Andrews Federal Credit Union has partnered with Scienaptic AI, an artificial intelligence (AI) powered credit decisioning platform, to improve credit accessibility for its members.
Based in Suitland, Maryland, the credit union aims to utilise the AI-powered platform to make lending decisions more efficiently, streamline its credit processes, and extend opportunities to those traditionally underserved.
Scienaptic’s technology, which adheres to regulatory requirements, will support these objectives.
Scienaptic chief growth officer Patrick McElhenie said: “We are thrilled to partner with Andrews Federal Credit Union in their mission to serve their members. Their global footprint and member-first approach align perfectly with our platform’s ability to drive smarter decisions, improve automation, and expand credit access.”
Established in 1948, Andrews Federal Credit Union caters to over 141,000 members globally and manages assets exceeding $2.5bn. The institution operates 15 branches across several US states and maintains a presence in Germany, Belgium, and the Netherlands.
Andrews Federal Credit Union chief lending officer Pat Campbell said: “At Andrews Federal, our mission is to support our members with timely, personalised financial solutions that evolve with their needs.
“Our partnership with Scienaptic AI is a critical step in enhancing our lending infrastructure to reflect our values and support our global member base. Their platform will advance our credit decisioning and provide greater efficiency, precision, and consistency.
“By increasing decision automation and unlocking deeper insights, we will be able to streamline lending while enhancing the lending experience for our members.”
Scienaptic, established in 2014, seeks to enhance financial inclusion through its AI-driven credit decisioning platform. The platform integrates substantial data into its decision-making processes and employs advanced machine learning algorithms while ensuring rigorous risk and fair lending monitoring.
It enables financial institutions to broaden their borrower base without heightening risk.
Scienaptic is said to support over 150 lenders by improving lending accuracy and efficiency. Its platform aids institutions managing collective assets of $3.9 trillion by processing over three million credit decisions monthly, facilitating loan applications worth more than $3bn.
Recently, Greenwood Credit Union in Warwick, Rhode Island selected Scienaptic’s platform to enhance credit access through faster and more personalised lending experiences.
