back Back

Dakota Credit Union Association collaborates with Scienaptic AI

By Edlyn Cardoza

December 01, 2021

  • Credit Unions
  • Dakota Credit Union Association
  • Levo Credit Union
Share

Scienaptic, Dakota Credit Union Association, Underwriting, USA, 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.

Previous Article

December 01, 2021

Ubiquity opens second Latin American office in Bogotá to meet customer demand

Read More
Next Article

December 01, 2021

Plum completes a $24m fundraising campaign to drive future growth

Read More









IBSi Daily News Analysis

Middle East, Egypt

January 16, 2024

Credit Unions

Egypt among top remittance recipient countries in 2023: World Bank

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Finastra taps Databricks to boost AI capabilities & enhance services

Read More

Today

5 Cybersecurity firms helping businesses fight digital crime in India

Read More

Today

FinBox & Capital Now team to enhance digital onboarding and risk assessment

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023