ELGA Credit Union to Deploy Scienaptic's AI-Powered Application Fraud Detection Platform
The implementation will augment ELGA's existing credit underwriting platform deployment from Scienaptic
By: Scienaptic AI
Founded in 1951, ELGA Credit Union is a not-for-profit cooperative;
"Fraud is constantly evolving, and we must invest in technology to remain one step ahead," says Terry Katzur, CEO of ELGA Credit Union. "In Scienaptic's innovative AI platform, we've found a holistic frictionless way to harness fraud signals from multiple systems. The platform reviews origination data and generates predictive scores, attributes, and insights to detect fraudulent applications. Together, Scienaptic and ELGA will continue to push the envelope in terms of risk innovation and continuously enhance our product to create a richer member experience."
"The upcoming deployment for ELGA is part of our ongoing commitment to build the most comprehensive AI-native risk decisions platform," said Pankaj Jain, President and Co-founder of Scienaptic. We are thrilled to work side by side with ELGA to help defeat financial fraud.
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 200 million transactions, benefitting millions of borrowers.
For more information, visit http://www.scienaptic.ai