CoVantage Credit Union Goes Live With Scienaptic AI Platform to Transform Credit Underwriting

Deployment resulted in up to 22% increase in approvals and up to 48% increase in automation

NEW YORK--(BUSINESS WIRE)--Leading global AI-powered credit underwriting platform provider, Scienaptic AI, announced today that CoVantage Credit Union has implemented its AI-powered credit underwriting platform and is now live. This deployment aims to enhance underwriting automation and improve the loan application process for CoVantage’s members while ensuring adherence to the principles of fairness and inclusivity and maintaining compliance with regulatory standards, which are integral to Scienaptic’s AI platform.

Established in 1953, CoVantage Credit Union began its journey with just two employees in the basement of the now-defunct Antigo Co-op Oil Association bulk plant. Since its inception, CoVantage has remained steadfast in its commitment to being member-owned and operated, with a profound philosophy of conducting business for "people-not-profit." Over the years, the credit union has witnessed substantial growth, now boasting over 460 employees spread across 24 locations, serving a vast membership base of 168,000+ individuals, and managing assets surpassing $3.6 billion. Having deep involvement in Wisconsin, Upper Michigan, and Northern Illinois communities, CoVantage champions financial literacy by actively volunteering for civic groups, school events, and more.

"At CoVantage Credit Union, we're committed to improving the lives of every single one of our members,” said Brett Lee, Chief Retail Officer at CoVantage Credit Union. “Going live with Scienaptic’s AI platform is helping us get a more holistic view of our members, enabling us to understand their needs and tailor personalized loan solutions that uplift and propel them towards their goals. We are also making automated decisions that have amplified our operational efficiency but also elevated the very essence of member experience. We are seeing amazing results and foresee this technology helping our members exponentially in the years to come.”

“We are excited that CoVantage Credit Union is live on our platform and is using AI to streamline and support the credit needs of its members,” said Pankaj Jain, Cofounder & President of Scienaptic. “With access to enhanced credit underwriting, CoVantage is assisting more current and prospective members, increasing approval rates and automation, all while building deeper relationships.”

About Scienaptic AI

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