Streator Onized Credit Union Selects Scienaptic's Fair and Compliant AI-powered Underwriting Platform

NEW YORK - Nov. 18, 2024 - PRLog -- New York - Scienaptic AI, a leading global provider of AI-powered credit underwriting platforms, announced today that Illinois-based Streator Onized Credit Union has selected its platform to expand credit access for its member community. Scienaptic's regulatory-compliant AI platform will enable Streator Onized Credit Union to make sharper risk predictions, automate decisions, and offer more inclusive lending to its members.

Founded in 1939, Streator Onized Credit Union (SOCU) initially served the employees and families of Owens-Illinois Glass Company. In 1984, membership was expanded to include employees and families of various Select Employee Groups. Today, in addition to the 45+ Select Employee Groups, all residents and employees of LaSalle, Livingston, Marshall, Grundy, Putnam, Woodford, McLean, Bureau, Stark, Peoria, Tazewell, Ford, Iroquois, Kankakee, Will, and Kendall Counties are eligible to join the credit union. The credit union operates as a full-service financial institution, offering a wide range of products, including loans for automobiles, real estate, home equity, recreational vehicles, personal loans, and VISA cards.

"Our mission of 'people helping people' drives everything we do at SOCU," said Doug Patterson, CEO at Streator Onized Credit Union. "Partnering with Scienaptic is a vital step in fulfilling that mission. Their platform will not only automate parts of our underwriting process but also empower us to increase credit access for our underserved members. With AI-driven insights, automated workflows, and streamlined approvals, we will be able to increase loan approvals and significantly reduce processing times, providing our members with quicker access to funds. Furthermore, Scienaptic's robust risk assessment will allow us to mitigate risk and strengthen our fairness and compliance capabilities. We believe this collaboration will allow us to offer tailored solutions that genuinely meet the diverse needs of our membership, ultimately fostering financial growth and stability in our community."

Eric Steinhoff, EVP, Client Impact at Scienaptic AI expressed, "We are thrilled to welcome Streator Onized Credit Union to our family of forward-thinking credit unions. Our platform is designed to empower organizations like Streator by providing them with the tools and insights needed to make data-driven decisions that enhance member experience. Our technology will not only streamline the underwriting process but also allow the credit union to focus on what matters most - supporting their members. Together, we are paving the way for a more inclusive financial environment where every individual can thrive."

About Scienaptic AI

Founded in 2014, Scienaptic AI was built with a mission to drive financial inclusion at scale through AI-driven credit decisioning. The platform encapsulates a decade of technological innovations, integrating more data into decision-making processes, utilizing advanced machine learning algorithms, and supplementing them with rigorous risk and fair lending monitoring processes. This enables financial institutions to reach more borrowers, including underbanked and underserved individuals, and say "yes" more often without increasing risk.

In Sep 2024, its Credit Union Service Organization (CUSO) received strategic equity investments from six of its credit union clients. It underscores Scienaptic's unwavering commitment to the credit union community and its guiding principle of "people helping people."

Today, over 150 lenders rely on Scienaptic's platform to enhance the accuracy and efficiency of their underwriting decisions. Scienaptic-enabled lenders have processed over $80 billion in credit decisions and 400 million transactions, expanding credit access for millions of underserved individuals.

For more information, visit www.scienaptic.ai.