Meridian Trust FCU Teams Up with Scienaptic AI to Enhance Credit Decisioning

With locations in Wyoming, Colorado, and Nebraska, Meridian Trust Federal Credit Union has announced a partnership with Scienaptic AI. The collaboration with the AI-powered credit decision platform provider will enable Meridian Trust FCU ($569 million in assets; 31,640 members) to enhance its underwriting capabilities to provide faster lending decisions and boost loan approvals.

“At Meridian Trust, we aim to provide our members and community with the best personal service, the highest quality financial products, and the best overall value for a lifetime,” Meridian Trust FCU Chief Lending Officer Michael Barnhardt Jr. said. “Scienaptic’s AI-driven credit decisioning platform will help ensure that our credit union has access to industry-leading underwriting capabilities to approve more loans for our members and further enhance their financial well-being.”

Founded in 2014 and headquartered in New York City, Scienaptic AI leverages both new data sources and new technologies to enable financial institutions to make more accurate decisions about whether and how much financing to provide to credit applicants. Many banks continue to struggle to systematically manage the growing volume of data required for sound credit decisioning. Moreover, the technology necessary to analyze this data requires complex, quantitative, predictive models (and professionals trained in understanding them). Additionally, many financial institutions lack the kind of scalable infrastructure that can handle the volume of data involved in credit-decisioning – and do so in a timely, compliant fashion.

In response to this challenge, Scienaptic AI offers a platform that enables companies to run multiple champion challengers concurrently; merges credit models and strategies in a single, unified workflow; and supports the rapid deployment of new credit models and strategies. Scienaptic claims that its adaptive AI-based platform and pre-built APIs help deliver 15% to 40% more approvals and 10% to 25% fewer losses compared to traditional underwriting methods based on legacy technology. In addition to credit decisioning, Scienaptic’s technology can be leveraged for fraud prevention, financial forecasting, and collections, as well.

“We are pleased to be working with Meridian Trust to help support and strengthen the financing needs of its members,” Scienaptic President Pankaj Jain said. “Scienaptic’s platform will help Meridian Trust to grow their client base and to support the financial goals of its members by making faster credit decisions while minimizing risk.”

Of late, the Scienaptic AI has forged partnerships with Cooperative Teachers Credit Union, Gesa Credit Union and, earlier this month, Levo Credit Union. All of these credit unions have elected to leverage Scienaptic’s AI-powered credit decisioning platform to, in the words of Levo CU VP of Lending Steven Stofferahn, “enhance credit access for members and improve their financial well-being through smarter, faster credit decisions.”

Scienaptic AI has raised $9 million in funding. The company includes TVS Motor Singapore, Pramod Bhasin, and Salil Punalekar among its investors.

Photo by Tara Winstead from Pexels

Source: https://finovate.com/meridian-trust-fcu-teams-up-with-scienaptic-ai-to-enhance-credit-decisioning/