CoVantage Credit Union Goes Live With Scienaptic AI Platform to Transform Credit Underwriting
15 Julio 2024 - 7:00AM
Business Wire
Deployment resulted in up to 22% increase in
approvals and up to 48% increase in automation
Leading global AI-powered credit underwriting platform provider,
Scienaptic AI, announced today that CoVantage Credit Union has
implemented its AI-powered credit underwriting platform and is now
live. This deployment aims to enhance underwriting automation and
improve the loan application process for CoVantage’s members while
ensuring adherence to the principles of fairness and inclusivity
and maintaining compliance with regulatory standards, which are
integral to Scienaptic’s AI platform.
Established in 1953, CoVantage Credit Union began its journey
with just two employees in the basement of the now-defunct Antigo
Co-op Oil Association bulk plant. Since its inception, CoVantage
has remained steadfast in its commitment to being member-owned and
operated, with a profound philosophy of conducting business for
"people-not-profit." Over the years, the credit union has witnessed
substantial growth, now boasting over 460 employees spread across
24 locations, serving a vast membership base of 168,000+
individuals, and managing assets surpassing $3.6 billion. Having
deep involvement in Wisconsin, Upper Michigan, and Northern
Illinois communities, CoVantage champions financial literacy by
actively volunteering for civic groups, school events, and
more.
"At CoVantage Credit Union, we're committed to improving the
lives of every single one of our members,” said Brett Lee, Chief
Retail Officer at CoVantage Credit Union. “Going live with
Scienaptic’s AI platform is helping us get a more holistic view of
our members, enabling us to understand their needs and tailor
personalized loan solutions that uplift and propel them towards
their goals. We are also making automated decisions that have
amplified our operational efficiency but also elevated the very
essence of member experience. We are seeing amazing results and
foresee this technology helping our members exponentially in the
years to come.”
“We are excited that CoVantage Credit Union is live on our
platform and is using AI to streamline and support the credit needs
of its members,” said Pankaj Jain, Cofounder & President of
Scienaptic. “With access to enhanced credit underwriting, CoVantage
is assisting more current and prospective members, increasing
approval rates and automation, all while building deeper
relationships.”
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
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version on businesswire.com: https://www.businesswire.com/news/home/20240715605254/en/
Media Contact Chandan Pal Chief Marketing Officer
chandan@scienaptic.com Scienaptic AI