Arkansas Federal Credit Union taps Scienaptic’s AI-powered credit decisioning platform for advanced loan decisioning
Deployment of AI platform to bolster auto loans
NEW YORK, NY (April 11, 2022) — Leading global AI-powered credit decision platform provider Scienaptic AI announced today that Arkansas Federal Credit Union has chosen its AI-based underwriting technology to improve the credit union’s loan decisioning process and make advanced decisions for community members.
Arkansas Federal, which has been serving Arkansans since 1956, provides a full suite of financial products and services to more than 130,000 members. As a member-owned credit union, Arkansas Federal’s purpose is to make a difference in the lives of its employees, members and the communities it serves. With Scienaptic AI’s credit underwriting platform, Arkansas Federal will be able to increase credit access for its community through instant loan decisioning and higher approvals.
“At Arkansas Federal, we are focused on ensuring access to credit to our members so that they can achieve their financial goals, whether that’s buying their first home or refinancing their debt so that they can have peace of mind,” said Terry Vick, executive vice president and chief lending officer at Arkansas Federal. “With Scienaptic’s AI technology, our loan decisioning will become automated, sharper and faster, enabling us to provide loans to members whose credit scores are unfairly low while enhancing everyone’s ability to get fair rates backed by local service.”
“Our cutting-edge AI-enabled credit underwriting technology will help Arkansas Federal increase approval rates and lend with more confidence. Our platform helps to empower both members and credit unions by increasing credit access and minimizing risk while increasing the number of beneficiaries,” said Pankaj Jain, President of Scienaptic. “We are excited to be part of this journey to bring empowerment and growth opportunities to the state of Arkansas.”
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
About Arkansas Federal Credit Union
Arkansas Federal Credit Union is the largest credit union and one of the largest financial institutions in Arkansas with more than $1.7 billion in total assets and more than 380 employees. Arkansas Federal has 19 branches throughout Arkansas, which serve more than 130,000 members. www.afcu.org. #OpenToAllArkansans
