Carolina Foothills FCU Chooses Scienaptic AI to Expand Credit Access and Empower Members

AI deployment to drive fair lending, underwriting automation, and more approvals for members

NEW YORK - April 1, 2024 - PRLog -- Scienaptic AI, a leading global provider of AI-powered credit underwriting platforms, announced today that South Carolina-based Carolina Foothills Federal Credit Union (CFFCU), serving over 19,000 members, has selected its platform to expand credit access for their members. Scienaptic's regulatory-compliant AI platform will enable CFFCU to make sharper risk predictions, automate decisions, and offer more inclusive lending to its members.

Carolina Foothills Federal Credit Union, founded in 1960 by US Postal Service employees, has grown to serve over 19,000 members across Upstate South Carolina. CFFCU embraces the credit union motto, "Not for profit. Not for charity. But for service." This philosophy is evident in their strong, member-centered service and their commitment to providing vital financial tools. In 2015, CFFCU became a certified Community Development Financial Institution and was awarded a $1.3 million grant from the U.S. Treasury to better serve members of modest means. To date, they have received more than $7 million in federal grants to serve low-income target markets.

"We provide vital financial tools for members to save and borrow; but more importantly, to belong," said Scott Weaver, President and CEO at Carolina Foothills Federal Credit Union. "Deploying the Scienaptic AI platform seamlessly aligns with this mission, allowing us to serve members with even greater efficiency and personalization. This means faster loan approvals, financial inclusion, fair lending, and ultimately, a more fulfilling financial journey for our members."

"At Scienaptic AI, we believe in the power of human potential, and that fuels our own mission to empower members through technology," said Pankaj Jain, Co-founder and President. "We are deeply honored that Carolina Foothills Federal Credit Union, an institution driven by service, has entrusted us to help further their mission of financial inclusion. Our cutting-edge AI platform will not only streamline CFFCU's underwriting process, leading to faster approvals and increased efficiency, but it will also ensure fair and transparent lending practices, minimizing risk and broadening access to credit for their dynamic community. We are excited to embark on this journey with CFFCU and contribute to their vision of a more financially empowered future 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 300 million transactions, benefitting millions of borrowers.

For more information, visit http://www.scienaptic.ai

Media Contact
Chandan Pal
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Source: Scienaptic AI

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