▾ G11 Media Network: | ChannelCity | ImpresaCity | SecurityOpenLab | GreenCity | Italian Channel Awards | Italian Project Awards | ...
InnovationOpenLab

Patriot Federal Credit Union Embraces AI Innovation with Scienaptic AI for Underwriting Transformation

Leading global AI-powered automated credit underwriting platform provider, Scienaptic AI, announced today that Patriot Federal Credit Union has chosen to implement its AI-powered credit underwriting p...

Business Wire

NEW YORK: Leading global AI-powered automated credit underwriting platform provider, Scienaptic AI, announced today that Patriot Federal Credit Union has chosen to implement its AI-powered credit underwriting platform. The credit union aims to streamline its credit decisioning by utilizing Scienaptic's fair, inclusive, and regulatory-compliant AI platform.

Founded on the principles of community service and financial empowerment, Patriot Federal Credit Union has its origins deeply rooted in the cooperative banking movement. Established in 1965, Patriot emerged as a response to the growing need for accessible and member-focused financial services. With assets more than a billion dollars, Patriot Federal Credit Union serves more than 80,000 members across Franklin County, PA; Frederick County, MD; Washington County, MD and the Eastern Panhandle of West Virginia – Berkeley, Jefferson, and Morgan Counties. Since its inception, the Credit Union has remained steadfast in its commitment to being member-owned and serving the financial needs of its members.

"At Patriot, we are committed to serving all the financial needs of our members and developing a solid, long-term relationship that will help them through every phase of their life,” said Tricia Wareham, Senior Vice President of Consumer Lending at Patriot. “In Scienaptic, we see a partner whose mission, vision, and culture uniquely align with ours. With Scienaptic’s AI-powered credit underwriting platform, we will be able to better serve members offering them the finest credit experience. Scienaptic’s AI will automate and personalize loan decisions allowing us to enhance credit access and offer a delightful experience to every member.”

Acknowledging the call for transformative change in credit underwriting, Pankaj Jain, President of Scienaptic AI, expressed, 'We are thrilled to be working with Patriot Federal Credit Union in a shared vision and offer our industry-leading credit underwriting platform. Our adaptive AI technology is poised to amplify the credit union's mission— helping members reach their financial goals, expanding member reach, facilitating more loans, and enhancing the overall member experience. We are embarking on a journey that resonates with the pulse of our times, meeting the evolving demands of members and creating an inclusive financial future for all.”

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

Fonte: Business Wire

If you liked this article and want to stay up to date with news from InnovationOpenLab.com subscribe to ours Free newsletter.

Related news

Last News

A capital increase for the Italian venture builder FoolFarm

FoolFarm launches €9 million capital increase targeting IPO and unveils new investment committee.

ShopFully goes shopping in Spain (again)

ShopFully, the Italian company leader in Europe in drive-to-store solutions, acquired the Spanish Ofertia.

Sicily is more and more digitally connected

Thanks to EXA Infrastructure investments, more routes provide rapid access to mainland Italy and beyond

Italian startup Audio Innova combines AI and metaverse for art preservation

Audio Innova won the first prize in the "Creative AI" category at WAICF in Cannes

Most read

ServiceNow to Acquire Atrinet NetACE Network Technology to Accelerate…

Mobile World Congress -- ServiceNow (NYSE: NOW), the leading digital workflow company making the world work better for everyone, today announced it has…

A capital increase for the Italian venture builder FoolFarm

FoolFarm launches €9 million capital increase targeting IPO and unveils new investment committee.

CIBC Innovation Banking Provides Growth Capital to InsightRX

CIBC Innovation Banking announced today that it has provided growth financing to InsightRX, a San Francisco-based software company leveraging quantitative…

OrdinalsBot Mints Full BRC-20 Token Supply in a Single Bitcoin Transaction…

OrdinalsBot, a premier technology infrastructure company which provides API solutions for Bitcoin Ordinals and BRC-20s, has minted the full supply of…

Newsletter signup

Join our mailing list to get weekly updates delivered to your inbox.

Sign me up!