On Tap Credit Union® Goes Live On Scienaptic's AI-Powered Credit Underwriting Platform
Jan 12, 2023
Leading global AI-powered credit decision platform provider Scienaptic AI announced that On Tap Credit Union has deployed Scienaptic's credit decisioning platform and is now live. Integrating the AI platform with On Tap Credit Union's Loan Origination System (LOS), MeridianLink Consumer, and going live enables the credit union to streamline and automate its credit underwriting process, increase approvals, and enhance the member experience.
On Tap Credit Union isn't your average bank or credit union, founded in 1954 in Golden Colorado, they provide financial advice in a friendly environment making it easier to help members craft financial solutions with their goals in mind. As members' needs continue to evolve, On Tap evaluates internal resources which in turn gives them an opportunity to better support their member's financial goals.
"When we met with the Scienaptic team, we realized that our goals were truly aligned, enabling fair, transparent lending for members," said Tracie Wilcox, CEO of On Tap Credit Union. "Scienaptic's AI credit decisioning platform is empowering us to use industry-leading technology with our signature member experience to create personalized credit decisions, automate our loan decisioning process, and deliver significant improvements in application turn times. Initial numbers show a notable gain in loan approvals, supporting our philosophy of crafting solutions for our members."
"We are thrilled to see On Tap Credit Union go live and provide necessary credit access to its members," said Pankaj Jain, Co-founder & President of Scienaptic AI. "Our platform is enabling On Tap to increase loan approvals, support underserved members, transform member experience, and continue their mission of crafting unique solutions for every member!"
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 200 million transactions, benefitting millions of borrowers. For more information, visit http://www.scienaptic.ai
About On Tap Credit Union
Formerly Coors Credit Union, On Tap Credit Union is a full-service cooperative financial institution serving people living and working in Jefferson, Denver, Boulder, and Larimer counties. Founded in 1954, the credit union has $371 million in assets and 20,000 members who are also owners of the organization. The credit union provides personal consultation and financial solutions including vehicle, mortgage, and home equity loans, credit cards, insurance, savings and investment accounts, and financial guidance, as well as a full suite of business services including a variety of commercial lending solutions. For more information, please visit www.OnTapCU.org.
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