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.
  

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

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.

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