Maryland’s Largest Credit Union SECU Goes Live On Scienaptic’s AI-Powered Credit Underwriting Platform
The deployment aims to increase approvals, enhance automation, and reduce loss rates
Jan 22, 2024
Leading global AI-powered credit underwriting platform provider Scienaptic AI, announced today that it has successfully deployed its AI credit decisioning platform at SECU, Maryland’s largest credit union. This deployment aims to enhance underwriting automation and expand credit access for SECU’s 260,000+ members. As part of the deployment, Scienaptic’s AI platform has been seamlessly integrated with SECU’s Loan Origination System (LOS), Fiserv Loan Director.
SECU’s journey began in October 1951, operating from a small niche in the Miller Building in downtown Baltimore. Its first member was the late Governor Theodore R. McKeldin. In January 1952, SECU made its first loan – a modest sum of $180. The enthusiastic response from state employees led to a growth in membership and services, enabling SECU to open its first official office in Spring 1953. Today, SECU has evolved into Maryland’s largest credit union, boasting 24 branches throughout Maryland, over 50,000 free ATMs, and serving more than 250,000 members. It is a full-service financial institution managing over $5 billion in assets.
Kevin Kesecker, EVP and Chief Administrative Officer at SECU, said, “Our vision remains to drive greater financial inclusion and provide a better experience for the community we serve. Scienaptic’s AI underwriting platform is a powerful tool that is helping us actualize this vision. It enables us to approve more applicants at the margins, support financial inclusiveness, allows underwriters to spend more of their time on personalizing offers, improves our portfolio risk profile, and automates our loan decisioning process, leading to a significant reduction in application turnaround times.”
Pankaj Jain, Co-founder and President of Scienaptic added, “We are driven to improve the financial lives of the members SECU serves through credit empowerment, automation, and personalized decisions. In our shared passion to WOW members and exceeding their expectations, we feel privileged that our AI will help increase credit access and support SECU members in fulfilling their dreams.”
SECU ("see-Q"), Maryland’s largest state chartered credit union, serves over 250,000 members via 25 branches across the state. As a member-owned, not-for-profit organization, SECU puts its members first. Membership is open to all of Maryland, with over 1,900 ways to join. SECU offers convenient access to over 50,000 free ATMs through the CO-OP network, as well as access to expert financial planners. With more than $5 billion in assets, SECU ranks among the top 60 credit unions nationwide based on total assets in the U.S. For more information, visit www.secumd.org
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
Empowering Lenders: Scienaptic AI Integrates with Loan Director from Fiserv to Redefine Credit Decisioning
Loan Director clients can now seamlessly access Scienaptic’s AI-powered underwriting