SECU To Deploy Scienaptic’s AI-Powered Credit Decisioning Platform
Initial tests show potential for 19% more approvals, 22% reduced loss rate and 80% auto-decision rate
NEW YORK – May 10, 2022 – Leading global AI-powered credit decision platform provider, Scienaptic AI announced that SECU (State Employees’ Credit Union of Maryland) is planning to implement its AI-powered credit decisioning platform. The deployment, scheduled for later this year, will enhance and augment SECU’s credit decisioning and underwriting capabilities for new and prospective members.
SECU began operations in October 1951 in the hallway of the Miller Building in downtown Baltimore. Its first member was the late Governor Theodore R. McKeldin. In January 1952, SECU made its first loan – for $180. Thanks to the enthusiastic response by state employees, membership and services grew, and SECU was able to open its first official office in Spring 1953. Today, SECU is Maryland’s largest credit union with 25 branches throughout Maryland, Virtual Financial Center and 50,000+ free ATMs. It is a full-service financial institution serving over 250,000 members and managing over $4 billion in assets.
“We lead with our hearts - our vision remains to make a positive contribution to the financial well-being of those we serve,” said Kevin Kesecker, EVP and Chief Administrative Officer at SECU. “In Scienaptic AI we have found a partner whose mission, vision and culture uniquely align with ours. Through the deployment of the Scienaptic AI platform, we will be able to approve more credit at lower loss rates, make faster credit decisions and offer solutions that help our members achieve financial well-being. It will strengthen our member relationships, support their financial needs and enhance their experience."
"We are driven to improve the financial lives of members SECU serves through credit empowerment and personalized decisions,” said Pankaj Jain, Co-founder and President of Scienaptic AI. “In our shared passion to WOW members and exceed their expectations, we feel privileged that our AI will help increase credit access and support SECU members in fulfilling their dreams.”
Scienaptic is on a mission to increase credit availability by transforming technology used in credit decisioning. Over 150 years of credit experience is embedded in Scienaptic's AI native credit decision platform. Our clients across banks, credit unions, fintech, and other lenders use the platform to constantly improve the quality of underwriting decisions. This enables them to say ‘yes’ to borrowers more often and faster.
The platform is used by lenders with assets exceeding $100 billion, enabling them to process over $22 billion in credit decisions, benefitting over two million credit union members and millions of borrowers across banks, auto, and online lenders. For more information, visit http://www.scienaptic.ai.
About SECU (State Employees’ Credit Union of Maryland)
SECU (“see-Q”), Maryland’s largest state chartered credit union, serves 250,000 members across the state. As a member-owned, not-for-profit, SECU puts its members first. Membership is open to all Maryland state employees and their families, University System of Maryland students, graduates, staff and their families, Bank At Work partners and many others. Headquartered in Linthicum, Md., SECU has 25 financial centers and provides access to over 50,000 free ATMs through the CO-OP network. With more than $4 billion in assets, SECU ranks among the top 60 credit unions nationwide based on total assets in the U.S. Insured by NCUA. For more information, visit www.secumd.org or follow SECU on Twitter, Facebook and Instagram.