Forest Area Federal Credit Union selects Scienaptic’s platform for AI-based credit underwriting
Scienaptic's platform to enable deeper automation of lending and more approvals
NEW YORK, NY (March 9, 2022) — Leading global AI-powered credit decision platform provider Scienaptic AI announced today that Forest Area Federal Credit Union has selected its platform for faster credit decisioning.
Established in 1983, Forest Area Federal Credit Union began with a nominal asset size of $4,049.42 and their first office in Fife Lake, Mich. The credit union now stands at more than $180 million in assets, with over 15,000 members and six branches located across Michigan. For the last 38 years, the credit union’s mission has been to serve its members with quality financial services tailored to each member’s requirement. Scienaptic’s AI-powered credit decisioning platform will enable the credit union to automate its credit underwriting process and make personalised loan decisions.
“For 38 years, we have provided assistance to those who are living on the fringes of the community and provide a wholesome financial experience to our members,” said Justin Wolf,
Vice President of Lending at Forest Area Federal Credit Union. “Our partnership with Scienaptic AI’s credit underwriting platform will help us create a more inclusive and efficient lending process and allow us to approve more loans and provide credit assistance to a wider category of people.”
Correspondingly, Pankaj Jain, President, Scienaptic AI, stated, “We are extremely thrilled to be chosen as the credit underwriting platform for Forest Area FCU and to assist them in faster and more efficient loan decisioning. Our state-of-the-art AI technology will help the credit union serve more unbanked and underbanked individuals and provide a member-centric service, at reduced risk.”
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
