Customers Bank Uses AI to Close Commercial Loans in 7 Days
By PYMNTS
AI summary of the source article
Customers Bank reported that a pilot of its artificial intelligence-powered process closed select commercial loans in seven days. The Pennsylvania-based bank previously cited a typical wait time of 30 to 60 days for commercial loans.
Key facts
- Customers Bank stated its typical wait time to close commercial loans is 30 to 60 days.
- A pilot using an AI-powered process closed select commercial loans in seven days, according to its Q2 earnings release in July.
- Parent company Customers Bancorp has more than $27 billion in assets.
Source excerpt · PYMNTS
Commercial loans can take weeks to close, and Pennsylvania-based Customers Bank put its typical wait at 30 to 60 days. A pilot of its artificial intelligence (AI)-powered process closed select commercial loans in seven days, the bank said in July in its Q2 earnings release. Customers Bancorp, the bank’s parent with more than $27 billion […] The post Customers Bank Uses AI to Close Commercial Loans…