CoVantage Credit Union Harnesses Scienaptic AI Platform to Transform Credit Decisioning
Jul 11, 2023
Leading global AI-powered credit decision platform provider, Scienaptic AI, announced today that CoVantage Credit Union has chosen to implement its AI-powered credit decisioning platform. The credit union aims to streamline its credit decisioning by utilizing Scienaptic's fair, inclusive, and regulatory-compliant AI platform.
Established in 1953, CoVantage Credit Union began its journey with just two employees in the basement of the now non-operational Antigo Co-op Oil Association bulk plant. Since its inception, CoVantage Credit Union has remained steadfast in its commitment to being member-owned and operated, with a philosophy of conducting business for "people-not-profit."
CoVantage is one of the few credit unions in the country to remove all overdraft fees and has been ranked in the top 1% nationally since 2006 by an independent research firm, Callahan & Associates, for providing value to members. Over the years, the credit union has witnessed sustained growth, with 450 employees spread across 21 locations, serving a vast membership base of 160,000+ individuals and managing assets surpassing $3.3 billion. With deep involvement in the Wisconsin, Upper Peninsula of Michigan, and Northern Illinois communities, CoVantage Credit Union champions financial literacy by actively volunteering for civic groups, school events, and more.
"At CoVantage Credit Union, our philosophy has always been centered around providing outstanding value, exceptional service, and excellent financial products for our members,” said Brett Lee, chief retail officer at CoVantage Credit Union. “When we met with Scienaptic, we quickly realized that they fulfill a significant need–leveraging AI to streamline auto-decisioning and effectively utilizing FCRA-compliant alt data to deepen our lending capabilities.
“Scienaptic's platform stood out as the right partner for CoVantage as we seek to deliver personalized lending solutions to our valued members. The possibilities of what we can achieve together with Scienaptic are truly exciting, and we are eager to elevate our member experience to new heights,” said Lee.
Pankaj Jain, co-founder and president of Scienaptic AI, said, “It fills my heart with immense pride and joy to see CoVantage Credit Union embrace our credit underwriting platform. Their commitment to exceptional service to their members aligns perfectly with our vision. The thought of positively impacting the lives of CoVantage's members, making dreams possible, and fostering financial well-being, fills me with deep gratitude. This partnership is a testament to our shared mission and the potential to transform lives through innovative technology."
About Scienaptic AI
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