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

“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.”


5 applications of Artificial Intelligence that are disrupting the banking sector

“Artificial Intelligence enables banks to manage record-level high-speed data to receive valuable insights. Moreover, features such as digital payments, AI bots, and biometric fraud detection systems further lead to high-quality services for a broader customer base. Artificial Intelligence comprises a broad set of technologies, including, but are not limited to, Machine Learning, Natural Language Processing, Expert Systems, Vision, Speech, Planning, Robotics, etc.

  1. Robo Advice
  2. Customer service/engagement (Chatbot)
  3. Credit Scoring / Direct Lending
  4. General Purpose / Predictive Analytics
  5. Cybersecurity”


Can Artificial Intelligence Jeopardize Bank Loan Growth?

  • “Using artificial intelligence and automation to digitize and upgrade banking processes is the new imperative for banks and credit unions. They have come to realize that becoming truly digital institutions requires much more than offering a mobile banking app, or turning paper files into digital files. Digital transformation requires a much more comprehensive approach.
  • To infuse artificial intelligence technology into a bank’s underwriting process requires knowing which profitability models work (and which don’t). Done properly it can be a competitive advantage for community and regional banks and credit unions.
  • In the shift to digital processes, the two primary issues many banks and credit unions are trying to upgrade are loan pricing and loan profitability. Connelly points out that many banks still do this manually, which makes it difficult to grow loans at scale.”


A New Low Risk Approach to AI for Consumer Lending

  • “SymphonyAI has taken a new approach with their EurekaAI suite of solutions. Instead of AI for data scientists, EurekaAI solutions put analytics driven insights directly into the hands of business analysts and decision makers.
  • EurekaAI allows both data scientists and “power users” in the business, or “citizen data scientists,” to explore complex datasets and build powerful predictive models without the coding in R or Python that is typically necessary.
  • EurekaAI for Consumer Lending learns from your own data to determine which borrower characteristics best predict delinquency risk, to predict borrower price elasticity, and to optimize collections.”

A New Low Risk Approach to AI for Consumer Lending

Build, Buy, Rent: AI Approaches to Lending

  • “AI adoption accelerated due to the COVID-19 pandemic, according to a new KPMG report on business adoption of AI. In financial services, 84 percent of leaders said AI is at least moderately functional in their organization, a 37-percentage point increase from the previous year. It’s official – AI is a must have.
  • With the business case justified, leaders are focused on answering the implementation strategy question – “Should we build, buy, or rent?” It’s an age-old dilemma but for ML underwriting, the decision is particularly nuanced. Many factors are overlooked which is why those who decided to build their own end up with an ML model they can’t deploy. In fact, AI project failure rates are at 47%, according to a Gartner report.”