CoVantage Credit Union, a financial cooperative serving the US states of Wisconsin and Michigan, has implemented Scienaptic AI’s artificial intelligence (AI)-driven credit underwriting platform.
Through the deployment, CoVantage Credit Union hopes to improve underwriting automation and streamline the loan application process for its members. The deployment also ensures adherence to principles of fairness and inclusivity and maintains compliance with regulatory standards, both integral to Scienaptic’s AI platform.
Scienaptic cofounder and president Pankaj Jain said: “We are excited that CoVantage Credit Union is live on our platform and is using AI to streamline and support the credit needs of its members.
“With access to enhanced credit underwriting, CoVantage is assisting more current and prospective members, increasing approval rates and automation, all while building deeper relationships.”
Founded in 1953, CoVantage Credit Union manages assets of more than $3.6bn. The credit union is said to have over 460 employees across 24 locations and a membership base of more than 168,000 individuals.
CoVantage Credit Union chief retail officer Brett Lee said: “Going live with Scienaptic’s AI platform is helping us get a more holistic view of our members, enabling us to understand their needs and tailor personalised loan solutions that uplift and propel them towards their goals.
“We are also making automated decisions that have amplified our operational efficiency but also elevated the very essence of member experience. We are seeing amazing results and foresee this technology helping our members exponentially in the years to come.”
Based in the US, Scienaptic AI is engaged in improving credit availability around the world by transforming the technology utilised in credit decisioning.
By leveraging Scienaptic’s AI native credit decisioning platform, credit unions, auto lenders, banks, and fintechs are said to continually improve the quality and speed of their underwriting decisions.
The company’s platform allows financial institutions to reach more borrowers, including underbanked and underserved individuals.
The platform also makes automated AI-powered lending accessible apart from guaranteeing compliance with all regulatory requirements, including fair lending and explainable adverse actions.
