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Great NorthWest Federal Credit Union Goes Live With Scienaptic's AI Platform

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Doug Page, CEO at Great Northwest FCU
Initial tests indicate up to 40% auto approvals, with up to 20% increase in credit approvals

NEW YORK - eTradeWire -- Leading global AI-powered credit underwriting platform provider, Scienaptic AI, announced today that Great NorthWest Federal Credit Union is now live on its AI-powered credit underwriting platform. This deployment is significantly streamlining the credit union's underwriting process, leading to an increase in approval rates and automation. Importantly, all these advancements have been realized while ensuring adherence to the principles of fairness and inclusivity, and maintaining compliance with regulatory standards, which are integral to Scienaptic's AI platform.

Originally founded as Schafer Mill Employees Credit Union in April 1953, Great NorthWest Federal Credit Union has experienced transformative growth, resulting in an asset size exceeding $240 million and a membership base of close to 18,000 individuals. Headquartered in Aberdeen, Washington, the credit union proudly serves a wide range of members residing in Grays Harbor, Pacific, Mason, Lewis, Wahkiakum, Clallam, Jefferson, and Thurston Counties. Committed to its mission, the credit union strives to empower its diverse family of members to achieve their unique financial aspirations and turn their dreams into reality.

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"At Great NorthWest, our core commitment has always been to fulfill the financial aspirations of our members. Drawing on our rich history of supporting individuals and promoting financial well-being, we continuously seek ways to enhance our services and adapt to the evolving needs of our community," shared Doug Page, CEO of Great NorthWest Federal Credit Union. "Going live on Scienaptic's platform is empowering us to support our members at every step of their journey. Leveraging their advanced AI-driven underwriting platform, we are establishing a seamless, automated underwriting process that is allowing us to approve a greater number of loans, while effectively managing risk and revolutionizing the member experience."

"At Scienaptic AI, we're thrilled to see the positive impact that our credit underwriting technology is having on the financial lives of Great NorthWest Federal Credit Union's members," said Pankaj Jain, President and Co-Founder of Scienaptic AI. "It's an honor to support a credit union that is so dedicated to serving its community and providing access to financial solutions that truly make a difference. Our platform is helping the credit union strengthen its loan underwriting, resulting in faster loan approvals and increased credit access for their community."

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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

Media Contact
Chandan Pal
***@scienaptic.com


Source: Scienaptic AI
Filed Under: Software, Banking, Financial

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