Berkshire Hills Bancorp Announces Partnership with AI Lending Platform Upstart

BOSTON, October 18, 2021 / PRNewswire / – Berkshire Hills Bancorp, Inc. (NYSE: BHLB), the parent company of Berkshire Bank, a socially responsible bank dedicated to the community with branches in New England and new York, announced that the Bank has partnered with Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform designed to improve access to affordable credit while reducing risk and costs loans.

Berkshire Bank will expand consumer lending options through a seamless digital experience made possible by the Upstart lending platform and the Upstart Referral Network.

“We are delighted to enter into this partnership with Upstart,” said Nitin Mhatre, CEO of Berkshire Bank. “With an exceptional fully digital personal loan experience, it will make credit more accessible and align with our goal of reaching more people in our communities while helping to grow our consumer lending business. It is also the first of many programs to result directly from the ‘digitize’ pillar inside Berkshire An exciting strategic transformation (BEST) plan. ”

Berkshire became an Upstart loan partner in August 2021 and leverage Upstart’s AI lending platform for personal loans to make better, faster risk-based credit decisions and approve more creditworthy borrowers.

“This partnership will help Berkshire develop our portfolio of consumer loans, ”said Ellen steinfeld, EVP, Head of Consumer Lending and Payments. “With the predictive underwriting models and lower fraud rates provided by the AI-based lending platform Upstart, Berkshire can offer more inclusive lending options that ensure our neighbors and communities continue to thrive while providing an enhanced customer experience. ”

Upstart partners with banks to deliver data-driven decisions through AI and enable a wider distribution of lending options to borrowers from all walks of life.

“We started this journey because credit is not only a cornerstone of our economy, but a fundamental ingredient in the lives of Americans,” said Dave Girouard, president and CEO and co-founder of Upstart. “For hundreds of years, credit has been an opportunity and mobility for those looking for the future of their lives. Whether it’s to learn a new skill, move to a new city, start a new business, or buy a new home or car, the price of credit is the price of opportunity and mobility. This is the price of the future. ”

IN REGARDS TO BERKSHIRE BANCORP HILLS
Berkshire Hills Bancorp is the parent company of Berkshire Bank, which transforms what the bank of its neighbors means socially, humanly and digitally to strengthen the financial potential of individuals, families and businesses in its communities while pursuing its vision of being the first socially responsible omnichannel community bank in the markets where it serves. Berkshire Bank provides business and personal banking, mortgages, wealth management and investment services. Based at Boston, Berkshire around $ 11.7 billion in assets and operates 107 branches in New England and new York, and is a member of Bloomberg Gender Equality Index. To learn more, call 800-773-5601 or follow us on Facebook, Twitter, Instagram, and LinkedIn.

ABOUT UPSTART
Reached (NASDAQ: UPST) is a leading AI lending platform partnering with banks and credit unions to expand access to affordable credit. By leveraging Upstart’s AI platform, Upstart-powered banks and credit unions can have higher approval rates and lower loss rates, while simultaneously delivering the experience of exceptional digital loan demanded by their clients. Over two-thirds of Upstart loans are approved instantly and are fully automated. Upstart was founded by former Googlers in 2012 and is based in San Mateo, California and Columbus, Ohio.

FORWARD-LOOKING STATEMENTS
This document contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these statements using the words “may”, “will”, “should”, “could”, “could”, “plan”, “potential”, “estimate”, “plan”, “believe,” “” intend “,” anticipate “,” expect “,” target “and similar expressions. There are many factors that could cause actual results to differ materially from the expectations described in forward-looking statements. discussion of these factors, please see Berkshire the most recent reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission and available on the SEC website at www.sec.gov. Therefore, you should not place undue reliance on forward-looking statements, which reflect our expectations only as of the date of this document. Berkshire does not undertake any obligation to update forward-looking statements.

Media contact:
Marc DeNofio AVP, public relations manager
E-mail: [email protected]
Phone. : (518) 322-5601

Initial media contact:
Mike Nelson
E-mail: [email protected]

Investor Relations Contacts:
Kevin conn, SVP, Investor Relations and Corporate Development
E-mail: [email protected]
Phone. : (617) 641-9206

David Gonci, Director of Capital Markets
E-mail: [email protected]
Phone. : (413) 281-1973

SOURCE Berkshire Hills Bancorp, Inc.

Related links

http://www.berkshirebank.com


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