Altana Federal Credit Union Selects Scienaptic's Platform to Leverage AI-enabled Automated Credit Decisioning
Platform to enhance the financial well-being of members and improve member experience
Dec 13, 2022
Leading global AI-powered credit decision platform provider, Scienaptic AI, announced today that Montana-based Altana Federal Credit Union has chosen to implement its AI-powered credit decisioning platform. The credit union aims to enhance and automate its credit decisioning by utilizing Scienaptic’s fair, inclusive, and regulatory-compliant AI platform.
Billings-based Altana Federal Credit Union was established 70 years ago after nine Montana refinery workers pooled their money in an empty boxcar. The credit union today has $411 million in assets and serves over 25,000 members at 7 locations. Altana Federal Credit Union stands for simplifying members’ lives, working in their best interest, and helping them achieve a strong financial future. By using Scienaptic's platform, the credit union will streamline its credit decisioning, automate its approval processes, and enhance the member experience.
“The first loan our credit union gave was used to purchase a sewing machine. Today, we help people build their dream home, purchase their first vehicle, and save for college or retirement,” said Jess McAllister AVP of Lending at Altana Federal Credit Union. “In Scienaptic, we have an AI partner that shares our mission of improving the financial lives of members and their families. Scientaptic's AI will enhance our lending capabilities, automate our credit underwriting, and enable us to make fair, inclusive, and personalized loan decisions. This will help us reduce the turnaround time of loan applications, increase credit access, and reform our member experience.”
Pankaj Jain, Co-founder, and President of Scienaptic AI, said, “It’s been 70 years since 9 Montana refinery workers pooled their money in a cash box located in an empty boxcar. It’s hard to imagine that they could have envisioned the impact they would have on the lives of so many people. We are excited and humbled to be part of Altana Federal Credit Union’s amazing journey of improving the financial lives of members and their families. Our regulatory-compliant platform will streamline their loan decisioning process resulting in higher approvals, lower risk, and increased efficiency.”
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 fintech, 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 200 million transactions, benefitting millions of borrowers. For more information, visit http://www.scienaptic.ai