Making AI attainable for all Michigan credit unions
Michigan Credit Union League and Scienaptic collaborate in new AI venture for Michigan credit unions
NEW YORK, NY (January 31, 2022) — Leading global AI-powered credit decision platform provider, Scienaptic AI announced an AI collaboration with the Michigan Credit Union League (MCUL). This alliance will enable the company to offer its AI-powered credit underwriting technology to credit unions throughout Michigan.
Organized in 1934, MCUL has a proud tradition of innovation and leadership among the nation’s credit union trade associations. The partnership with Scienaptic will enable MCUL to deepen its commitment towards serving its members, expanding their market presence and improving their financial status.
Scienaptic’s current Michigan clients include Advantage One Credit Union and 4Front Credit Union.
In a recent press release, Nicholas Schmitter, Chief Lending Officer at Advantage One, said, “Scienaptic’s AI-powered credit decisioning platform will allow us to go the extra mile. It will give better access to credit for many deserving members.”
Scienaptic’s mission is to increase credit availability by transforming technology used in credit decisioning. Clients across banks, credit unions, fintechs and other lenders use the platform to constantly improve the quality of underwriting decisions. This enables them to say “yes” to borrowers more often and faster.
“Our partnership with Scienaptic is based on an alignment of core missions: to help credit unions better provide for their members,” said MCUL CEO Patty Corkery. “We believe this platform is the next step forward to allowing nearly 5.8 million members access to the financial services they need.”
“This alliance represents an opportunity for Michigan credit unions to take advantage of innovation and AI in the lending industry,” said MCUL VP of Michigan Solutions Eric Loehr. “The use of Scienaptic’s AI-based credit underwriting platform will play a key role in helping our credit unions grow membership, strengthen charters and provide excellent service to members.”
“We are excited for this collaboration as our platform will allow credit unions in the Michigan to grow their loan portfolios and enrich member lives while minimizing their risk,” said Kathryn Bonesteel, Head of Partnerships at Scienaptic AI. “It will also enable them to reach underserved members and enhance member experience.”
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 Michigan Credit Union League
The Michigan Credit Union League (MCUL) is headquartered in Lansing, Michigan. It enjoys 100 percent affiliation among its 208 member credit unions that serve 56 percent of Michigan’s population with nearly 5.8 million members and total assets of $92 billion. Its cooperative advertising program, “Banking Built for People” promotes the good works of this not-for-profit industry.
