‍AI-powered credit underwriting platform eliminates human bias and sets a new industry standard for serving underserved populations

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New York, NY (August 13, 2024) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, today announced the addition of Scienaptic AI as its newest member. As a leading AI-powered credit underwriting platform provider, Scienaptic will join a rapidly growing group of responsible fintech innovators collaborating to serve consumers while strengthening regulatory compliance.

“Scienaptic AI is making loan underwriting more transparent, equitable, and compliant by eliminating traditional underwriting challenges and setting a new standard across the industry,” said Phil Goldfeder, Chief Executive Officer of AFC. “They are redefining underwriting and credit risk assessment, particularly for underserved populations. We are excited to welcome Scienaptic to AFC and work together on initiatives that put consumer needs at the center of our financial system.”

“We are thrilled to join forces with AFC and are eager to work together to champion policies that promote financial inclusivity and innovation,” said Vinay Bhaskar, COO of Scienaptic. “Our mission is to provide the most advanced AI-powered underwriting technology to financial institutions on the frontlines of lending within their own communities. This is achieved by seamlessly integrating more data into decision-making processes, utilizing advanced machine learning algorithms, and supplementing them with rigorous risk and fair lending monitoring processes. We thank the American Fintech Council for their tireless support and advocacy on behalf of responsible innovators changing the status quo and we look forward to collaborating with the growing membership.”

A standards-based organization, AFC is the premier trade association representing the largest financial technology (Fintech) companies and innovative BaaS banks. AFC’s mission is to promote a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies.

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 400 million transactions, benefitting millions of borrowers. For more information, visit http://www.scienaptic.ai