NEW YORK, November 30, 2021– (COMMERCIAL THREAD) –Scinaptic today announced a collaboration with the Dakota Association of Credit Unions (DakCU) enabling the company to offer its AI-based credit underwriting technology to credit unions in North and South Dakota.
The Dakota Credit Union Association (DakCU) is a financial trade association serving 69 credit unions with over 520,000 members in North and South Dakota, with assets of over $ 9.4 billion and currently providing Dakota consumers have over $ 5.7 billion in loans. The goal of this alliance is to extend the accessibility and power of AI to the region’s smaller credit unions. The collaboration will help reach more credit unions regardless of asset size, making AI more accessible across states.
Current customers of Scinaptic in Dakota include the Northern Hills Federal Credit Union and Levo Credit Union. Floyd Rummel, CEO of Northern Hills Federal Credit Union, advocates the use of artificial intelligence for credit unions, saying, “Using Scinaptic’s adaptive AI will help us make better lending decisions for every loan. member we serve. with more credit, improve their lives and strengthen our commitment to the financial well-being of all members. Steven Stofferahn, vice president of loans at Levo Credit Union, also spoke about Levo’s partnership with Scinaptic. “At Levo, our mission is to improve the lives of our members by putting their financial interests first and providing them with the right products and services when they need them. Scinaptic’s AI is a perfect fit for this mission. Edge AI will help us improve members’ access to credit and improve their financial well-being through smarter, faster credit decisions. “
“This alliance represents an opportunity for Dakota credit unions to take advantage of innovation and artificial intelligence in the lending industry. Using Scinaptic’s AI-powered credit underwriting platform will play a key role in helping our credit unions grow their membership, strengthen their charters and provide excellent service to members, ”said George McDonald, Chief Strategic Officer, Dakota Credit Union Association.
“We are delighted with this collaboration as our platform will allow Dakota credit unions to grow their loan portfolios while minimizing their risk. It will also allow them to reach underserved borrowers and improve the member experience, ”said Pankaj Jain, President and Co-Founder, Scinaptic AI.
About the Dakota Credit Union Association
The Dakota Credit Union Association (DakCU) is the financial trade association serving 69 credit unions employing more than 2,200 people in the Dakotas. With nearly 520,000 members in North and South Dakota, Dakota credit unions have assets in excess of $ 9.4 billion. In our mission to help credit unions succeed, DakCU plays a key role in increasing membership and helping provide excellent service to members of the Bismarck, ND and Sioux Falls, SD offices. For more information visit our website.
Scinaptic’s mission is to increase the availability of credit by transforming the technology used in credit decision making. Over 150 years of credit experience is integrated into Scinaptic’s native AI 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 allows them to say “yes” to borrowers more often and faster. For more information visit www.scienaptic.ai.
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