Empowering Lenders: Scienaptic AI Integrates with Loan Director from Fiserv to Redefine Credit Decisioning
20 February 2024 - 11:00PM
Business Wire
Loan Director clients can now seamlessly access
Scienaptic’s AI-powered underwriting
Scienaptic AI, a leading global AI-powered credit underwriting
platform provider, announced its integration with Loan Director
from Fiserv, (NYSE: FI), a leading global provider of payments and
financial technology solutions. With this integration, users of
Loan Director, a full-function consumer and business loan
origination system, can seamlessly access Scienaptic’s advanced
AI-powered signals for underwriting.
Loan Director is an open-architecture loan origination system
that allows financial institutions to serve borrowers who
increasingly expect on-demand, real-time digital services. The
partnership will increase the adoption of AI for lending and give
more members access to fair, inclusive credit.
Scienaptic recently successfully deployed its AI credit
decisioning platform at SECU, Maryland’s largest credit union. As
part of the deployment, Scienaptic’s AI platform has been
seamlessly integrated with SECU’s Loan Origination System (LOS),
Loan Director.
Kevin Kesecker, EVP and Chief Administrative Officer of SECU
said, “Our vision remains to drive greater financial inclusion and
provide a better experience for the community we serve.
Scienaptic’s AI underwriting platform, in combination with Loan
Director, is helping us actualize this vision. It enables us to
approve more applicants at the margins, support financial
inclusiveness, allows underwriters to spend more of their time on
personalizing offers, improves our portfolio risk profile, and
automates our loan decisioning process, leading to a significant
reduction in application turnaround times.”
“AI is transforming the lending landscape, and our collaboration
with Scienaptic enables our clients to integrate AI seamlessly into
their lending processes, promoting intelligent, automated
decision-making. Beyond improving efficiency, AI will assist our
clients in enhancing customer experience, increasing approval
rates, and broadening the scope of credit accessibility,” said
Jeffrey Vander Linden, vice president of Digital Deposit and
Lending at Fiserv.
Pankaj Jain, Co-Founder & President of Scienaptic AI, said,
“Our partnership with Fiserv removes the integration hurdles that
have prevented lenders from implementing AI. This partnership will
increase the adoption of AI and allow more consumers to access
credit. By working together, we will be able to drive faster and
smarter loan signals for financial institutions and empower them to
say "yes" more often to their members and customers."
About Fiserv
Fiserv, Inc. (NYSE: FI), a Fortune 500 company, aspires to move
money and information in a way that moves the world. As a global
leader in payments and financial technology, the company helps
clients achieve best-in-class results through a commitment to
innovation and excellence in areas including account processing and
digital banking solutions; card issuer processing and network
services; payments; e-commerce; merchant acquiring and processing;
and the Clover® cloud-based point-of-sale and business management
platform. Fiserv is a member of the S&P 500® Index and has been
recognized as one of Fortune® World’s Most Admired Companies™ for 9
of the last 10 years. Visit fiserv.com and follow on social media
for more information and the latest company news.
About Scienaptic
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 300 million
transactions, benefitting millions of borrowers. For more
information, visit http://www.scienaptic.ai.
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Media:
Chandan Pal chandan@scienaptic.com www.scienaptic.ai 50 West
47th Street, Ste. 1614, New York, NY, 10036 Ph: +1 212 244 4030
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