Credit Union of Colorado integrates Scienaptic’s AI-powered platform

By Pavithra R

Leading global AI-powered credit decision platform provider, Scienaptic AI announced that Credit Union of Colorado has selected its AI-powered platform. The implementation will enable the CU to make stronger, faster credit decisions and enhance financial options for its members.

“We are excited to deploy Scienaptic’s AI-powered platform to bring instant, better and more personalized credit decisions to our members. The use of Scienaptic’s AI will help us provide better loan decisions for every single member we serve. We can provide enhanced access to credit to our valuable members while also creating opportunities to reach potential members, all without increasing risk,” said Chad Wilcox, senior vice president of Lending at Credit Union of Colorado.

Founded in 1934, Credit Union of Colorado was initially established to support state employees. With over 8 decades of experience, the CU has since expanded to serve more than 140,000 members and specializes in providing personalized products and services, including auto loans, home equity lines of credit and credit cards. By integrating Scienaptic’s AI-enabled credit underwriting platform, the credit union expects to further enhance credit access for its members.

“We are pleased to partner with Credit Union of Colorado to enhance the institution’s credit decisioning and availability for its members. Scienaptic’s powerful, adaptive AI will equip the credit union to create more approvals faster, strengthen member relationships and drive an unparalleled member experience,” said Pankaj Jain, president of Scienaptic.

Founded in 2014, Scienaptic is on a mission to increase credit availability by transforming technology used in credit decisioning. Its platform Ether Underwrite is creating improvements in higher application approvals (15-40%) and lower credit losses (10-25%) with all the regulatory explainability. The firm uses alternate data, raw trade line-level bureau data and AI to help banks find new credit eligible segments of customers.