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PLTR

Customers Bank deploys Foundry and AIP for deposit onboarding, and Surf Air's OperatorOS platform redistributes Palantir technology

Sources (2)

Commercial penetration has extended into a core banking process, deposit onboarding. Customers Bank already works with OpenAI, including on deposit onboarding, and a contract with Palantir exists. But the disclosure gives no amount and no term, so the symbolism outweighs the fundamentals.

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Surf Air's OperatorOS platform embeds Palantir technology, an indirect sign of penetration through redistribution, and noise-level.

Key evidence

  • Customers Bank, part of Customers Bancorp (NYSE: CUBI), announced on 15 Oct a collaboration with Palantir to rebuild customer deposit onboarding and servicing with Foundry and AIP
  • The bank already works with OpenAI, including on deposit onboarding, and a contract with Palantir exists (the release's forward-looking statement refers to its amount and terms)
  • Until now PLTR's commercial customers have been concentrated in industry, energy and media, so a bank's core process is a new setting
  • Customers Bank is a mid-sized bank (deposit accounts up 17% year on year), not a flagship large bank
  • The OperatorOS platform of Surf Air Mobility (SRFM), reported on 9 Oct to embed AIP and Foundry: Palantir technology redistributed through a partner's product

Catalysts to watch

  • 2 Nov after the close, Q3 results: NDR, net new customers, the gap between revenue growth and FDE headcount growth, SBC as a share of revenue, RPO
  • Whether the amount or term of the Customers Bank contract shows up in later quarterly reports
  • More banking customers signing, which would show whether core financial processes are a repeatable setting
  • Later contract data from Surf Air OperatorOS, watched as an indirect channel of penetration

Risks

  • The Customers Bank disclosure is only an announced collaboration with no contract amount and no term, so putting it into revenue estimates would be over-reading
  • Customers Bank is small and not a flagship large bank, so the symbolism outweighs current-period revenue
  • Surf Air OperatorOS is redistribution and does not count towards Palantir's direct revenue, so it is noise-level
  • Whether the new banking use case turns into recurring revenue has to wait for the figures in the 2 Nov results

Sources 2

  1. Customers Bancorp release of 15 Oct: Customers Bank and Palantir collaboration on Foundry and AIP
  2. Surf Air Mobility disclosures on the OperatorOS platform

A brief is a lead for our research, not a verified conclusion or advice.