50%+ increase in auto loan instant auto-approvals over first 3 months; targeting total incremental automation of 25% within 6 months
Leading global AI-powered credit underwriting platform provider Scienaptic AI, announced today that Patriot Federal Credit Union has implemented its AI-based underwriting platform and is now live. This deployment is significantly streamlining the credit union’s underwriting process, leading to an increase in approval rates and a notable enhancement in the member experience. Importantly, all these advancements have been achieved while ensuring fairness, inclusivity, and compliance with regulatory standards, which are integral to Scienaptic's AI platform.
Founded on the principles of community service and financial empowerment, Patriot Federal Credit Union has its origins deeply rooted in the cooperative banking movement. Established in 1965, Patriot emerged as a response to the growing need for accessible and member-focused financial services. With assets totaling more than a billion dollars, Patriot Federal Credit Union serves more than 80,000 members across Franklin County, PA; Frederick County, MD; Washington County, MD and the Eastern Panhandle of West Virginia – Berkeley, Jefferson, and Morgan Counties. Since its inception, the Credit Union has remained steadfast in its commitment to being member-owned and serving the financial needs of its members.
"At Patriot Federal Credit Union, we are committed to helping our members pursue their dreams and achieve their financial goals,” said Tricia Wareham, Senior Vice President of Consumer Lending at Patriot. “Scienaptic's AI technology is helping us automate and streamline our lending processes, enabling us to deliver personalized credit offers, increase approvals, enhance credit access and experience for our members. The incorporation of AI in our credit decisions is a significant milestone in our journey and is empowering us to offer the best to our members for years to come.”
Acknowledging the call for transformative change in credit underwriting, Eric Steinhoff, EVP, Client Impact at Scienaptic AI, expressed, "We are thrilled that Patriot Federal Credit Union is now live on our credit underwriting platform. Our adaptive AI technology is amplifying the credit union's mission—helping members reach their financial goals. It is also empowering them to expand member reach, approve more loans, mitigate risk, and enhance the overall member experience, creating an inclusive financial future for all.”
About Scienaptic AI
Scienaptic AI’s mission is to increase credit availability across the globe by transforming the technology used in credit decisioning. Credit unions, auto lenders, banks, and fintechs, use Scienaptic's AI native credit decisioning platform to continually improve the quality and speed of their underwriting decisions.
The platform enables FIs to reach more borrowers, including underbanked and underserved individuals, and say “yes” more often without increasing risk. It democratizes automated AI-powered lending while addressing all regulatory requirements, including Fair Lending and explainable adverse actions.
Scienaptic-enabled lenders have processed more than 400 million transactions, benefitting millions of borrowers. For more information, visit http://www.scienaptic.ai
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Contacts
Chandan Pal
Chief Marketing Officer
chandan@scienaptic.com
Scienaptic AI
