New Collaboration Brings AI to Michigan Credit Unions
3 Feb 2021
Credit unions throughout Michigan now have access to an artificial intelligence-powered credit decisioning platform thanks to a partnership formed between the Michigan Credit Union League and Scienaptic AI, the MCUL revealed Wednesday.
The New York, N.Y.-based Scienaptic’s platform allows financial institutions to leave behind traditional methods of credit management, such as relying solely on FICO scores, and instead evaluate potential borrowers using alternate data, raw trade line level bureau data and AI – the method’s utilized by Scienaptic’s solution, according to the company’s LinkedIn page. The process enables financial institutions to better identify qualified loan prospects, flag high-risk prospects and ultimately “attract prospects that were previously off the map and underwrite profitably for a previously underserved market,” the tech company’s website stated.