Leading global AI-powered credit underwriting platform provider Scienaptic AI, announced today that South Carolina-based Carolina Foothills Federal Credit Union 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 achieved while ensuring fairness, inclusivity, and compliance with regulatory standards, which are integral to Scienaptic's AI platform.

Carolina Foothills Federal Credit Union, founded in 1960 by US Postal Service employees, has grown to serve over 19,000 members across Upstate South Carolina. CFFCU embraces the credit union motto, “Not for profit. Not for charity. But for service.” This philosophy is evident in their strong, member-centered service and their commitment to providing vital financial tools. In 2015, CFFCU became a certified Community Development Financial Institution and was awarded a $1.3 million grant from the U.S. Treasury to better serve members of modest means. To date, they have received more than $8 million in federal grants to serve low-income target markets.

"At Carolina Foothills Federal Credit Union, we provide the financial resources our members need to save and borrow, but, above all, we foster a sense of belonging and community,” said Scott Weaver, President and CEO at Carolina Foothills Federal Credit Union. “By going live on Scienaptic’s AI-powered decisioning platform, we’re not just automating our underwriting processes - we’re continuously enhancing the way we serve our members. This deployment is empowering us to make loan decisions that are both intelligent and deeply personalized, ensuring every member feels valued and supported. It aligns perfectly with our mission of enriching lives and empowering dreams while expanding access to credit for our diverse community. We’re excited about the ongoing positive impact this is having on the financial well-being of our members.”

Eric Steinhoff, EVP, Client Impact at Scienaptic AI said, “We are confident that the deployment of Scienaptic’s solutions will open up multiple avenues of opportunity for our partners, Carolina Foothills Federal Credit Union, and for the people of South Carolina. As a company, we have always strived to transform lives, and this successful deployment is a step in that direction. Scienaptic’s advanced decisioning tech is allowing members to access credit more easily, as well as lenders to lend with more certainty.”

About Scienaptic AI

Founded in 2014, Scienaptic AI was built with a mission to drive financial inclusion at scale through AI-driven credit decisioning. The platform encapsulates a decade of technological innovations, integrating more data into decision-making processes, utilizing advanced machine learning algorithms, and supplementing them with rigorous risk and fair lending monitoring processes. This enables financial institutions to reach more borrowers, including underbanked and underserved individuals, and say “yes” more often without increasing risk.

In Sep 2024, its Credit Union Service Organization (CUSO) received strategic equity investments from six of its credit union clients. It underscores Scienaptic’s unwavering commitment to the credit union community and its guiding principle of "people helping people."

Today, over 150 lenders rely on Scienaptic’s platform to enhance the accuracy and efficiency of their underwriting decisions. Scienaptic-enabled lenders have processed over $80 billion in credit decisions and 400 million transactions, expanding credit access for millions of underserved individuals.

For more information, visit www.scienaptic.ai.