Harvard Federal Credit Union (Harvard FCU) has implemented the Scienaptic AI underwriting leading to an increase in approval rates and a notable enhancement in the member experience.
Instant approvals increased by 80%+ for credit cards, 50%+ for unsecured loans and went up from 0 to 30%+ for vehicle loans.
Harvard FCU has over $1.2 billion in assets and serves over 55,000 members as a financial services provider to Harvard affiliates, including faculty, staff, students, alumni and retirees of Harvard University, Harvard teaching hospitals and affiliated organizations.
Through its innovative service, Harvard FCU seeks to deepen its long-standing commitment to housing issues, green initiatives, financial literacy and access to credit for low and moderate-income borrowers.
“At Harvard Federal Credit Union, every member is valued, and their unique financial needs are prioritized,” said Tanya Tanaro, VP of Education and Consumer Lending, Harvard FCU.
“With the deployment of Scienaptic’s AI-powered credit underwriting platform, we’re now approving loans faster, making more efficient decisions and offering personalized financial support. With sophisticated automation, deeper lending, and fair credit access, we are creating a future where financial empowerment transforms member lives.”
Pankaj Jain, President and Co-founder, Scienaptic, said: “Our AI-powered credit underwriting platform is expanding credit access, allowing Harvard Federal to offer a more inclusive, personalized and supportive experience for both current and future members. This goes beyond technology – it’s about empowering people to achieve their financial dreams.”