Scienaptic AI, an artificial intelligence (AI) powered credit decision platform provider, has forged an integration partnership with automated digital lending platform DigiFi to offer advanced credit scoring.
The integration will enable DigiFi clients to smoothly access Scienaptic’s advanced AI-powered signals for lending.
The fusion of DigiFi’s loan origination system with Scienaptic’s AI-powered signals provides financial institutions with the capability to automate their lending processes, leading to higher loan approvals and enhanced credit availability for their members.
This collaboration aims to promote the widespread use of AI in lending, extending fair credit access to more individuals.
Lenders use Scienaptic AI’s signals to elevate approval rates while maintaining consistent loss rates. Clients typically witness a substantial increase in approval rates ranging from 15% to 40%.
The platform also offers notable benefits, including a significant uptick in automated decisions and a reduction in bias across protected consumer classes.
Scienaptic AI co-founder and president Pankaj Jain said: “We are very excited to partner with DigiFi. Our partnership removes the integration hurdles that prevent lenders from implementing AI. This partnership will increase the adoption of AI and allow more members to access credit.
“As a result, we will be able to drive faster and smarter loan decisions for financial institutions and empower their members and customers to say “yes” more often.”
DigiFi offers an advanced loan origination system tailored for banks, credit unions, finance companies, and fintechs. Its cloud-based platform facilitates the automated online delivery of various consumer lending products via a unified system, enhancing customer experiences and reducing operating costs.
DigiFi CEO and co-founder Joshua Jersey said: “DigiFi is dedicated to empowering lenders to provide digital access to credit that impacts people’s lives, and we love how Scienaptic is helping lenders expand who they can serve.
“The integration of both platforms is an exciting opportunity to bring Scienaptic’s AI-powered credit signals to our clients. As a result, our clients will have the opportunity to incorporate AI into their lending process and make smarter, automated decisions.
“In addition, this partnership will enhance their borrowers’ experience, increase approvals and expand access to credit.”
Last month, Scienaptic AI announced a strengthened product partnership with SentiLink to tackle identity fraud in digital lending.
