Customers Bank has joined forces with data analytics specialist Palantir Technologies to overhaul how it brings new depositors on board. The move signals a sharper push by the bank to embed AI at the core of its operations.
Under the arrangement, the bank will roll out Palantir’s Foundry and AIP platforms to redesign deposit account opening for its clients, with the aim of keeping pace with the speed at which those businesses operate.
Rather than delivering an off-the-shelf product, Palantir has placed its own engineers within the bank’s internal AI engineering and technology teams, working directly on the lender’s existing data and systems.
The joint effort centres on two priorities behind the bank’s expansion: delivering a leading client experience and scaling up onboarding volumes while preserving a personal service.
Growth figures underline the urgency. Deposits at the bank have risen by 15% over the past year, while the number of client deposit accounts has climbed by more than 17% across the same period. The programme is intended to support and extend that momentum.
Customers Bank operates as the banking arm of Customers Bancorp and positions itself among the strongest-performing banking groups in the US. Palantir, which trades on NASDAQ, supplies software platforms used to integrate data and deploy AI.
Looking ahead, the two companies plan to apply AI and automation to speed up the gathering of documents, the verification of business entities and the consolidation of risk signals, combining these steps into a more joined-up digital application process that operates in real time.
Customers Bancorp president and CEO Sam Sidhu said, “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. This collaboration with Palantir is the beginning of something bigger for Customers Bank: a shared vision to make every client’s first experience with Customers Bank the best in the industry, at the scale our growth demands. This initiative is another step toward our goal: becoming the AI-native leader in banking.”
Palantir Technologies office of the CEO Elias Davis said, “Customers Bank has already shown it’s willing to move faster and build deeper than most banks of its size. This is exactly the kind of use case our platform was built for. 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.”
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