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Forest Area Federal Credit Union Selects Scienaptic’s Platform For AI-Based Credit Underwriting

by uma
Editorial & Advertiser disclosure

 

Scienaptic’s platform to enable deeper automation of lending and more approvals

NEW YORK – Mar. 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

Scienaptic is on a mission to increase credit availability by transforming technology used in credit decisioning. Over 150 years of credit experience is embedded in Scienaptic’s AI native credit decision platform. Our clients across banks, credit unions, fintech, 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. The platform is used by lenders with assets exceeding $100 billion, enabling them to process over $22 billion in credit decisions, benefitting over two million credit union members and millions of borrowers across banks, auto and online lenders. For more information, visit www.scienaptic.ai.

 

 

 

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