Levo Credit Union deploys Scienaptic’s AI-powered credit decision platform to enhance loan approvals
Early results indicate potential for 42% more auto-approvals for auto loans and 45% more auto-approvals for unsecured loans
NEW YORK, NY (May 9, 2022) — Leading global AI-powered credit decision platform provider Scienaptic AI announced today that Levo Credit Union, a 30,000 member strong credit union serving the South Dakota region, is live on its platform. Scienaptic’s platform will allow Levo to increase approval rates, augment its credit decisioning process and improve member experience with faster processing and approval times.
Originally chartered in 1934 and named as the Sioux Falls Federal Credit Union, Levo has, over the past nine decades, garnered over 30,000 members throughout Minnehaha, Lincoln, McCook and Turner counties of South Dakota, providing a full range of consumer and business financial services across its six Sioux Falls locations. Implementing Scienaptic’s AI-powered credit underwriting platform will allow the community-focused, members-first institution to boost credit access for both current and potential borrowers.
“When we re-branded ourselves as Levo with the vision of going ‘forward together,’ we intended to empower members to experience the uplift they get when they collaborate with a credit union that understands its members’ needs, and offers services in a personalized, localized manner,” said Steve Stofferahn, VP of Lending at Levo Credit Union. “We believe in the philosophy of giving back, and Scienaptic’s AI platform deployment is another step towards understanding our members better and in a smarter way, approving their loans faster, and enabling them to flourish financially.”
Pankaj Jain, Co-founder and President of Scienaptic commented on the deployment, “It is incredibly satisfying to play a role in a member’s journey towards realizing their dreams and through this deployment with Levo, we are able to deliver on this mission by enabling advanced and faster loan decisioning. Our platform enables Levo to give back to their community, and Levo is able to strengthen their decision making infrastructure and approve more members than ever before.”
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
