Up to 70% automation in decisioning for auto and personal loans

NEW YORK - Nov. 12, 2024 - PRLog -- Leading global AI-powered credit underwriting platform provider Scienaptic AI, announced today that University of Illinois Community Credit Union has implemented its AI-based underwriting platform and is now live. This deployment is significantly streamlining the credit union's underwriting process, leading to an increase in approval rates and a notable enhancement in the member experience. Importantly, all these advancements have been achieved while ensuring fairness, inclusivity, and compliance with regulatory standards, which are integral to Scienaptic's AI platform.

The University of Illinois Community Credit Union has been serving members of its community for over 90 years. Today, the credit union stands as a full-service financial institution, offering a comprehensive range of financial services to meet the diverse needs of its members. With assets exceeding $590 million and a membership base surpassing 57,000, the credit union has expanded its footprint to serve both campus and community in 12 counties across Illinois.

"At University of Illinois Community Credit Union, our vision is to 'Do More Good' for our members and the community," said Jenna Howe, VP of Lending at University of Illinois Community Credit Union. "Scienaptic's platform is enabling us to make smarter, faster loan approvals while maintaining the human connection our members value. It provides our underwriting team with deeper insights, streamlines operations, and allows us to make efficient, automated decisions without sacrificing member-focused care. We're enhancing our ability to offer fair, data-driven choices, ensuring that our members receive the financial support they need when they need it most. This deployment is a key step forward in fulfilling our mission of creating better financial opportunities for all."

Eric Steinhoff, EVP, Client Impact at Scienaptic AI said, "We are excited to go live with University of Illinois Community Credit Union and empower their team with real-time, intelligent decision-making capabilities that are driving efficiency and expanding access to credit. Our platform is constantly learning and adapting to ensure fair, automated credit decisions, allowing members to benefit from faster approvals and a seamless lending experience. We're honored to support their mission of delivering better financial outcomes to the community they serve."

About Scienaptic AI

Scienaptic AI's mission is to increase credit availability across the globe by transforming the technology used in credit decisioning. Credit unions, auto lenders, banks, and fintechs, use Scienaptic's AI native credit decisioning platform to continually improve the quality and speed of their underwriting decisions.

The platform enables FIs to reach more borrowers, including underbanked and underserved individuals, and say "yes" more often without increasing risk. It democratizes automated AI-powered lending while addressing all regulatory requirements, including Fair Lending and explainable adverse actions.

Scienaptic-enabled lenders have processed more than 400 million transactions, benefitting millions of borrowers. For more information, visit http://www.scienaptic.ai