Hawaii Community Federal Credit Union Selects Scienaptic AI to Revolutionize Credit Underwriting
Nov 15, 2023
Scienaptic AI, a leading global provider of an AI-powered credit underwriting platform, announced today that Hawaii Community Federal Credit Union (HCFCU) has chosen to implement its AI-powered credit decisioning platform. The credit union aims to enhance and automate its credit underwriting by utilizing Scienaptic’s fair, inclusive, and regulatory-compliant AI platform. As part of this deployment, Scienaptic will leverage its existing integration with HCFCU’s LOS to enable seamless AI-enabled decisions with greater speed and accuracy.
In 1936, during the Great Depression, ten coffee farmers who were being denied loans and services by banks united to establish what is now known as the Hawaii Community Federal Credit Union (HCFCU). What began as a modest one-room operation has since blossomed into a trusted institution for local communities.
HCFCU is more than just a credit union; it embodies the spirit of ‘ohana’, a Hawaiian term for family. The credit union is committed to providing valuable financial solutions, personalized service, low fees, and higher rates, all while focusing on the unique needs of its members. Headquartered in Kailua-Kona, HCFCU now manages $750 million in assets and serves a member base of 47,000. While HCFCU has grown exponentially from its humble beginnings, it continues to uphold its foundational philosophy - a collective of individuals coming together to help each other succeed.
“At HCFCU, our members are at the heart of everything we do. The decision to implement Scienaptic’s AI is a significant step in our ongoing journey to better understand and serve our members,” said Mel Ventura, EVP of Member Services at HCFCU. “With Scienaptic’s fair, inclusive, and regulatory-compliant AI, we will be able to automate our lending, approve more loans, and make personalized credit decisions that align with our values. This technology allows us to consider the uniqueness of each of our members, thereby expanding credit access to more members in our community. We are excited about this major advancement and the positive impact it will have on our members and our community. It’s all about their stories, their successes, and how we can contribute to that journey.”
Pankaj Jain, Co-founder and President of Scienaptic AI shared his excitement, “At Scienaptic, we are driven by the remarkable achievements of people, which serve as the inspiration for our own journey. We are thrilled that Hawaii Community Federal Credit Union has chosen us to help financially empower its member community. Our state-of-the-art AI platform will enhance the credit union’s underwriting process, leading to higher approval rates, fair & transparent lending, minimized risk, and increased efficiency. We are eager to revolutionize the credit experience and broaden credit access for the dynamic community in Hawaii.”
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