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AI, artificial intelligence conceptual with computer interface Source: Adobe Stock

Credit unions throughout Michigan now have access to an artificial intelligence-powered credit decisioning platform thanks to a partnership formed between the Michigan Credit Union League and Scienaptic AI, the MCUL revealed Wednesday.

The New York, N.Y.-based Scienaptic’s platform allows financial institutions to leave behind traditional methods of credit management, such as relying solely on FICO scores, and instead evaluate potential borrowers using alternate data, raw trade line level bureau data and AI – the method’s utilized by Scienaptic’s solution, according to the company’s LinkedIn page. The process enables financial institutions to better identify qualified loan prospects, flag high-risk prospects and ultimately “attract prospects that were previously off the map and underwrite profitably for a previously underserved market,” the tech company’s website stated.

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Natasha Chilingerian

Natasha has served as an editor for CU Times since March 2015. She also served as a communications specialist for Xceed Financial Credit Union (now Kinecta FCU) in Los Angeles from 2013-2015, and as a CU Times freelancer from 2011-2013. She has been a professional writer for more than 16 years, specializing in news and lifestyle journalism as well as marketing copywriting for companies in the finance and technology space.

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