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Forest Area Federal Credit Union selects Scienaptic AI for credit underwriting

By Edlyn Cardoza

March 10, 2022

  • Credit Decision Platform Provider
  • Credit Management
  • Credit Unions
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Credit Decision Platform Provider, Scienaptic AI, Forest Area Federal Credit Union, Credit Management, Credit Union, Financial Services, Underwriting, USALeading global AI-powered credit decision platform provider Scienaptic AI recently announced that Forest Area Federal Credit Union has selected its platform for faster credit decisioning.

Established in 1983, Forest Area Federal Credit Union began with a nominal asset size of $4,049.42 and their first office in Fife Lake, Mich. The credit union now stands at more than $180 million in assets, with over 15,000 members and six branches across Michigan. For the last 38 years, the credit union’s mission has been to serve its members with quality financial services tailored to their requirements. Scienaptic’s AI-powered credit decisioning platform will enable the credit union to automate its credit underwriting process and make personalised loan decisions.

“For 38 years, we have provided assistance to those who are living on the fringes of the community and provide a wholesome financial experience to our members,” said Justin Wolf, Vice President of Lending at Forest Area Federal Credit Union. “Our partnership with Scienaptic AI’s credit underwriting platform will help us create a more inclusive and efficient lending process and allow us to approve more loans and provide credit assistance to a wider category of people.”

Correspondingly, Pankaj Jain, President, Scienaptic AI, stated, “We are extremely thrilled to be chosen as the credit underwriting platform for Forest Area FCU and to assist them in faster and more efficient loan decisioning. Our state-of-the-art AI technology will help the credit union serve more unbanked and underbanked individuals and provide a member-centric service, at reduced risk.”

Recently, IBS Intelligence reported that Scienaptic AI announced that Utah-based Integrated Lending Technologies (ILT) had partnered with Scienaptic AI and chosen its platform to boost credit decisions for its clients. Based out of Salt Lake City, ILT released the first version of DILLS in 2001, which was replaced in 2017 by Allegro Lending Suite.

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