University of Illinois Community Credit Union Taps Scienaptic's AI-Powered Credit Underwriting Platform

NEW YORK - May 13, 2024 - PRLog -- Leading global AI-powered automated credit underwriting platform provider, Scienaptic AI, announced today that University of Illinois Community Credit Union has chosen to implement its AI-powered credit underwriting platform. The credit union aims to streamline its credit underwriting process by utilizing Scienaptic's fair, inclusive, and regulatory-compliant AI platform.

The University of Illinois Community Credit Union has been serving members of its community for over 90 years. Today, the credit union stands as a full-service financial institution, offering a comprehensive range of financial services to meet the diverse needs of its members. With assets exceeding $590 million and a membership base surpassing 57,000, the credit union has expanded its footprint to serve both campus and community in 12 counties across Illinois.

"At University of Illinois Community Credit Union, #DoMoreGood pulses through our veins. We believe in giving second chances, in showing up consistently for our members, each other, and our community when they need us most," said Jenna Howe, VP of Lending at University of Illinois Community Credit Union. "Embracing Scienaptic's platform isn't just about innovation; it's about amplifying our ability to understand our members better, deliver personalized loan decisions, and deliver an exceptional credit experience. Scienaptic's platform will automate and streamline our decisioning, increase credit approvals, and give our underwriters a powerful tool to increase efficiency and focus on complex loan applications."

Correspondingly, Pankaj Jain, President of Scienaptic AI, stated, "It is incredibly satisfying to play a role in a member's journey towards realizing their dreams and through our partnership with the University of Illinois Community Credit Union, we will be able to deliver on this mission by enabling automated and faster loan underwriting. Our AI-powered credit underwriting platform will help increase credit access and elevate member experience while making personalized credit decisions members need."

About Scienaptic AI

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 300 million transactions, benefitting millions of borrowers. For more information, visit http://www.scienaptic.ai