Case Study: Levo Credit Union achieves higher auto and unsecured loan approvals with Scienaptic AI

Levo Credit Union Deploying a Memberfirst credit decisioning setup

Levo Credit Union, a financial institution serving over 30,000 members in South Dakota, sought to expand credit access, particularly for members with limited credit histories. Their challenges included low approval rates for auto and unsecured loans, an over-reliance on traditional bureau data, and a need for a more customized and automated decisioning process that could integrate with their existing Symitar ELA and Allegro loan origination systems. They partnered with Scienaptic AI to address these issues.

Scienaptic AI implemented its AI-driven lending platform, which integrated seamlessly with Levo's systems. The solution used alternative data sources and self-learning algorithms to better assess the creditworthiness of thin-file applicants, enabling more automated and intelligent underwriting. This deployment resulted in a 42% increase in auto-approvals for auto loans and a 45% increase in approvals for unsecured loans, significantly expanding credit access for Levo's members.

Levo Credit Union

Steve Stofferahn

Vice President of Lending