Customers Bank and Palantir team up on AI-driven deposit onboarding

Customers Bank, a subsidiary of Customers Bancorp, Inc. (NYSE: CUBI), has announced a collaboration with Palantir Technologies Inc. (NASDAQ: PLTR) to deploy Palantir's Foundry and AIP platforms with the goal of improving the deposit account onboarding process for new customers.

According to a press release, Palantir engineers are working directly alongside Customers Bank's in-house AI and technology teams, building on the bank's existing data and systems. The initiative targets document collection, entity verification, and risk signal aggregation as areas for AI-driven automation within the digital application process.

Customers Bancorp reported deposit growth of 15% and client deposit accounts up more than 17% year over year. The bank holds nearly $27 billion in assets.

Sam Sidhu, President and CEO of Customers Bancorp, said the collaboration represents "the beginning of something bigger," adding that the goal is to make "every client's first experience with Customers Bank the best in the industry, at the scale our growth demands."

Elias Davis, of Palantir's Office of the CEO, said the bank "has already shown it's willing to move faster and build deeper than most banks of its size," and described the use case as one the platform was designed for.

No financial terms of the collaboration were disclosed.

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