River Valley Credit Union Now Live on Scienaptic’s AI Platform, Experiencing Enhanced Underwriting and Member Experience
Credit Union Experiences Boost in Member Approvals and Automation Efficiency
Dec 12, 2023
Leading global AI-powered credit underwriting platform provider Scienaptic AI, announced today that River Valley Credit Union, an innovative Michigan-based credit union, has successfully deployed and is now live on Scienaptic’s AI credit decisioning platform. This deployment is aimed at enhancing credit access for its members. As part of the deployment, Scienaptic’s AI platform has been integrated with River Valley Credit Union’s Loan Origination System (LOS) CU Answers. This deployment is significantly streamlining the credit union’s underwriting process, leading to an increase in approval rates and a notable enhancement in the member experience. Importantly, all these advancements have been realized while ensuring adherence to the principles of fairness and inclusivity, and maintaining compliance with regulatory standards, which are integral to Scienaptic’s AI platform.
River Valley Credit Union's story embodies the true spirit of helping others. Its roots can be traced back to 1965 when fourteen Amway employees had a simple but powerful vision - people helping people. Founded on the principle that people are worth more than money, River Valley Credit Union, originally called Amway Employees Credit Union, has been a pillar of support for over 55 years and has helped more than 11,000 members achieve their financial goals. Despite the passing of time, River Valley Credit Union's commitment to helping its members has remained unchanged. The credit union has evolved and grown, but its guiding principle remains the same - putting people first. With a focus on delivering exceptional service and helping members achieve financial success, River Valley Credit Union is more than just a financial institution; it's a community of people coming together to help each other thrive.
Janelle Franke, CEO of River Valley Credit Union, has a deep-rooted connection with the credit union that dates to 2006. However, her association with the Credit Union industry spans over 40 years, a legacy shared with her family.
Franke envisions a world where every member of River Valley Credit Union has the means to realize their dreams and aspirations. She stated, “Scienaptic’s AI underwriting platform is a powerful tool that is helping us actualize this vision. When combined with our unique member-centricity, it enables personalized credit decisions and automates our loan decisioning process, leading to a significant reduction in application turnaround times. The initial results have been promising, showing a noticeable increase in loan approvals. This aligns with River Valley Credit Union’s commitment to providing inclusive solutions for its members.”
Pankaj Jain, Co-founder and President of Scienaptic AI expressed his enthusiasm about River Valley Credit Union’s successful deployment of their AI platform. He said, “Witnessing River Valley Credit Union revolutionize their loan decision process and enhance the credit experience through our AI platform is truly exciting.” He further added, “Our deployment has introduced new levels of underwriting efficiency and member satisfaction at River Valley Credit Union, enabling them to make a more profound impact on their community. We are delighted to partner with such a progressive credit union and look forward to supporting their mission of delivering unique solutions tailored to each member’s needs.”
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
Empowering Lenders: Scienaptic AI Integrates with Loan Director from Fiserv to Redefine Credit Decisioning
Loan Director clients can now seamlessly access Scienaptic’s AI-powered underwriting