ELGA Credit Union Goes Live on Scienaptic’s AI-Powered Credit Decisioning Platform
Deployment to help ELGA automate credit decisioning and increase credit access
Oct 11, 2022
Scienaptic AI, a leading global AI-powered credit decision platform provider, announced today that Michigan-based ELGA Credit Union has completed implementation and gone live on its platform. Integrating the platform with ELGA Credit Union’s LOS (Symitar ELA) and going live enables the credit union to make automated, AI-driven, smart credit decisions while enhancing credit access to members.
Founded in 1951, ELGA Credit Union is a not-for-profit cooperative; formed, owned, and operated for a single purpose: members helping members. ELGA Credit Union had a humble beginning, helping Consumers Energy employees that were paid below the average of other industrial workers in the 1940s and 50s. Today the credit union has $1.25 Bn in assets and serves over 85000 members. The deployment empowers the credit union to streamline its credit decisioning and drive higher approvals and automation.
“Since inception, our goal has been to help our members achieve financial success. A commitment to innovation and adapting to the changing needs of our members have been at the heart of ELGA Credit Union's approach to serving its members,” said Terry Katzur, CEO of ELGA Credit Union. “We are excited to be live on Scienaptic’s platform as we further strengthen our AI journey. This deployment is helping us streamline our decisioning, remove bottlenecks, increase credit availability for our current and potential members and offer a better experience to support their financial goals.”
Correspondingly, Pankaj Jain, President of Scienaptic AI, said, “We are excited to announce that ELGA Credit Union is now live on our AI-powered credit decisioning platform. Our platform is strengthening the credit union’s credit decisioning abilities resulting in higher approval rates, minimized risk, reduced wait time for loan processing, and serving underserved members.”
About Scienaptic AI
Scienaptic AI’s mission is to increase credit availability across the globe by transforming the technology used in credit decisioning. Whether credit union, auto lender, bank, or fintech, Scienaptic's AI native credit decisioning platform enables lenders to constantly improve the quality and speed of their underwriting decisions, helping them reach a greater number of borrowers, including underbanked and underserved individuals, and say “yes” more often, without increasing risk while addressing all Regulatory aspects especially Fair lending and explainable adverse actions.
The company’s AI platform is used by lenders of all sizes, integrating seamlessly with their existing systems. Scienaptic-enabled lenders have processed more than 190 million transactions worth $36 billion in credit decisions, benefitting millions of borrowers, and helping them get access to the credit they need. For more information, visit http://www.scienaptic.ai
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