Global AI-enhanced credit decision platform provider, Scienaptic AI reveals that Tower Federal Credit Union has chosen its AI-enabled platform.
The implementation should equip the credit union with improved underwriting capabilities in order to “make stronger, faster credit decisions and strengthen financial options for its members.”
Founded in 1953 with head offices in Laurel, Md., Tower Federal Credit Union has reportedly grown to become one of the largest federal credit unions based in Maryland with more than $4 billion in assets and over 200,000 members globally, offering a complete array of financial products and services.
Implementing Scienaptic’s AI-enhanced platform “positions the credit union to make better loan decisions for its members while delivering the best value for lifelong relationships.”
Christopher Ercole, VP of Consumer Lending at Tower Federal Credit Union, stated:
“As a member-owned, cooperative organization, we are committed to meeting our members’ diverse financial needs by offering the best value, member experience and innovative solutions,. Partnering with Scienaptic reinforces this commitment by ensuring our members are provided with industry-leading underwriting capabilities and enhanced access to credit, further strengthening their financial wellbeing.”
Pankaj Jain, President, Scienaptic, remarked:
“We are pleased to partner with Tower Federal Credit Union to streamline and augment its loan decisioning process to support the financing goals and needs of its members. Scienaptic’s unique and advanced AI technology will enable the credit union to increase loan approvals to reach more borrowers while deepening the member experience.”
As covered, Scienaptic says that it’s on a mission to increase credit availability by transforming tech being used in credit decisioning. More than 150 years of credit experience is “embedded in Scienaptic’s AI native credit decision platform.”
The firm’s customers across banks, credit unions, fintech, and other lenders use the platform to “constantly improve the quality of underwriting decisions.” This enables them to “say ‘yes’ to borrowers more often and faster.”