Scienaptic's AI-Powered Platform Now Powers Advanced Credit Decisions At 4Front Credit Union
Initial tests indicate 35-50% more automated loan approvals and a 10%+ increase in approval rates
Nov 9, 2022
Leading AI-powered credit decisioning platform provider, Scienaptic AI announced today that 4Front Credit Union is now live on its AI-based underwriting platform. Integrating the AI platform with 4Front CU’s Loan Origination System (LOS), MeridianLink Consumer, and going live enables the credit union to strengthen the Credit Union's lending capabilities through automated, intelligent loan decisions. Initial tests show significant gains in automated loan decisioning and credit access for members.
Located in Traverse City, 4Front Credit Union is a member-owned financial institution that serves members across Michigan. Focused on member-driven growth, the 4Front member base has grown to more than 100k members with assets eclipsing $988 million. Through its diverse portfolio of products, including personal loans, commercial lending, business services, and wealth management, 4Front aims to enhance the financial well-being of its members. As part of its mission, the credit union also aims to provide its members with financial literacy. The deployment of Scienaptic's AI-powered loan decisioning platform enables 4Front credit union to increase access to credit, with faster approvals and automated decisioning at lower risk.
“Helping our members no matter where they are in their financial journey and making life simple are really the core of what we do. In order to continuously serve our members better, 4Front Credit Union must keep evolving for our membership which means adopting the latest technology that allows us to accomplish our mission," said Daniel Baker, Chief Lending Officer. “The deployment of Scienaptic's (industry-leading underwriting decisioning) platform is enabling us to reach more members and approve them through highly intelligent, automated credit risk factors. Members are already benefiting from Scienaptic’s AI – as it allows us to understand them better, personalize our products and delivery systems, and streamline the loan approval process, leading to an overall better experience.”
“We are confident that the deployment of Scienaptic’s solutions will open up multiple avenues of opportunity for our partners, 4Front Credit Union, and for the people of Michigan. As a company, we have always strived to transform lives, and this successful deployment is a step in that direction,” said Pankaj Jain, Co-founder and President of Scienaptic. “Scienaptic’s advanced decisioning tech allows members to access credit more easily, as well as lenders to lend with more certainty, and 4Front’s initial impact numbers are a testament to the same”
About Scienaptic AI
Scienaptic AI’s mission is to increase credit availability across the globe by transforming the technology used in credit decisioning. Whether credit union, auto lender, bank, or fintech, Scienaptic’s AI native credit decisioning platform enables lenders to constantly improve the quality and speed of their underwriting decisions, helping them reach a greater number of borrowers, including underbanked and underserved individuals, and say “yes” more often, without increasing risk while addressing all Regulatory aspects especially Fair lending and explainable adverse actions.
The company’s AI platform is used by lenders of all sizes, integrating seamlessly with their existing systems. Scienaptic-enabled lenders have processed more than 190 million transactions worth $36 billion in credit decisions, benefitting millions of borrowers, and helping them get access to the credit they need. For more information, visit http://www.scienaptic.ai.
Chief Marketing Officer