Personal loan

FNOB leverages AI to grow personal loan program


First National Bank of Omaha (FNBO) Expanded Collaborative Effort With Artificial Intelligence (AI) Lending Platform Reached to expand access to its personal loan program, according to a press release published Wednesday, December 8.

The expansion follows a successful pilot program with Upstart in 2019. During the testing effort, approval rates and loss rates for the program have met or exceeded expectations, the bank said in the ‘announcement.

As part of its joint effort with Upstart, FNBO approved more borrowers, with 78% of loans approved instantly.

“FNBO is focused on providing modern capabilities to our consumers that make capital more accessible and help them meet their credit needs,” said Marc Butterfield, senior vice president of innovation and disruption at First National Bank of Omaha. “We’re expanding our program with Upstart so more people nationwide can get the personal loans they need with higher approval rates through a modern all-digital experience made possible by AI.” “

Thanks to the Upstart referral network, individuals apply for a personal loan Approved applicants are then matched with FNBO credit offers.

In addition to expanding personal loan offerings, FNBO last week announced a partnership with global card issuing company Marqeta to roll out modern card offerings to FNBO customers, according to PYMNTS.

Read more: Marqeta partners with the First National Bank of Omaha

In September, the bank launched a Buy Now, Pay Later (BNPL) offer to enable its retail partners to allow customers to purchase goods and make installment payments, ranging from weeks to weeks. 10 years, according to PYMNTES.

See also: First National Bank of Omaha launches its BNPL offer

FNBO is a subsidiary of First National of Nebraska. The bank, which has more than $ 25 billion in assets and nearly 5,000 employees, has offices in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota and Texas.

Upstart, which was founded in 2012, is growing exponentially, according to PYMNTS. The company reported a 250% year-over-year increase in revenue to $ 228.4 million in the third quarter.

Also read: Upstart’s triple-digit growth shows the breakneck pace of AI-powered lending



On:More than half of American consumers think biometric authentication methods are faster, more convenient, and more reliable than passwords or PINs, so why are less than 10% using them? PYMNTS, working with Mitek, surveyed more than 2,200 consumers to better define this perception gap from usage and identify ways in which businesses can increase usage.