The implementation will “facilitate advanced and faster credit decisions for the credit union and enhance member experience,” according to a release.
With roots dating back to 1937, Numerica Credit Union was established to support railway workers and employees of various transportation systems and shippers.
For more than 80 years, the Washington-headquartered credit union has evolved and expanded, “now currently serving more than 160,000 members across central and eastern Washington and northern Idaho.”
The announcement further noted that the institution provides “a full line of financial products and services, including mortgages and business products to help their members and communities live well financially.”
Ken Plank, Chief Lending Officer at Numerica, stated:
“Our partnership with Scienaptic is empowering us to make advanced and faster credit decisions especially at a time when the Spokane valley is growing at a rapid pace. Initial tests show potential for up to 27% more approvals, 20% risk reduction and 77% auto-decisioning. It strengthens our member relationships, supports their financial needs and enhances their experience.”
Pankaj Jain, President of Scienaptic, remarked:
“We are excited that Numerica Credit Union is now live, and our platform is enabling them to support the financing needs of their members. Our AI-powered credit decisioning platform, is helping Numerica increase credit availability for their members and offer a better experience to support their financial endeavors.”
As covered, Scienaptic is on a mission to “increase credit availability by transforming technology used in credit decisioning.”
More than 150 years of credit experience is “embedded in Scienaptic’s AI native credit decision platform.” Their customers across banks, credit unions, fintech, and other lenders use the platform to enhance “the quality of underwriting decisions. This enables them to say ‘yes’ to borrowers more often and faster.”
The platform is reportedly used by lenders with assets “exceeding $100 billion, enabling them to process over $22 billion in credit decisions, benefitting over two million credit union members and millions of borrowers across banks, auto and online lenders.”