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

~30% Increase in Instant Approvals for Indirect Auto Loans; Advancing Toward 2X+ Automation Boost

NEW YORK--(BUSINESS WIRE)--Leading global AI-powered credit underwriting platform provider Scienaptic AI, announced today that Sidney 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.

Sidney Federal Credit Union’s story began in 1949 when a small group of Scintilla Magneto Corporation employees met in the union lodge in Sidney, New York, and paid $25 each to fund the application fee to secure a charter. Today the credit union has over $1 Billion in assets serving 72,000 members across 12 branches. Upholding the philosophy of people helping people, the credit union is on a mission to improve the financial well-being of its members by providing products and services that exceed their expectations while making banking easier.

“At Sidney Federal Credit Union, 'people helping people' is a commitment we hold with utmost seriousness. We firmly believe that everyone deserves the opportunity to thrive, both financially and otherwise,” said Nicole Krom, Senior VP of Lending at Sidney Federal Credit Union. "The deployment of Scienaptic’s AI-powered credit decision platform is transforming our ability to serve our members. It is enabling us to streamline our decision-making process, leveraging data-driven insights to make quicker credit decisions and enhance credit access for our members. We believe its impact will grow exponentially in the coming years, greatly benefiting our community.”

"We are thrilled that Sidney Federal Credit Union is now live on our platform, empowering them to provide extraordinary service and value to their esteemed members,” said Eric Steinhoff, EVP Client Impact at Scienaptic. “Our platform is streamlining their loan underwriting process, unlocking higher approvals, mitigating risk, amplifying efficiency, elevating the credit experience and expanding credit access for their vibrant member community. Together, we are revolutionizing the landscape of financial empowerment and fostering thriving futures for all.”

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 400 million transactions, benefitting millions of borrowers. For more information, visit http://www.scienaptic.ai