Investing.com -- Customers Bank has entered into a multiyear partnership with OpenAI to automate lending and customer onboarding processes, according to an exclusive report by CNBC on Monday.

Under the agreement, OpenAI engineers will be embedded at the bank to assist with the automation efforts. The bank aims to improve its efficiency ratio from approximately 49% to the low 40s, with higher returns expected to begin in 2027, CEO Sam Sidhu said.

The partnership will also involve codeveloping finance tools that OpenAI could eventually offer to other banks, Sidhu added.

OpenAI chief revenue officer Denise Dresser said in a statement that the company was proud to help Customers Bank "as they build a more intelligent operating model that empowers employees."