Breaking Barriers: Paramount Capital Group Goes Live With Scienaptic Enhancing Credit Access for the Education Community
Initial tests indicate much sharper risk tiering, to enable better portfolio quality and pricing
Jun 8, 2023
Leading global AI-powered credit decision platform provider Scienaptic AI announced today that Paramount Capital Group, LLC. has gone live with Scienaptic’s AI-based underwriting platform and AI models to sharpen and streamline its credit decisioning and expand its customer base.
Since 1997, Paramount Capital Group has provided alternative financing for career schools, technical schools, and training providers. They have established innovative solutions, allowing educational institutions to offer an education to individuals across the credit spectrum. Paramount offers loan servicing for the consumer lending sector and tuition financing for vocational and career school students. This helps educational institutions increase enrollment and revenue.
“We've spent years creating innovative solutions that traditional lenders can't match, and we are proud of the legacy we have created by making education more accessible for all,” said Ryan Paul, CEO and Co-founder of Paramount Capital Group. “Our team is excited to be live on Scienaptic's fair and inclusive AI platform, which is enabling us to make better decisions, increase underwriting speed and scale, and tailor offers to each borrower’s individual circumstances. By enhancing our underwriting process, we're able to focus more on what truly matters: providing accessible financing for all. With Scienaptic, we're making a real impact on people's lives, empowering them to reach their full potential and pursue the future they deserve."
Correspondingly, Pankaj Jain, President and Co-founder of Scienaptic AI, said, “We are thrilled that Paramount Capital Group is live on our platform and on it’s mission to provide students with the chance to pursue their educational aspirations and build meaningful careers. One right credit decision is all it takes to change lives and seeing students gaining access to the credit they deserve is truly inspiring. Working with Paramount Capital Group is enabling us to contribute to a brighter future, where education is accessible and transformative opportunities are available to everyone.”
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
About Paramount Capital Group
Founded in 1997, Paramount Capital Group is a specialty finance company that has grown to become a trusted leader in tuition financing and consumer loan servicing for career, trade and technical schools.
Leveraging PCG's years of underwriting, process, collection, licensing and compliance expertise, the Company has expanded to provide servicing for consumer lending companies. Many consumer lenders and capital providers are struggling to find a reliable loan servicer that can deliver an exceptional customer experience. We provide compliant, customized, data-driven solutions designed for a superior borrower experience that ensures maximum portfolio performance.
For more information, visit https://www.paracap.com/