Scienaptic launches Next Gen 'Ether Underwrite' that transforms underwriting with AI
Feb 7, 2018
Scienaptic, a big data and machine learning company announced the launch of its Next Gen Credit Underwriting product 'Ether Underwrite' aimed at improving approval rates by 25-35% using AI in credit decisioning.
The launch marks a significant technological breakthrough in credit underwriting space. Most traditional underwriting systems do not leverage the vast amount of unstructured data available on customers' behaviors and propensities. Ether Underwrite lets banks take advantage of this unstructured data and uses dynamic, non-linear AI models to predict and manage underwriting optimally. Ether Underwrite does this, at scale, real-time while being compliant with regulations such as FCRA and SR 11-7. The Next Gen product has additional features for digital origination as well.
The core algorithms of Ether Underwrite are powered by Customer Conscious™ AI engine that contains a pre-configured shell of 2000+ features, significant customer journeys, predicted behaviours and credit models. Ether Underwrite is designed to run multiple champion-challenger strategies concurrently ensuring dynamic testing and refitting of models that brings down the deployment time to mere weeks. The product is also designed to be easily extensible to other customer life cycle processes such as credit line management, collections and fraud
"There are numerous new ways to get customer information digitally, but it has not been easy to evolve banking systems to leverage all this data using ML. We have reduced this friction using Ether Underwrite. Using practitioners' experience as risk leaders, we have designed Ether Underwrite to be easy to deploy and decision at scale", said Pankaj Kulshreshtha, founder and CEO of Scienaptic.
About Scienaptic and Ether:
Scienaptic is a big data and machine learning company that offers end-to-end decisioning solutions powered by its Machine Learning (ML) and Artificial Intelligence (AI) based product ("Ether"). Ether has 1000s of prebuilt features, models and directed graphs on what customer would do next. It provides Adverse Action Reasoning compliant with FCRA and NLG enabled SR 11-7 compliant model documentation to ensure a transparent solution.