Harvard Federal Credit Union Live With Scienaptic's Fair & Compliant AI-driven Credit Underwriting Platform

Instant approvals increased by 80%+ for credit cards, 50%+ for unsecured loans, and went up from 0 to 30%+ for vehicle loans

NEW YORK--(BUSINESS WIRE)--Leading global AI-powered credit underwriting platform provider Scienaptic AI announced today that Harvard Federal Credit Union has implemented its AI-based underwriting platform and is now live. This deployment is significantly streamlining the credit union’s underwriting process, leading to an increase in approval rates and a notable enhancement in the member experience. Importantly, all these advancements have been achieved while ensuring fairness, inclusivity, and compliance with regulatory standards, which are integral to Scienaptic's AI platform.

From its humble beginnings in 1939 by a group of employees of Harvard University for the purpose of providing affordable personal loans to all University faculty and staff, Harvard Federal Credit Union has evolved and expanded its reach to become a trusted financial services provider to Harvard affiliates, including faculty, staff, students, alumni, and retirees of Harvard University, Harvard teaching hospitals, and affiliated organizations. The Credit Union has over $1.2 Billion in assets and serves over 55,000 members. Through its innovative service, it seeks to deepen its long-standing commitment to housing issues, green initiatives, financial literacy, and access to credit for low and moderate-income borrowers.

“At Harvard Federal Credit Union, every member is valued, and their unique financial needs are prioritized," said Tanya Tanaro, VP of Education & Consumer Lending at Harvard FCU. "With the deployment of Scienaptic's AI-powered credit underwriting platform, we're now approving loans faster, making more efficient decisions, and offering personalized financial support. With sophisticated automation, deeper lending, and fair credit access, we are creating a future where financial empowerment transforms member lives.”

"We're excited to see Harvard Federal Credit Union using our platform to better serve their members' financial needs," said Pankaj Jain, President & Co-founder of Scienaptic. "Our AI-powered credit underwriting platform is expanding credit access, allowing them to offer a more inclusive, personalized, and supportive experience for both current and future members. This goes beyond technology—it's about empowering people to achieve their financial dreams."

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