WEST READING, PA — Customers Bank, a subsidiary of Customers Bancorp Inc. (NYSE: CUBI), is deploying artificial intelligence technology from Palantir Technologies Inc. (NASDAQ: PLTR) to automate deposit account onboarding as the bank seeks to accommodate double-digit growth in deposits and customer accounts without a corresponding increase in manual processing.
The collaboration will integrate Palantir’s Foundry and Artificial Intelligence Platform, known as AIP, into the bank’s existing technology infrastructure, targeting document collection, business entity verification and risk assessment during account opening.
Customers Bank reported that deposits increased 15% year over year, while client deposit accounts grew more than 17% over the same period. The bank has nearly $27 billion in assets.
The initiative is intended to help the bank process a growing volume of new accounts while maintaining individualized customer service, a potential operational constraint as its deposit business expands.
Palantir has assigned engineers to work directly with Customers Bank’s internal AI engineering and technology teams. The joint effort will use the bank’s existing data and systems rather than develop a separate onboarding infrastructure.
The companies plan to connect document collection, entity verification and risk-related information within a more integrated digital application process.
The proposed system would use AI and automation to consolidate information needed for account-opening decisions and make it available through a more immediate workflow.
Sam Sidhu, president and chief executive officer of Customers Bancorp, identified account-opening speed as a priority for the bank’s growth strategy.
“You only get one chance to make a first impression, and for a growing number of our customers, that first impression is how fast and seamlessly we open their account,” Sidhu said.
The initiative also extends Palantir’s enterprise software applications into deposit onboarding and servicing at a regional banking institution.
Elias Davis, a representative of Palantir’s Office of the CEO, said the companies are working to develop a more integrated approach to customer onboarding.
“We’re proud to put our engineers alongside Customers Bank’s own AI and technology teams with the goal of building a client deposit onboarding and servicing experience that sets a new bar for the banking industry,” Davis said.
Palantir’s Foundry platform is designed to integrate and organize enterprise data, while AIP supports the application of artificial intelligence within business operations.
For Customers Bank, the deployment represents an effort to use those capabilities to support deposit growth by reducing friction in account-opening procedures and coordinating information used in verification and risk review.
The collaboration is focused initially on deposit onboarding, with the bank positioning the work as part of a broader strategy to incorporate AI into its operations.
Support the local news that supports Chester County. MyChesCo delivers reliable, fact-based reporting and essential community resources—free for everyone. If you value that, click here to become a patron today.