Berkshire Hills Bancorp has announced that its subsidiary Berkshire Bank has joined forces with artificial intelligence (AI) lending platform Upstart.

Berkshire Bank seeks to leverage Upstart’s AI platform to offer personal credit, risk-based credit decisions and approve more creditworthy borrowers while reducing cost.

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Upstart’s digital lending platform and referral networks are expected to augment Berkshire Bank’s consumer lending options.

Berkshire Bank CEO Nitin Mhatre said: “With an exceptional all-digital personal loan experience, it will make credit more accessible and aligns with our focus on reaching more people in our communities while helping grow our consumer lending business.”

The partnership is part of Berkshire’s Exciting Strategic Transformation (BEST) plan.

Berkshire Bank, which has $11.7bn in assets, became Upstart’s lending partner in August 2021.

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US-based Upstart partners with lenders to offer data-driven insights and is said to enable broader distribution of lending options.

Upstart CEO and co-founder Dave Girouard said: “For hundreds of years, credit has represented opportunity and mobility for those seeking what’s next in their lives. Whether it’s to learn a new skill, relocate to a new city, start a new business, or buy a new home or car, the price of credit is the price of opportunity and mobility. It’s the price of what’s next.”

Last month, Upstart launched a Spanish version of its digital lending platform to better cater its services to the Spanish speaking population in the US.