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Scienaptic Partners with Plaid to Harness the Power of AI and Financial Data for Enhanced Credit Decisions

Incorporating AI into Strategic Roadmaps Of Credit Unions



Jan 3, 2023

Scienaptic, the world’s leading AI-powered credit decision platform provider, announced its partnership with Plaid, a data network powering the digital financial ecosystem. Plaid enables consumers to connect financial accounts at over 12,000 institutions globally to more than 7,000+ apps. Through this alliance, lenders can pair Plaid’s transaction history data with Scienaptic’s AI algorithms to make smarter and faster loan decisions.

Scienaptic’s platform enables 100+ financial institutions to make advanced, predictive credit decisions, making this a significant integration partnership that opens the door to rich data signals for lenders. Harnessing AI and data networks will enable highly predictive risk signals extracted from categorized transaction history data. The integration will also allow lenders to precisely perform income verification through structured, easy-to-process, and comprehensive income data. Lenders can find creditworthy profiles faster and more efficiently by eliminating manual data collection. At the same time, it will make the borrower's experience frictionless and streamlined.

"We are excited to integrate with Plaid to create beautiful lending experiences and enable more lenders to say' yes' confidently,” said Pankaj Jain, President and Co-founder of Scienaptic AI. "Through this partnership, Scienaptic clients would be able to evaluate borrowers more accurately and bring more people into the credit system. Our combined resources and expertise will help us deliver top-of-the-line credit decisioning for lenders worldwide.”

About Scienaptic

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.

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