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Hawaii Community Federal Credit Union Goes Live With Scienaptic's AI-Powered Credit Underwriting Platform

By: PRLog

Initial results indicate up to 55% auto approvals, with up to 33% increase in credit approvals for vehicle loans and 5.1X ROI

NEW YORK - April 22, 2024 - PRLog -- Scienaptic AI, a leading global provider of an AI-powered credit underwriting platform, announced today that Hawaii Community Federal Credit Union (HCFCU) 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 realized while ensuring adherence to the principles of fairness and inclusivity, and maintaining compliance with regulatory standards, which are integral to Scienaptic's AI platform.

In 1936, during the Great Depression, ten coffee farmers who were being denied loans and services by banks united to establish what is now known as the Hawaii Community Federal Credit Union (HCFCU). What began as a modest one-room operation has since blossomed into a trusted institution for local communities.

HCFCU is more than just a credit union; it embodies the spirit of 'ohana', a Hawaiian term for family. The credit union is committed to providing valuable financial solutions, personalized service, low fees, and higher rates, all while focusing on the unique needs of its members. Headquartered in Kailua Kona, HCFCU now manages over $750 million in assets and serves a member base of over 47,000. While HCFCU has grown exponentially from its humble beginnings, it continues to uphold its foundational philosophy - a collective of individuals coming together to help each other succeed.

"Grounded in the rich legacy of Kona farmers, Hawaiian Community Federal Credit Union's mission is to provide world-class financial services while staying deeply connected to our roots," said Mel Ventura, EVP of Member Services at HCFCU. "Going live with Scienaptic's fair and compliant AI platform is helping us to better serve our growing community by delivering faster, more personalized loan decisions. We are automating and streamlining our loan processes, financially empowering our members, and creating a memorable credit experience for our community."

Commenting on the deployment, Scienaptic's Cofounder and President, Pankaj Jain said, "We are excited to have Hawaii Community Federal Credit Union go live on our AI-powered underwriting platform. Using the platform's intelligent, fair, explainable AI decisions is empowering the credit union and its members alike. The deployment is enabling the credit union to increase credit offering to a more diverse membership base, providing an enhanced member experience while managing risk effectively."

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.

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Scienaptic Logo Mel Ventura, EVP of Member Services, HCFCU

Source: Scienaptic AI

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