput.”
Team Hiring Expands Low-Cost Commercial Deposits
Customers Bancorp grew noninterest-bearing deposits to $7.2 billion through team recruiting.
“Noninterest bearing deposits grew by about three hundred million during the quarter, ending at seven point two billion, which as samvir noted, is another record for the third consecutive quarter.”
Loan Origination Pricing Supports Net Interest Margin Expansion
New loan yields at 6.83% boost net interest margin by 50 basis points.
“Our new volume on those loan yields came in at about 6.83%, which is about 50 basis points higher than our overall loan yield of 6.33% for the quarter.”
Here's the gist
Customers Bancorp's AI cuts loan processing times by 95% and grows low-cost deposits to $7.2 billion.
