Greenwood Credit Union (Greenwood CU) has adopted the credit underwriting platform from Scienaptic AI to enhance its lending operations.
The Rhode Island-based credit union intends to leverage Scienaptic’s artificial intelligence (AI)-driven platform to streamline its credit processes. It also aims to provide a more personalised lending experience, thereby improving loan approval rates and supporting inclusive growth among its members nationwide.
Greenwood Credit Union was established in 1948 to cater to the financial needs of local families and businesses post-World War II. It has since evolved into a full-service institution providing financial products such as personal and business banking, mortgages, lending products, investments, and insurance across all 50 US states.
Greenwood Credit Union senior vice president and chief lending officer Holly Ferrara said: “At Greenwood, we’re committed to helping our customers achieve their financial goals. Scienaptic AI gives us a sharper, more holistic view of each borrower’s potential. It aligns perfectly with our mission of personalised service and responsible, inclusive lending.”
Scienaptic AI, founded in 2014 with a mission to expand financial inclusion through AI-driven credit decisioning, supports over 150 lenders in enhancing their credit processes.
The platform incorporates machine learning algorithms alongside risk and fair lending monitoring systems to enable financial institutions to reach underserved borrowers without increasing risk.
Scienaptic AI chief growth officer Patrick McElhenie said: “We’re excited to welcome Greenwood Credit Union to the Scienaptic AI community.
“Their long-standing commitment to doing right by their customers and communities makes them an ideal partner. With Scienaptic AI, Greenwood can lend deeper, automate decisions, and deliver a smarter credit experience at scale.”
In 2024, the company’s credit union service organisation (CUSO) business received investments from its clients to further bolster its aim of promoting inclusive loan growth through AI technology.
Currently backed by 10 strategic investors, Scienaptic’s platform is said to process over three million credit decisions monthly, facilitating access to credit for over 1.3 million underserved individuals.
Recently, Financial Center First Credit Union in Indianapolis has also adopted Scienaptic’s platform to improve credit accessibility for its members.
