Skip to main content

ELGA Credit Union to Deploy Scienaptic's AI-Powered Application Fraud Detection Platform

By: PRLog

The implementation will augment ELGA's existing credit underwriting platform deployment from Scienaptic

NEW YORK - Nov. 28, 2022 - PRLog -- Scienaptic AI, a leading global AI-powered credit decision platform provider, announced today that Michigan-based ELGA Credit Union has chosen to implement Scienaptic's AI-powered fraud detection platform. The credit union aims to enhance its fair, inclusive, and compliant AI underwriting capabilities by harnessing predictive fraud detection signals. Through Scienaptic's AI platform, ELGA CU can leverage 1000s of rich data signals, including intelligent real-time signals from SentiLink, to help minimize fraud risk while delivering a frictionless customer experience.

Founded in 1951, ELGA Credit Union is a not-for-profit cooperative; formed, owned, and operated for a single purpose: members helping members. ELGA Credit Union had a humble beginning, helping Consumers Energy employees that were paid below the average of other industrial workers in the 1950s. Today the $1.4 bn credit union serves over 85,000 members with a field of membership which includes anybody who lives, works, worships, or attends school in the State of Michigan.

"Fraud is constantly evolving, and we must invest in technology to remain one step ahead," says Terry Katzur, CEO of ELGA Credit Union.  "In Scienaptic's innovative AI platform, we've found a holistic frictionless way to harness fraud signals from multiple systems. The platform reviews origination data and generates predictive scores, attributes, and insights to detect fraudulent applications. Together, Scienaptic and ELGA will continue to push the envelope in terms of risk innovation and continuously enhance our product to create a richer member experience."

"The upcoming deployment for ELGA is part of our ongoing commitment to build the most comprehensive AI-native risk decisions platform," said Pankaj Jain, President and Co-founder of Scienaptic. We are thrilled to work side by side with ELGA to help defeat financial fraud.

About Scienaptic:
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 200 million transactions, benefitting millions of borrowers.

For more information, visit http://www.scienaptic.ai

Media Contact
Scienaptic Systems
***@scienaptic.com

Photos: (Click photo to enlarge)

Scienaptic Logo ELGA Credit Union | Scienaptic AI

Read Full Story - ELGA Credit Union to Deploy Scienaptic's AI-Powered Application Fraud Detection Platform | More news from this source

Press release distribution by PRLog

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.