Altana Federal Credit Union Live with Scienaptic's Fair & Compliant AI-driven Credit Underwriting Platform

Direct and indirect lending automation to improve operational efficiency,
risk tiering and member experience

NEW YORK - April 8, 2024 - PRLog -- Leading global AI-powered credit underwriting platform provider Scienaptic AI announced today that Altana Federal Credit Union is now live on its AI-powered underwriting platform. This deployment is significantly streamlining the credit union's underwriting process, leading to an increase in efficiency 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.

Billings-based Altana Federal Credit Union was established 75 years ago after nine Montana refinery workers pooled their money in a cigar box located in an empty boxcar. The credit union today has $550 million in assets and serves over 38,000 members at 12 locations. Altana Federal Credit Union stands for simplifying members' lives, working in their best interest, and helping them achieve a strong financial future.

"Today, we embark on an exciting new chapter with Scienaptic, our mission evolves to greater heights. Scienaptic's AI-driven platform is amplifying our lending capabilities, revolutionizing credit underwriting, and empowering us to make fair, inclusive, and personalized loan decisions. Through cutting-edge technology, we are streamlining processes, and widening credit accessibility for our members and their loved ones," says Jess McAllister, AVP of Lending at Altana Federal Credit Union.

Pankaj Jain, Co-founder and President of Scienaptic AI, expressed his enthusiasm, stating, "Altana Federal Credit Union's legacy, rooted in cooperative spirit for years, now embarks on a transformative journey by going live on Scienaptic's platform. Our state-of-the-art, regulatory-compliant platform is revolutionizing their loan decisioning process, unlocking higher approval rates, lower risk, and improved efficiency. Together, we proudly serve Montana and Wyoming communities, grateful for the opportunity to positively impact thousands of lives."

About Scienaptic

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 fintech, 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