Advantage One Credit Union Deploys Scienaptic’s AI-Powered Credit Underwriting Platform for Intelligent Loan Decisions
Initial tests indicate 30-50% more automated loan approvals and a 20-25% reduction in losses
Mar 30, 2023
Leading AI-powered credit decision platform provider, Scienapticannounced today that Advantage One Credit Union is now live on its AI-based underwriting platform. As part of the deployment, Scienaptic’s AI platform has been integrated with Advantage One Credit Union’s Loan Origination System (LOS) MeridianLink Consumer. The deployment complements Advantage One Credit Union's lending process and helps approve more loans through highly automated, intelligent predictive signals.
Advantage One Credit Union began serving employees of the McLouth Steel Corporation in 1952. Over the past 7 decades, it has grown to be a $231 million asset financial institution with two branches in southeast Michigan. Digital banking, personal finance, mortgages, auto loans, and more are all part of these services. As a leading financial services provider, Advantage One is always striving to offer superior services as compared to large banks. With the deployment of Scienaptic's AI-powered loan decisioning platform, Advantage One gets the advantage of more approvals at reduced risk and greater access to credit for their members.
“At Advantage One, we take pride in helping the communities we serve, whether that’s by offering exceptional financial products to our members or performing a range of charity work across the state,” said Nicholas Schmitter, Chief Lending Officer at Advantage One. “The deployment of Scienaptic's AI-powered credit decisioning platform allows us to go the extra mile in serving our members. We are now able to automate loan decisions, understand our members better, and approve loans more quickly. Deployment has been extremely successful in enabling us to drive financial inclusion and well-being of underserved members.”
“We are thrilled to power Advantage One’s decisioning processes with our industry-leading credit underwriting platform,” said Pankaj Jain, Cofounder and President of Scienaptic. “It is incredibly satisfying to be part of this paradigm-shifting disruption that is creating new opportunities for members. In addition to approving loans more quickly, the AI platform enables Advantage One to improve the member experience, minimize risk, and serve the broader community.”
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 300 million transactions, benefitting millions of borrowers. For more information, visit http://www.scienaptic.ai