Welcome to The Scienaptic Podcast, hosted by Patrick McElhenie, Chief Growth Officer at Scienaptic AI.

In each episode, Patrick sits down with forward-thinking leaders from the world of credit unions, banks, and fintech to explore how AI, data, and innovation are transforming financial services.

In Episode 01, Patrick speaks with Nick Montie, CEO of Wolverine State Credit Union, about how community institutions can harness AI to build deeper member trust, improve lending efficiency, and create more inclusive financial opportunities.

Brian Howell Chief Information Officer at People Driven Credit Union, Mark McCoy Chief Revenue Officer at Patriot Federal Credit Union, Chad Wilcox Senior Vice President of Lending at Credit Union of Colorado, and Patrick McLhenie, Chief Growth Officer at Scienaptic AI, all joined us on the show to share their insights on how all three credit unions are using Scienaptic's AI technology to transform their lending performance.

Specifically, the group talked about how AI is changing lending practices by promoting fair lending and helping credit unions approve members often overlooked by traditional methods.

Each credit union presented success stories that showcase improved lending outcomes and reduced losses, highlighting Scienaptic's unique features that includes customization and transparency -- which reflects on technology's role in enhancing credit union services.

For example, Credit Union of Colorado says AI helped approve $40 million in additional loans.

NOTE: All three credit union are also investors in the Scienaptic CUSO, so they shared their motivations for investing in fintech, emphasizing partnership and trust.

Q&A summary
What is the main focus of Scienaptic AI in relation to credit unions?
Scienaptic AI is dedicated to fair and inclusive lending, helping credit unions extend credit to members who may not qualify under traditional scoring systems.
How has Scienaptic AI changed the lending process for credit unions?
Scienaptic AI utilizes algorithms and machine learning to identify and approve members who might otherwise be overlooked, enhancing the credit unions' ability to fulfill their lending missions.
What specific benefits have credit unions experienced from using Scienaptic AI?
Credit unions have reported increased loan approvals, reduced loss ratios, and improved efficiency in decision-making processes, allowing underwriters to focus on more complex cases.
What differentiates Synaptic AI from other AI solutions in the market?
Scienaptic AI offers customization tailored to each credit union's needs, transparency in decision-making, and integration capabilities that enhance cash flow analysis for members.
How does Scinaptic AI ensure transparency in its decision-making process?
Scienaptic AI provides clear reasons for its decisions, allowing credit unions to explain the rationale behind lending choices to their members, which builds trust.
What role does AI play in combating fraud for credit unions?
AI helps credit unions identify and mitigate fraud risks by automating decision-making processes and ensuring that only legitimate applications are approved.

Summary

This episode, Patty Corkery talks with Pankaj “PK” Kulshreshtha, CEO of Scienaptic, about how AI is transforming credit union lending. PK shares insights on responsible AI, empowering lenders with better data and how credit unions can use technology to expand access to credit while protecting members.

Episode Description

We're diving deep into the world of loan approvals.

Join us on this week's episode of Tell me it's Friday as we explore how artificial intelligence is reshaping the traditional credit decisioning process, making it faster, fairer, and more efficient for credit unions and their members.

Summary

While AI has been around for decades there has never been more interest in this topic than there is today. In underwriting, some lenders have been using AI for a while but it is only recently that it has caught on for mainstream lenders.

My next guest on the Fintech One-on-One podcast is Pankaj Kulshreshtha, the CEO and founder of Scienaptic (he was last on the show two years ago). A lot has changed in the last two years and they have seen tremendous adoption among credit unions, which we discuss in some depth.

In this podcast you will learn:

• How he describes Scienaptic today.
  

• How much they emphasize the AI part of what they are offering.
  

• The process of migrating their clients from a manual process to an automated one.
  

• How the human touch can be maintained, or even increase, with more automation.
  

• Why credit unions have become the core focus for their technology solutions.
  

• What their credit unions are asking for most.
  

• How they work with existing loan origination platforms.
  

• What is involved in implementing Scienaptic’s solution.
  

• The types of loans they are working with for their credit union partners.
  

• How they ensure their models remain free of bias.
  

• How their AI models are getting better over time.
  

• What Pankaj makes of the sudden interest in AI with ChatGPT.
  

• How they could augment some of this technology into their systems.
  

• How this technology is going to develop over the next 3-5 years.