Customers Bancorp says it is scaling AI loan closing after seven-day pilot

Customers Bancorp, parent of Pennsylvania-based Customers Bank, said on Oct. 22 in its third-quarter results that it is scaling its AI-powered loan process, after a pilot closed select commercial loans in seven days.31

The bank did not give a reason for choosing loan closing beyond productivity; CEO Sam Sidhu said in the July release the pilot finished one to two quarters ahead of schedule.2 Sidhu said on the July earnings call that each AI use case follows one cycle: engineers pair with the bankers who own the work, build agents on the bank's own data and systems, and measure results before the agent joins daily operations, PYMNTS reported.1

The second-quarter release said selected commercial loans closed in seven days, down from 30 to 60 days typically; the bank did not say how many loans were in the pilot.2

In the third quarter the bank added functionality to the loan process and increased utilization, according to its Oct. 22 release.3

The release said cumulative estimated hours saved reached 76,000, a nearly 65% increase, and the bank said it has unlocked over $15 million of annualized capacity.3

The release footnotes say the hours are self-reported estimates from an employee survey, not re-measured or validated, and the $15 million represents salary and benefits savings from positions not backfilled and open positions reduced year to date.3