Revolutionizing Credit Decisions: University of Hawai'i Federal Credit Union Goes Live on Scienaptic AI Platform
Initial tests show a 5-10% increase in approvals and 50%+ automation
May 8, 2023
Leading global AI-powered credit decision platform provider Scienaptic AI announced today that the University of Hawai`i Federal Credit Union is live on Scienaptic’s AI-based underwriting platform and experiencing automated and credit decisioning.
During the deployment, Scienaptic's AI platform was seamlessly integrated with University of Hawai`i Federal Credit Union's LOS MeridianLink Consumer. With AI-enabled decision-making processes, UHFCU can now make quicker and more accurate lending decisions, streamlining the entire process. This integration marks a significant milestone for both UHFCU and Scienaptic, as they continue to push the boundaries of what's possible through technology.
Founded in 1955 by 10 university colleagues, the University of Hawai`i Federal Credit Union is a federally chartered credit union with over $800 million in assets that serves over 32,000 members, including the faculty, staff, students, and alumni association members of the University of Hawai`i system statewide as well as their family members. The credit union has many accolades to its name, such as the “America’s Best-In-State Credit Unions” by Forbes Magazine, a finalist for “Hawaii’s Best” (three times) by the Star-Advertiser as well as “Best Bank” by the students of the University of Hawai`i.
"As a credit union that's always been driven by innovation and putting our members first, partnering with the right fair, transparent, and regulatory-compliant AI platform is crucial. That's why Scienaptic's cutting-edge underwriting technology resonated with us so deeply”, said UHFCU President and CEO Travis Bow. “It's not just about making quick decisions; it's about anticipating our members' needs, empathizing with their unique situations, and delivering personalized solutions that truly make a difference in their lives. With Scienaptic, we're able to live up to the promises our founding members made over 67 years ago - expanding fair and compliant credit access for our deserving members and advancing our mission of empowering our community."
Correspondingly, Pankaj Jain, President and Co-founder of Scienaptic AI expressed his excitement, saying, “Our team is overjoyed to go live with UHFCU. Witnessing the positive impact of our industry-leading underwriting technology on UHFCU's members is truly rewarding. By anticipating their unique needs, enhancing their credit experiences, and expanding access to credit while minimizing risks, we're not only improving their financial well-being, but we're also inspiring other financial institutions throughout Hawai`i to embrace the power of AI technology. It's a proud moment for us to be part of UHFCU's journey towards a brighter future for its members and the community it serves.”
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