Topside Federal Credit Union Goes Live With Scienaptic's AI Platform

55%+ Instant Approvals share for Vehicle Loans; 50%+ Instant Approvals share for Unsecured Loans and Credit Cards

NEW YORK - Aug. 19, 2024 - PRLog -- Leading global AI-powered credit underwriting platform provider, Scienaptic AI, announced today that Topside Federal Credit Union is now live on its AI-powered credit underwriting platform. This deployment is significantly streamlining the credit union's underwriting process, leading to an increase in approval rates and automation. 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.

Headquartered in Dahlgren, Topside Federal Credit Union has been serving the communities of Virginia since 1961. Inspired by the nautical term "Topside" (above the water's surface), a vantage point providing the best view on a vessel, Topside Federal Credit Union symbolizes the support members need to stay on top of their finances. With assets exceeding $475 million and a membership exceeding 40,000, Topside Federal Credit Union has experienced substantial growth over the past seven decades. Committed to its mission of "serving to support", both internally and within the community, the credit union prioritizes empowering its members to ensure their financial well-being.

"As a credit union deeply connected to the growth of our members, our promise is to embrace innovative technologies, safeguarding our significance for current and future generations," said Kathy McCarthy, Chief Lending Officer of Topside Federal Credit Union. "With Scienaptic's fair, inclusive, and compliant AI platform, we are taking our commitment to the next level by identifying more opportunities to assist and delight our members. The automation and optimization of our credit evaluation process go beyond merely removing bottlenecks and enhancing approval rates; they are enabling our underwriters to prioritize the complex loans that truly matter to our members. This groundbreaking technology is enabling us to create tangible, positive impacts in our members' lives every day!"

"We are thrilled that Topside Federal Credit Union is now live on our platform and using AI to automate its loan underwriting and provide access to necessary financial assistance to its members," said Kirill Skok, Client Engagement Leader at Scienaptic AI. "Our platform is highly intuitive and is helping the credit union transform credit underwriting, serve the underserved and minimize risk simultaneously."

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