US-based Customers Bank has inked a deal with OakNorth to boost its credit monitoring and portfolio management capabilities.
OakNorth claims that its data-driven approach will help the bank in identifying sectors and businesses in its loan portfolio which could be worst affected by the Covid-19 crisis.
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The lender will leverage the OakNorth Platform’s 360-degree loan monitoring.
This will give the bank a complete picture of borrowers’ financial and operational data and also provide early warning indicators in case of corrosion in credit quality.
OakNorth co-founder Rishi Khosla said: “Customers Bank has a clear understanding of the positive multiplier effect that supporting these businesses can have, and is partnering with us to ensure it can more holistically and profitably address their unique needs.
“Through enriched underwriting and leveraging credit science, we are providing partners such as Customers Bank with the insight and foresight to address the needs of the Missing Middle.
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By GlobalData“Of course, we are currently in the midst of an unprecedented crisis, so in the short term, we will be working with Customers Bank to help it manage the portfolio risk associated with this.”
Customers Bank delivers a range of banking and lending services to small and medium-sized businesses, professionals, individuals and families.
Currently, the bank is focussing on customer service and leveraging OakNorth’s platform to provide better borrowing experience amid the on-going coronavirus (Covid-19) crisis.
In the long term, Customers Bank will leverage the platform to gain more insights and boost its credit monitoring and portfolio management.
Customers Bancorp chairman and CEO Jay Sidhu said: “OakNorth platform will enhance our portfolio management capabilities with new market insights, further strengthening our customer engagement and credit quality while helping to speed up our underwriting and loan processes.
“The platform should improve portfolio risk management through the use of big data and AI while providing relationship managers with a deep understanding of their borrowers and industry verticals.”
