March 31, 2021
Customers Bancorp in Wyomissing, Pa., is partnering with OakNorth, a U.K.-based credit monitoring software company, to help it identify weak spots in its loan portfolio.
Both companies say the partnership is timely, as OakNorth’s data-driven approach will help the $11.5 billion-asset Customers identify which sectors and businesses in its loan portfolio will be hardest hit by the coronavirus crisis.
The OakNorth platform, which is currently licensed to 17 banks globally, including OakNorth Bank in the U.K. and NIBC Bank in the Netherlands, targets borrowing needs of a group it calls the “missing middle.” These are businesses that are looking for loan amounts between $1 million and $25 million.