BETHPAGE, N.Y.— Scienaptic, a provider of an AI-powered credit decision platform, has announced that Bethpage Federal Credit Union will implement its solution.
According to the company, the deployment will enable Bethpage to make faster, smarter credit decisions to “increase loan approvals and support the financial goals of its members.”
New York-based Scienaptic said initial tests of it platform show the potential for a 70-90% increase in automated decision-making and double-digit increases in credit approvals for card and auto portfolios.
The $11.4-billion Bethpage FCU, which has more than 400,000 members, will use the new underwriting platform to extend more credit access to its current members, as well as reach more potential borrowers, the company said.
“Just like when we first opened our doors for Grumman employees in 1941, we’re keeping our promise to continuously meet the changing needs of our members,” said John Witterschein, VP of consumer credit at Bethpage FCU in a statement. “The move to Scienaptic's AI platform will increase credit access for members, enhance member experiences and enrich their lives through innovative credit products. Initial tests show promising results in terms of approval rates and instant decisions, in line with our vision of being a trusted financial partner committed to excellence.”
Transforming Lives
Added Scienaptic’s president, Pankaj Jain, "We are excited to be working with the innovative team at Bethpage Federal Credit Union. Our motto has always been to transform lives and this partnership will do just that for the members of Bethpage Federal Credit Union. Our AI will empower more loan approvals, provide personalized member decisions and expand its member base, without increasing risk.”