Tag: ai credit decisioning

Picatinny Federal Credit Union Taps Scienaptic’s AI-Powered Credit Underwriting Platform

~ Brandon McGee ~ Leave a comment

“Leading global AI-powered credit decision platform provider Scienaptic AI announced that Picatinny Federal Credit Union has chosen to implement Scienaptic’s credit decisioning platform. This deployment will enable Picatinny Federal Credit Union to streamline and automate its credit underwriting process, increase approvals and enhance the member experience.”

https://finance.yahoo.com/news/picatinny-federal-credit-union-taps-120000116.html

PYMNTS Data Brief: 88 Pct Of FIs Turn To AI For Post-Pandemic Credit Decisioning

~ Brandon McGee ~ Leave a comment
  • “Credit risk decisioning is being called out as the biggest challenge facing banks and financial institutions (FIs) in a time of rebuilding. Banks and FIs have tripled their use of artificial intelligence (AI) in this area since 2018, and it’s ramping up more intensely now.
  • As the Playbook notes, ‘A large majority of banks have turned to two main strategies to reduce their exposure to downside credit risk: automation and real-time data,’ with 71 percent of FIs increasing their use of decision-making automation and AI to mitigate risk since 2020.”

https://www.google.com/amp/s/www.pymnts.com/news/artificial-intelligence/2021/fis-turn-to-ai-for-post-pandemic-credit-decisioning/amp/

AI Adds Fuel To New Credit Scoring Data

~ Brandon McGee ~ Leave a comment

“That mission has been the focus of TrackStar.ai, said President and Founder Clint Lotz. The company offers a machine learning (ML) solution that allows lenders to leverage millions of dispute records and alternative data (and the company’s data set) through an application programming interface (API) and help predict future borrowing potential. That in turn helps offer better loans to customers. As Lotz told PYMNTS, the future of banking in the connected economy — particularly in extending credit — is more inclusive and high-tech driven.”

https://www.google.com/amp/s/www.pymnts.com/digital-first-banking/2021/ai-adds-fuel-to-new-credit-scoring-data/amp/