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CU Insight Network - Episode #35
Disrupt to Adapt: Scienaptic AI - Pankaj Jain
Jun 24, 2022
Summary
“When you look at the underlying data, you are able to tell a better economic story of members.” - Pankaj Jain
Thank you for tuning in to episode 35 of The CUInsight Network, with your host, Lauren Culp, Publisher & CEO of CUInsight.com. In The CUInsight Network, we take a deeper dive with the thought leaders who support the credit union community. We discuss issues and challenges facing credit unions and identify best practices to learn and grow together.
My guest today is Pankaj Jain, President and Co-Founder at Scienaptic AI. Pankaj shares his story and the experiences that inspired him to develop this technology and create Scienaptic AI, an AI-powered instant loan decision-making platform. We talk about how the Scienaptic team helps credit unions leverage data to better understand the background of each member, allowing credit unions to approve more loans while minimizing risk.
In this episode, Pankaj shares how Scienaptic supports underwriting efforts through alternative credit scoring and the positive impact it can have on ROI. In an effort to change the narrative of, “Every person is a risk,” Pankaj shares his vision of credit unions moving toward an “Every person gets credit” narrative. We discuss the impact Scienaptic can have on product offerings, loan processes, and the overall digital member experience.
Tune in to hear Pankaj provide insight on streamlining services to capture opportunities and exceed expectations. He discusses the importance of AI and creating a digital member experience that is easy to use and delivers instant gratification to users, specifically Gen Z. During our conversation, you’ll also learn how Scienaptic innovates to avoid disruption in the financial services industry and how they can add value to credit unions so they can stay ahead of these trends and thrive in the industry as well.
As we wrap up the episode, Pankaj talks about a recent purchase he can’t live without, what he finds inspirational about Elon Musk, and spending time in nature with his family. Enjoy my conversation with Pankaj Jain!
Linda Lafortune
Director of Learning & Client Support at CUInsight
CU broadcast
What Scienaptic and Allied Solutions Partnership Means for Credit Unions...
Jun 15, 2022
What Scienaptic and Allied Solutions Partnership Means for Credit Unions...Kathryn Bonesteel
00:00 / 17:24
Summary
Scienaptic Vice President of Partnerships and Alliances Kathryn Bonesteel, Allied Solutions Chief Client Lending Consultant Jack Imes, and Allied Solutions 2nd VP of Product Management Traci Mottweiler joined us on the show to share their take on what the new Scienaptic and Allied Solutions partnership means for credit unions going forward.
Jack, Traci, and Kathryn addressed why the two organizations created this partnership and how it will affect their current and future credit union clients.
In addition, they talked about what this partnership requires from each side -- what Scienaptic and Allied Solutions bring to the table.
They also discussed how working together helps sets up credit unions for the future and what they look to achieve.
Fintech Nexus
USA 2022: Reimagining the human touch with AI
May 25, 2022
Summary
Audio recording of the panel discussion on "Reimagining ‘human touch’ with AI" Moderated by Peter Renton, Co-founder and Chairman, LendIt Fintech (Fintech Nexus).
Panelists
Pankaj Kulshreshtha, CEO, Scienaptic AI
John Witterschein, VP, Head of Consumer Credit, Bethpage Federal Credit Union
Murli Buluswar, Head of Analytics, US Consumer Bank, Citi
Paul Quintero, CEO, Ascendus
Scienaptic presents a panel discussion at Lendit that will feature insights from early adopters and visionaries who are augmenting human intelligence with AI to create unique experiences for customers in a broad range of use cases, including Loan approvals, Membership expansion, Preapprovals, BNPL offers, Collections & servicing
Zero To 5000
Building Liberating Wealth: Pankaj Kulshreshtha, Scienaptic
Dec 23, 2021
Use headphones for better experience.
Summary
Another inspiring conversation on the Zero to 5000 Podcast.
by Pankaj Kulshreshtha, the Founder & CEO of Scienaptic
Topics discussed:
- Being an entrepreneur of a new company and taking the leap
- Working to build a better future you believe in
- Taking the problem you know how to fix and using that to your advantage
- Creating an environment not just based on salary but liberating wealth as well
Bankadelic: The colorful side of finance
Episode 66: Beyond bureau scores: Demystifying AI in credit
Nov 04, 2021
EPISODE 66: Beyond bureau scores: Demystifying AI in creditPankaj Kulshreshtha
00:00 / 24:18
Summary
While none of us would think of carrying rotary phones in our pockets or trying to stream videos via box cameras, we still use the generations-old FICO score as the main way to evaluate credit worthiness. That leads to mistakes, oversights and the exclusion of otherwise deserving consumers. Pankaj Kulshreshtha, the Founder & CEO of Scienaptic AI, explains how “augmented intelligence” can close the gaps of an obsolete credit measure and give financial institutions peace of mind—and a piece of the action—as they think far, far outside the credit score box.
CU broadcast
How Credit Union Lenders Can Leverage AI for New Growth Opportunities...
Oct 12, 2021
CU broadcast How Credit Union Lenders Can Leverage AI for New Growth Opportunities...Eric Steinhoff
00:00 / 21:22
Summary
Eric Steinhoff, EVP of Client Impact and Credit Risk Leader with AI-powered credit decisioning disruptor Scienaptic, joined us to share his expertise on how credit union lenders can leverage AI for new growth opportunities -- opportunities they may have never considered before.
Eric talked about how AI can reduce friction, eliminate costs, and mitigate risks in the credit union lending arena -- which essentially levels the playing field for them regarding some of their well-funded competitors.
He also shares some experiences from CLOs who have implemented these solutions to illustrate the effectiveness how AI can enhance and uncover these new lending opportunities for credit unions.
Lastly, Eric discusses the advantages of being an early adopter of AI, which can those who get going a head start in this area. The more good data you have to work with, the more effective the AI will be.
Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.
CU broadcast
How Credit Union of Colorado Leveraging AI to Enhance Lending Efforts...
Aug 26, 2021
How Credit Union of Colorado Leveraging AI to Enhance Lending Efforts: Kathryn BonesteelCU broadcast
00:00 / 20:52
Summary
Scienaptic’s VP of Partnerships, Kathryn Bonesteel and Chad Wilcox, SVP of Lending at Credit Union of Colorado, joined us on the show to share their insights on the rise of artificial intelligence in lending and how early adopters like CU of Colorado are setting the stage to reap the benefits well into the future.
Both Chad and Kathryn talked about what was going on at the credit union that prompted them to look to AI as a solution to enhance its lending efforts. In addition, they discussed the multiple benefits AI can have in the lending department, goals they look to achieve, and some really cool projects in the works -- again, leveraging AI's capabilities.
Fascinating conversation with Kathryn and Chad on how this technology is permeating every corner of a credit union now. Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.
BigCast Network
Getting To Yes More Often
Aug 10, 2021
BigCast: Getting to yes more often-Kathryn BonesteelCU broadcast
00:00 / 28:44
Summary
Glen chats with Scienaptic's Kathryn Bonesteel about bringing artificial intelligence to credit union loan underwriting. Plus- Square buys now, and Americans remain unclear on open banking.
Links related to this episode:
Scienaptic: https://www.scienaptic.ai/
CU broadcast
How AI Can Create Better Credit Decisioning for Credit Unions...
June 3, 2021
How AI Can Create Better Credit Decisioning for Credit Unions...CU broadcast
00:00 / 14:56
Summary
Pankaj Kulshreshtha, Founder and CEO of Scienaptic, joined us on the show to share his insights on the current state of AI's impact on credit underwriting.
Pankaj addressed why the standard credit scoring approach of the past is not keeping up to help lenders effectively offer loans while mitigating risk, as the traditional FICO scoring doesn't always tell the whole story these days.
He also talks about how credit unions can help more borrowers while still protecting themselves and growing their portfolios, as well as how AI can create better credit decisioning for credit unions.
Lastly, Pankaj discusses one of the goals on how this better credit decisioning increases financial inclusion for both borrowers and lenders.
Super fascinating talk here with Pankaj. Check it out and let us know your thoughts.
The CU2.0 Podcast
CU 2.0 Podcast Episode 140 | AI at Gesa Credit Union
April 14, 2021
CU 2.0 Podcast Episode 140 | AI at Gesa Credit UnionThe CU2.0 Podcast
00:00 / 28:44
Summary
There are two guests on the podcast - Eric Steinhoff, a Scienaptic executive vice president, and Kevin Willborn, vice president of consumer lending at $5 billion Gesa Credit Union.
Essentially you will hear that Scienaptic's tools are a way to speed up loan decisioning and also to make the decisions very possibly better. It's hard not to like better and faster.
Willborn also tells what loans he plans to run through Scienaptic - lots of different kinds.
This is a tight podcast but in it you will hear how Scienaptic in fact creates better tools for smarter underwriting. It's a short course in the secret sauce of an AI engine.
At Gesa, meantime, the determination is to up its lending game and that is why Willborn took a look at new tools for smarter processing. When he heard the Scienaptic presentation he knew he had found the vendor for Gesa.
LendIt Podcast
AI-Driven Credit Underwriting
April 7, 2021
LendIt PodCast - AI-Driven Credit UnderwritingLendIt Podcast
00:00 / 51:51
Summary
Peter Renton, Co-founder & chairman of LendIt Fintech talks with Pankaj Kulshreshtha CEO of Scienptic AI on Scienaptic’s AI driven credit underwriting solution for Lending Institutions.
In this podcast, they discuss on AI-driven credit underwriting has gone from a curiosity to a must-have in the last five years. Lenders of all sizes aspire to use AI-powered credit decisions to approve more borrowers. Why? Because It is simply better. Lenders get better decisions instantly, can approve more borrowers with confidence and can price loans more accurately.
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Demystifying AI in credit, what it actually means.
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How smaller banks and credit unions are incorporating AI-powered credit decisions?
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What is involved in implementing AI-powered models?
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How will this impact the borrower experience?
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Why AI-based underwriting is the way of the future?
CU broadcast
Why Northern Hills FCU Employing AI-Powered Credit Decisioning Platform
March 7, 2021
Why Northern Hills FCU Employing AI-Powered Credit Decisioning PlatformCU broadcast
00:00 / 15:05
Summary
Eric Steinhoff, EVP Client Impact at Scienaptic, and Floyd Rummel, Chief Executive Officer at Northern Hills Federal Credit Union, shared how Northern Hills FCU will leverage Scienaptic’s AI-powered credit decisioning platform to better manage external and internal limitations in today's current environment.
Eric and Floyd also addressed why jumping on the AI bandwagon is now a solution. Credit unions must ensure that they adapt AI to their specific portfolio and business needs.
In addition, they talked about the future roadmap and how does one navigate potential issues like talent shortage, fair lending, bias, etc.?
The fascinating discussion here -- especially if AI-focused solutions are on your credit union's radar. Check it out and let us know your thoughts.
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