OpenAI partners with Customers Bank in push to automate finance

Customers Bank, a $25.9 billion asset lender specializing in serving startups and small businesses, is making waves in the industry by embracing artificial intelligence (AI) in a groundbreaking partnership with OpenAI. During a recent conference call to discuss first-quarter results, Customers Bank CEO Sam Sidhu revealed that his prepared remarks were delivered by an AI clone, marking a potential first for a public company earnings call.

The strategic partnership with OpenAI involves embedding engineers at Customers Bank to help automate lending and client onboarding processes. This move signifies the bank’s commitment to leveraging AI technology to streamline operations, increase efficiency, and drive growth without the need to significantly expand its workforce.

By implementing AI agents across lending, deposits, and payments, Customers Bank aims to significantly reduce the time it takes to close commercial loans and onboard clients. For example, the process of closing a commercial loan, which typically takes 30 to 45 days, could be shortened to just seven days with the assistance of AI. Similarly, opening accounts for complex commercial clients, a task that can take more than a day, could be completed in under 20 minutes using conversational AI and automated document gathering.

Sam Sidhu, who began his career at Goldman Sachs, believes that smaller banks like Customers Bank have a key advantage over larger institutions like JPMorgan Chase when it comes to implementing AI technology. Smaller banks are not burdened by the same level of complexity and regulatory standards, allowing them to adopt AI more quickly and efficiently. Customers Bank has already seen significant benefits from using AI, including saving thousands of hours of work and increasing productivity without the need to hire additional staff.

In addition to improving operational efficiency, Customers Bank is also exploring new business opportunities that were previously cost-prohibitive before the advent of AI technology. By collaborating with OpenAI to build new tools and systems, the bank aims to enhance customer service, drive revenue growth, and reduce risk in a regulated financial environment.

Overall, Customers Bank’s partnership with OpenAI represents a significant step forward in the banking industry’s adoption of AI technology. By embracing automation and AI-driven solutions, the bank is positioning itself as a leader in innovation and efficiency, setting a new standard for regional banking in the digital age.