Team One Credit Union Goes Live with Scienaptic's Fair & Compliant AI-Driven Credit Underwriting Platform

Up to 30% more approvals in indirect auto loans with up to 70% automation across all consumer lending

NEW YORK - Nov. 25, 2024 - PRLog -- Leading global AI-powered credit underwriting platform provider Scienaptic AI, announced today that Team One Credit Union has implemented its AI-based underwriting platform and is now live. This deployment is significantly streamlining the credit union's underwriting process, leading to an increase in approval rates and a notable enhancement in the member experience. Importantly, all these advancements have been achieved while ensuring fairness, inclusivity, and compliance with regulatory standards, which are integral to Scienaptic's AI platform.

Founded in 1935 by a group of dedicated teachers, Team One Credit Union has experienced remarkable growth over its nearly 90-year history. Since its humble beginnings, the credit union has steadily expanded its asset base, loan portfolio, and branch network while continuously introducing new services and technologies to better serve its members. The credit union today serves over 51,000 members across Michigan, with over $752 million in assets. This impressive trajectory is a testament to the commitment of Team One's Board of Directors and dedicated staff, who have volunteered their time and expertise to ensure the institution's long-term success.

"At Team One Credit Union, we are committed to continuously elevating the financial well-being of our members," said Nancy Davis, VP of Lending at Team One Credit Union. "By going live with Scienaptic's platform, we are transforming the way we serve our community. The AI-driven insights are enabling us to make faster, more precise lending decisions, while also expanding access to credit for those who need it most. This technology is allowing us to honor our mission by delivering personalized, member-first solutions, ensuring every individual gets the opportunity to thrive financially."

Eric Steinhoff, EVP Client Impact at Scienaptic AI expressed, "We're incredibly proud to see Team One Credit Union going live and harnessing the full power of Scienaptic's AI-driven platform. The technology is not only improving the speed and accuracy of their lending decisions, but it's also making a tangible impact in their community by expanding access to credit for underserved members. It's rewarding to see our platform driving meaningful change, helping Team One elevate their mission of empowering members with fair and personalized credit."

About Scienaptic AI

Founded in 2014, Scienaptic AI was built with a mission to drive financial inclusion at scale through AI-driven credit decisioning. The platform encapsulates a decade of technological innovations, integrating more data into decision-making processes, utilizing advanced machine learning algorithms, and supplementing them with rigorous risk and fair lending monitoring processes. This enables financial institutions to reach more borrowers, including underbanked and underserved individuals, and say "yes" more often without increasing risk.

In Sep 2024, its Credit Union Service Organization (CUSO) received strategic equity investments from six of its credit union clients. It underscores Scienaptic's unwavering commitment to the credit union community and its guiding principle of "people helping people."

Today, over 150 lenders rely on Scienaptic's platform to enhance the accuracy and efficiency of their underwriting decisions. Scienaptic-enabled lenders have processed over $80 billion in credit decisions and 400 million transactions, expanding credit access for millions of underserved individuals.

For more information, visit www.scienaptic.ai.