CPM Federal Credit Union Selects Scienaptic’s AI-Powered Credit Decisioning Engine to Expand Credit Access to Members
Dec 20, 2022
Leading global AI-powered credit decision platform provider, Scienaptic AI, announced today that North Charleston-based CPM 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 platform.
CPM Federal Credit Union was formed in 1955 by employees of the Charleston Paper Mill. The credit union started in an old construction shed with a mission to provide affordable loans and deliver exceptional service to the employees of the Mill and improve their financial well-being. Since that time CPM has grown to $580 million in assets, has earned national recognition for financial strength, and now delivers better banking to more than 61,000 people throughout the communities served by our network of 11 South Carolina branches and their highly rated digital services.
“Our members' financial well-being matters most to us, and we aim to provide as many resources as possible to ensure they are getting the most out of being our members! Scienaptic’s platform will automate our loan underwriting and transform the credit decision-making process for our members. We are excited that the platform is flexible and adaptable to our needs. It will help us approve more loans, improve member experience, and enhance credit access in a fair and compliant way," said Lloyd Vail, Director of Lending at CPM Federal.
Pankaj Jain, Co-founder and President of Scienaptic AI, said, “We are excited that CPM Federal Credit Union has selected our AI-powered credit decisioning platform to deliver exceptional service and value to their members. Our platform will help them streamline their loan decisioning process resulting in higher approvals, lower risk, and increased efficiency. Carolina people matter and our platform will enhance their credit experience and credit access for years to come.”
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 200 million transactions, benefitting millions of borrowers. For more information, visit http://www.scienaptic.ai