ELGA Credit Union Taps Scienaptic's AI-Powered Platform To Enhance Credit Decisioning

NEW YORK - Aug. 2, 2022 - PRLog -- Scienaptic AI, a leading global AI-powered credit decision platform provider, announced today that Michigan-based ELGA Credit Union has chosen to implement Scienaptic's AI-powered credit decisioning platform. The credit union aims to increase its underwriting capabilities by utilizing Scienaptic's fair, inclusive, and compliant AI platform.

Founded in 1951, ELGA Credit Union is a not-for-profit cooperative; formed, owned, and operated for a single purpose: members helping members. ELGA Credit Union had a humble beginning, helping Consumers Energy employees that were paid below the average of other industrial workers in the 1940s and 50s. Today the credit union has $1.25 Bn in assets and serves over 85000 members. Scienaptic's platform will enable the credit union to streamline its credit decisioning and drive higher approvals and automation.

"Our mission is to Build Lifelong Relationships with Members and Communities. We have been in service for more than 70 years, but these are exciting times as the world is moving a lot faster now. We want to use the best available technology to uplift our members and make credit more accessible," said Terry Katzur, CEO of ELGA Credit Union. "Scienaptic's platform will enable us to automate and streamline our decisioning, remove bottlenecks, increase credit approvals and empower our underwriters to focus more on complex loans. This platform is capable of processing large volumes of applications within seconds and still offers the personalized decisions our members deserve."

Correspondingly, Pankaj Jain, President of Scienaptic AI, said, "We are excited to announce that ELGA Credit Union has selected our AI-powered credit decisioning platform. Our platform will help them streamline their loan decisioning process resulting in higher approvals, lower risk, and increased efficiency. The platform will enhance credit experience and credit access for the members of ELGA Credit Union."

About Scienaptic AI

Scienaptic AI's mission is to increase credit availability across the globe by transforming the technology used in credit decisioning. Whether credit union, auto lender, bank, or fintech, Scienaptic's AI native credit decisioning platform enables lenders to constantly improve the quality and speed of their underwriting decisions, helping them reach a greater number of borrowers, including underbanked and underserved individuals, and say "yes" more often, without increasing risk while addressing all Regulatory aspects especially Fair lending and explainable adverse actions.

The company's AI platform is used by lenders of all sizes, integrating seamlessly with their existing systems. Scienaptic-enabled lenders have processed more than 190 million transactions worth $36 billion in credit decisions, benefitting millions of borrowers, and helping them get access to the credit they need. For more information, visit http://www.scienaptic.ai