Paramount Capital Group Taps Scienaptic’s AI-Powered Credit Decisioning Platform
Deployment is expected to boost alternative financing for career schools, technical schools, and other training providers
Nov 30, 2022
Leading global AI-powered credit decision platform provider Scienaptic AI announced today that Paramount Capital Group, LLC. has chosen Scienaptic’s AI-based underwriting platform to automate and streamline its credit decisioning and expand its customer base.
Since 1997, Paramount Capital Group has provided alternative financing for career schools, technical schools, and training providers. They have established innovative solutions, allowing educational institutions to offer an education to individuals with lower or limited credit histories. Leveraging Paramounts years of origination, servicing, collection, and compliance expertise, the Company has expanded to provide servicing for consumer lending companies. Using Scienaptic’s AI platform, Paramount Capital Group can make AI-based advanced loan decisioning, increase loan approvals and credit access, for accounts that the company purchases and services.
“Paramount Capital Group is committed to providing innovative and accessible financial products,” said Ryan Paul, CEO and Co-founder of Paramount Capital Group. “We were looking for a platform that would provide us with automation, innovation, and personalized credit decisioning, and Scienaptic AI was the perfect fit. The platform enables us to consider each individual applicant as a person with a unique story, not an impersonal credit score. We are proud of the impact we create in the community, and Scienaptic’s platform will help us amplify the impact through more approvals, lower risk, and the ability to serve more deserving consumers!”
Correspondingly, Pankaj Jain, President and Co-founder of Scienaptic AI, said, “We are thrilled to have the opportunity to work with Paramount Capital Group on their mission of providing students with a new opportunity to receive the education they need for a meaningful career. The impact of a credit-challenged student receiving the credit they deserve is far-reaching, and we feel blessed to be a part of this journey.”
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 Paramount Capital Group
Founded in 1997, Paramount Capital Group is a specialty finance company that has grown to become a trusted leader in tuition financing and consumer loan servicing for career, trade, and technical schools.
Leveraging PCG's years of underwriting, process, collection, licensing and compliance expertise, the Company has expanded to provide servicing for consumer lending companies. Many consumer lenders and capital providers are struggling to find a reliable loan servicer that can deliver an exceptional customer experience. We provide compliant, customized, data-driven solutions designed for a superior borrower experience that ensures maximum portfolio performance.
For more information, visit http://www.paracap.com
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