NuMark Credit Union Unleashes the Power of AI with Scienaptic’s Platform: Goes Live to Supercharge Credit Decisioning
More than 50% of members loans are auto approved.
Aug 29, 2023
Leading global AI-powered automated underwriting platform provider, Scienaptic AI announced today that NuMark Credit Union has gone live on its platform to provide enhanced and faster credit decisions to its members. As part of the deployment, Scienaptic’s AI platform was integrated with NuMark Credit Union’s Loan Origination System (LOS), Symitar ELA enabling faster and sharper AI-enabled lending decisions.
NuMark Credit Union has a long history of treating its members like family, and they diligently follow their philosophy of “people helping people.” The credit union believes in enriching the financial lives of its members. NuMark Credit Union serves more than 60,000 members from thirteen branch locations throughout Northern Illinois. By using Scienaptic’s AI-powered loan decisioning platform, the credit union is enhancing its member experience with faster lending decisions to help members finance their dreams.
"We are witnessing the impressive power of automation, with Scienaptic AI auto-approving over 50% of approved loans," shared Steve Clark, Chief Lending Officer at NuMark Credit Union. "Scienaptic is optimizing our internal potential, automating our decision-making, and simplifying our underwriting procedures, all while ensuring fairness and compliance. This transformative stride is not only elevating our members' experiences but also enriching their financial journey through products and services tailored precisely to their requirements. We're steadfastly upholding the trust our member community has vested in us."
"We are absolutely delighted to share the news that NuMark Credit Union is now live on our platform. Our AI-driven credit underwriting platform is actively turning the aspirations of countless members into reality," said Pankaj Jain, President of Scienaptic. "NuMark's exemplary path sets the tone for how the credit unions of the future should set their course, leading the way with innovation and impact."
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