Picatinny Federal Credit Union leverages Scienaptic’s AI-powered credit underwriting platform

Implementation to increase loan approval and ensure fair, transparent lending for all members

NEW YORK, June 20, 2022BUSINESS WIRE)–Leading global AI-powered credit decision platform provider scientific AI announced that Picatinny Federal Credit Union has chosen to implement Scienaptic’s credit decision platform. This implementation enables Picatinny Federal Credit Union to streamline and automate its credit underwriting process, increase approvals and improve the member experience.

Founded as a single-tax credit union serving Picatinny Arsenal in 1939, Picatinny Federal Credit Union is the 6th largest credit union in New Jersey with assets totaling $458.24 million and provides banking services to more than 18,000 members with 5 branches. The Credit Union is a full-service financial institution serving Morris County, NJ with the mission of taking care of their family members by providing financial solutions to help them achieve their goals and realize their dreams.

“At Picatinny Federal Credit Union, we are committed to helping our members pursue their dreams and achieve their financial goals,” said Tony Molina, CEO of Picatinny Federal Credit Union. “Scienaptic’s AI platform will fully automate our credit decision process, accelerate credit decisions, minimize risk and increase credit access for members through fair and transparent underwriting. This is expected to improve our member experience and fuel our growth.”

“We are driven to improve the financial lives of members that Picatinny FCU serves through credit empowerment and personalized decisions made through fair, compliant AI adoption technology,” said Pankaj Jain, president of Scienaptic AI. “Our platform will help Picatinny Federal increase credit approvals and credit access to underserved members, transform the member experience, increase operational efficiency while minimizing risk.”

About Scienaptic AI

The mission of Scienaptic AI is to increase the availability of credit around the world by transforming the technology used in credit decisions. Be it credit unions, auto borrowers, banks or fintechs, Scienaptic’s AI-native credit decision platform empowers lenders to continuously improve the quality and speed of their underwriting decisions, enabling them to reach a wider range of borrowers, including understaffed and underserved individuals, and say “yes” more often, without increasing the risk, while addressing all regulatory aspects, especially fair lending and explainable adverse actions.

The company’s AI platform is used by lenders of all sizes and integrates seamlessly with their existing systems. Scienaptic-enabled lenders have processed more than 190 million transactions worth $36 billion in credit decisions, benefiting millions of borrowers and helping them access the credit they need. For more information visit http://www.scienaptic.ai

Check out the source version at businesswire.com: https://www.businesswire.com/news/home/20220620005058/en/


Chandan Pal
Head of Marketing
scientific AI
[email protected]

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