Financial Resources Federal Credit Union Taps Scienaptic's Platform to Power its Credit Decisions With AI
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NEW YORK - Nyenta -- Leading global AI-powered credit decision platform provider, Scienaptic AI, announced today that Financial Resources Federal Credit Union has chosen to implement its AI-powered credit decisioning platform. The credit union aims to lend deeper, increase automation and make advanced credit decisions through Scienaptic's fair, inclusive, and compliant AI platform.

Financial Resources Federal Credit Union headquartered in Bridgewater, New Jersey, has been in business for over 100 years. Formerly the Ethicon Employees Federal Credit Union formed by a group of Johnson & Johnson employees FRFCU is now one of the largest Credit Unions in New Jersey with $550 million in assets. The Credit Union offers a variety of financial products and services to over 26,000 members in the communities of the greater New Brunswick/Somerset, NJ area. Scienaptic's platform will enhance the credit union's loan decisioning capabilities and is scheduled to be deployed in Spring 2023.

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"We have served our members for over a century, and we want to continue to expand the availability of quality products and services to those who do not have fair and equitable access. Scienaptic's AI-powered credit decisioning platform will automate and streamline our underwriting processes and give our underwriters the time they need to focus on complex loan applications. FRFCU looks forward to providing increased credit decisioning for credit availability to further FRFCU's mission to better serve the financially underserved." said Frank Almeida, President & CEO of FRFCU.

Pankaj Jain, Cofounder and President of Scienaptic AI said, "We are delighted that Financial Resources Federal Credit Union has selected our AI-powered credit decisioning platform to serve their members. Our industry-leading platform will help FRFCU to empower underserved members with better and instant access to credit and an exceptional member experience.  Financial Resources FCU will be able to make personalized credit decisions for each member and enhance the financial well-being of the community of New Jersey."

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