Dakota Credit Union Association collaborates with Scienaptic AI

By Edlyn Cardoza

Scienaptic recently announced a collaboration with the Dakota Credit Union Association (DakCU) enabling the company to offer its AI-based credit underwriting technology to credit unions throughout North and South Dakota.

The Dakota Credit Union Association (DakCU) is a professional financial trade association serving 69 credit unions with more than 520,000 members in North and South Dakota, with assets of more than $9.4 billion and are currently providing Dakota consumers with over $5.7 billion in loans. The goal of this alliance is to extend the accessibility and power of AI to smaller credit unions in the region. The collaboration will help reach more credit unions regardless of asset size, making AI more attainable across the states.

Scienaptic’s current Dakota clients include Northern Hills Federal Credit Union and Levo Credit Union. Chief Executive Officer for Northern Hills Federal Credit Union Floyd Rummel advocates the use of artificial intelligence for credit unions saying, “The use of Scienaptic’s adaptive AI will help us provide better loan decisions for every single member we serve. It will empower our member-owners with more credit, enhance their lives, and reinforce our commitment towards the financial well-being of all members.” Steven Stofferahn, VP of Lending at Levo Credit Union, also spoke on Levo’s partnership with Scienaptic. “At Levo, our mission is to help better our members’ lives by putting their financial interests first and providing the right products and services when they need them. Scienaptic’s AI-powered credit decisioning platform is a perfect fit for this mission. The cutting-edge AI will help us enhance credit access for members and improve their financial well-being through smarter, faster credit decisions.”

“This alliance represents an opportunity for Dakota credit unions to take advantage of innovation and artificial intelligence in the lending industry. The use of Scienaptic’s AI-based credit underwriting platform will play a key role in helping our credit unions grow membership, strengthen charters, and provide excellent service to members,” said George McDonald, Chief Officer of Strategic Services, Dakota Credit Union Association.

“We are excited for this collaboration as our platform will allow credit unions in the Dakotas to grow their loan portfolios while minimizing their risk. It will also enable them to reach underserved borrowers and enhance member experience,” said Pankaj Jain, President and Co-Founder, Scienaptic AI.