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Innovations Federal Credit Union Deploys Scienaptic’s AI-Powered Platform to Transform Credit Decisioning

Deployment to automate loan underwriting and increase credit access

Leading global AI-powered credit decision platform provider Scienaptic AI announced that Innovations Federal Credit Union has chosen its AI-powered underwriting platform to provide an enhanced lending experience. Scienaptic’s platform will enable the credit union to streamline its credit underwriting process and make faster loan decisions for its members.

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“At Innovations FCU, we appreciate every member and pay heed to their individual needs and requirements, making them feel heard”

Founded in 1952, Innovations Federal Credit Union is headquartered in Panama City Beach, Fla. With an asset size of $346 million, the credit union has been servicing more than 22,000 members in the Bay County region for 70 years. Innovations Federal Credit Union operates through six branches and offers a wide gamut of financial services for both individuals and businesses from Bay County. The credit union provides a suite of services and products including the Octane program to support entrepreneurial ventures and Green Path Financial Wellness initiative in addition to personalized services such as free financial counselling, debt management planning and education to its members.

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“At Innovations FCU, we appreciate every member and pay heed to their individual needs and requirements, making them feel heard,” said David A. Southall, President and CEO of Innovations Federal Credit Union. “The deployment of Scienaptic’s AI-powered credit decisioning platform will allow us to increase loan approvals, make quicker decisions and provide personalized financial assistance to our members. We are excited to be part of this disruption that will bring about better opportunities for Bay County.”

Pankaj Jain, President of Scienaptic commented on the collaboration, “At Scienaptic, our goal is to empower credit unions and members alike. Our AI-powered platform will enable Innovations Federal Credit Union to streamline its underwriting process, strengthen the lending portfolio, make faster decisions and reduce losses. At the same time, members will get better access to credit and an enhanced experience.”

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