NEW YORK, January 10, 2019 /PRNewswire/ --
Scienaptic announced today the formation of an alliance with
LexisNexis® Risk Solutions that enables Scienaptic to integrate seamlessly alternative data and AI into its credit decisioning
platform, Ether. Financial institutions now have access to
cutting-edge predictive tools that help them expand their loan portfolios.
Until recently, lenders largely relied on credit-bureau data such as utilization, delinquency, and credit inquiries to
determine consumer riskiness. However, a bureau score isn't the only indicator of a person's financial responsibility or
ability to repay. Ether combines FCRA-compliant alternative data with bureau data to deliver superior predictive power, using
prebuilt APIs.
Financial institutions looking to expand their addressable market are engaging with Ether, which offers a suite of smart AI
tools to better identify qualified prospects, flag high-risk prospects, and offer a more complete risk assessment. This approach allows financial institutions
to attract prospects that were previously off the map and lend profitably to a previously underserved market.
"Profound technological advancements such as explainable AI and alternate data have precipitated radical shifts in
underwriting. We feed a wide range of non-traditional data sources real-time to our AI models for a 360-degree creditworthiness
assessment. In our own implementations, we have seen lifts in range of 25-40% when combining alternate data and AI," said
Pankaj Jain, partner and
president, Scienaptic.
"This alliance represents another opportunity and pathway for lenders to grow their loan portfolios while doing so at reduced
risk," said Ankush Tewari, vice president, credit risk strategy, LexisNexis Risk Solutions. "It is efforts like this
one that will help provide access to credit to underserved consumers."
About Scienaptic:
Scienaptic is an AI-driven Credit Underwriting
platform company. Its platform Ether Underwrite is creating industry leading improvements in higher application approvals
(15-40%) and lower credit losses (10-25%) with all the regulatory explainability (model explainability, FCRA compliant adverse
action reasoning and SR 11-7 compliance). Scienaptic uses alternate data, raw trade line level bureau data and AI to help
banks find new credit eligible segments of customers.
Visit us at http://www.scienaptic.com to know more
About LexisNexis® Risk Solutions
LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and
governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology
solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in
metro Atlanta, Georgia, we have offices throughout the world and are part of RELX Group (LSE:
REL/NYSE: RELX), a global provider of information and analytics for professional and business customers across industries. For
more information, please visit http://www.risk.lexisnexis.com and
http://www.relx.com.
Media Contacts:
Jean Creech Avent
Director, Public Relations
LexisNexis Risk Solutions
+1-770-862-7978
jean.creech@lexisnexisrisk.com
Chandan Pal
Chief Marketing Officer
Scienaptic Systems Inc.
+91-9886752442
chandan@scienaptic.com
SOURCE Scienaptic Systems