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.

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.

Summary

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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.

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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.

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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.

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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/ 

Summary

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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.

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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.

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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.

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Lastly, Pankaj discusses one of the goals on how this better credit decisioning increases financial inclusion for both borrowers and lenders.

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Super fascinating talk here with Pankaj. Check it out and let us know your thoughts.