The CUInsight Network podcast: Economic stories – Scienaptic AI (#35)

Thank you for tuning in to episode 35 of The CUInsight Network, with your host, Lauren Culp, Publisher & CEO of CUInsight.com. In The CUInsight Network, we take a deeper dive with the thought leaders who support the credit union community. We discuss issues and challenges facing credit unions and identify best practices to learn and grow together.

My guest today is Pankaj Jain, President and Co-Founder at Scienaptic AI. Pankaj shares his story and the experiences that inspired him to develop this technology and create Scienaptic AI, an AI-powered instant loan decision-making platform. We talk about how the Scienaptic team helps credit unions leverage data to better understand the background of each member, allowing credit unions to approve more loans while minimizing risk.

In this episode, Pankaj shares how Scienaptic supports underwriting efforts through alternative credit scoring and the positive impact it can have on ROI. In an effort to change the narrative of, “Every person is a risk,” Pankaj shares his vision of credit unions moving toward an “Every person gets credit” narrative. We discuss the impact Scienaptic can have on product offerings, loan processes, and the overall digital member experience.

Tune in to hear Pankaj provide insight on streamlining services to capture opportunities and exceed expectations. He discusses the importance of AI and creating a digital member experience that is easy to use and delivers instant gratification to users, specifically Gen Z. During our conversation, you’ll also learn how Scienaptic innovates to avoid disruption in the financial services industry and how they can add value to credit unions so they can stay ahead of these trends and thrive in the industry as well.

As we wrap up the episode, Pankaj talks about a recent purchase he can’t live without, what he finds inspirational about Elon Musk, and spending time in nature with his family. Enjoy my conversation with Pankaj Jain!

Connect with Pankaj:
Pankaj Jain, President and Co-Founder at Scienaptic AI
pankaj.jain@scienaptic.com
https://www.scienaptic.ai/
LinkedIn | Instagram | Twitter | Facebook

Show notes from this episode:
What an amazing interview with Pankaj! Check out all the exceptional work his team is doing over at Scienaptic AI here.
Want to hear more from Pankaj Jain? Click here.
Shout-out: Citibank
Shout-out: Oracle Financial Services Software
Shout-out: GE Capital 
Shout-out: Genpact
Shout-out: FICO 
Shout-out: Ring Light
Shout-out: Elon Musk 
Shout-out: Governmental Affairs Conference (GAC) 
Book mentioned: Influence: Science and Practice by Robert Cialdini
Book mentioned: Sapiens: A Brief History of Humankind by Yuval Noah Harari
Book mentioned: Talking to Strangers: What We Should Know about the People We Don’t Know by Malcolm Gladwell

In this episode:
[00:44] – Pankaj Jain started his first company when he was a teenager.
[03:14] – Pankaj wants to help communities and people to build their financial lives.
[05:06] – Credit unions can offer high quality service to members.
[08:07] – How can credit unions understand their members’ economic patterns more clearly? 
[11:06] – Pankaj talks of using technology to make better decisions, save time, and impact approval rates.
[13:47] – Pankaj is working to change the credit union industry narrative from “Every person is a risk.” to “Every person gets credit.”
[15:42] – Pankaj gives an example of building credit for members by educating members based on their individual case.
[17:35] – Understand a member’s life milestones to offer services proactively.
[20:36] – Pankaj explains some opportunities to interact with members by knowing the patterns of their finances.
[22:53] – Credit unions need to get ready to match the expectations of Gen Z.
[25:53] – Pankaj talks about why he likes ring lights, and why he thinks Elon Musk’s ability to execute ideas is impressive.
[28:34] – Focus on the “now” to make the future brighter.
[31:22] – Accept and adapt to the changing needs of the consumer.