Scienaptic evaluated 45 million loan applications, boosted loan approvals by up to 40% with up to 25% credit loss reduction, and cut sensitive data leaks by a quarter with Google Workspace solutions.
Scienaptic is a leading AI-powered credit underwriting solution designed by seasoned Chief Risk Officers. It creates financial industry impact by enabling higher loan approvals with fewer losses. In 2019, its Ether platform helped financial institutions across the US evaluate 45 million consumers and extend credit to over 15 million, with clients including Fortune 100 banks, community banks and fintechs. Based in New York and Bengaluru, India, Scienaptic raised $7 million in Series A funding in 2019 from Singapore-based TVS Motor.
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India
https://www.scienaptic.ai/
Scienaptic evaluated 45 million loan applications, boosted loan approvals by up to 40% with up to 25% credit loss reduction, and cut sensitive data leaks by a quarter with Google Workspace solutions.
Google Workspace Results
Up to 70% boost in security of AI platform development
• Secures sensitive data with up to 50% increase in data loss prevention alerts and up to 25% reduction in leaks
• Enables System and Organization Control reports that validate platform's internal security controls to build client trust
• Frees up funds for platform development with $50,000 per year savings in collaboration tool costs
"Our mission to transform credit underwriting with AI required intense global collaboration and rock-solid data security. We simply could not have succeeded without the data loss prevention tools and productivity enhancements of Google Workspace." – Rakesh Agrawal, Produce & Technology Leader, Scienaptic
As Chief Risk Officer for a global bank, Pankaj Kulshreshtha wondered whether he could transform credit underwriting, the field of assessing loan applications, with artificial intelligence (AI). He believed that financial institutions were missing out on a big opportunity by relying on legacy methodologies that disregarded the massive proliferation of data available to better evaluate credit risk.
Pankaj launched
For a small team like Pankaj's, solving a problem of such scale was a highly complex task. It requires seamless, real-time collaboration across the globe, between New York headquarters and data engineers in Bengaluru, India, as well as close communication with clients primarily in the US market.
Equally important is its world-class security protocols, to ensure no sensitive data leaks to outside parties in the process of solution development or client onboarding. This is particularly critical in the financial industry which is bound by strict data privacy protocols such as
With that in mind, Scienaptic turned to
"Our mission to transform credit underwriting with AI required intense global collaboration and rock-solid data security," says Rakesh Agrawal, Product and Technology Leader, Scienaptic. "We simply could not have succeeded without the data loss prevention tools and productivity enhancements of Google Workspace."
Protecting essential data for secure platform development and deployment
"Upgrading to Workspace Enterprise transformed our ability to handle complex security tasks like data loss prevention and SOC reporting. It enables us to build trust with valued clients by demonstrating the safety of our systems." – Guru Prasad, Senior IT Manager, Scienaptic
In the quest to forge a new AI credit scoring paradigm, Pankaj and his team faced two key obstacles. The first was bringing products and updates to market fast enough to serve clients' real-time needs. The second was fulfilling "explainability" requirements in US
For years, banks had been designing AI models to predict creditworthiness. What limited the use of AI in credit scoring was the difficulty explaining exactly where in the web of AI neural networks, involving millions of interrelated data points, the algorithm decided to turn down a loan applicant. This was until Scienaptic came along. The startup deployed a data science technique called
Scienaptic began developing its data bucketing solution using the Google Workspace basic plan to enable collaboration and productivity. The Google Workspace secure-by-design infrastructure gave the team substantial peace of mind, says Guru Prasad, Senior IT Manager, Scienaptic. But it soon ran into the need for more advanced, hands-on security tools and controls to safeguard the sensitive data and machine learning code that was criss-crossing the world every day.
In particular, Scienaptic sought a superior data loss prevention (DLP) solution to secure its AI enterprise. DLP safeguards data by alerting the platform administrator when sensitive information risks crossing the firewall, for example in an email, and in highest-risk situations automatically blocks the leak. In addition, Scienaptic needed an intuitive security dashboard to effectively marshal safety settings and automated alerts that protect information, identities, and devices.
After considering options, including rival productivity solutions, the startup decided to upgrade to
On the Workspace Enterprise edition, Scienaptic gains unit-level data controls across the entire suite of Google Workspace products, including
Since switching to Workspace Enterprise edition, Scienaptic has achieved significant results in bolstering the security of its internal systems and outside communications. In particular, it receives up to 50% more notifications of DLP threats, while reducing data shared with external parties by up to 25%. Guru estimates that DLP enhancement and premium administrator features, gained from the Workspace Enterprise upgrade, combine to give Scienaptic an overall 60 to 70% improvement in platform security.
"Upgrading to Workspace Enterprise transformed our ability to handle complex security tasks like data loss prevention and SOC reporting," says Guru. "It enables us to build trust with valued clients by demonstrating the safety of our systems."
Enabling future evolution with faster product development and deployment
"With Meet, Drive and Cloud Search, we've been able to accelerate our solution during the pandemic. In fact we've been able to boost productivity through remote collaboration, rather than decrease it, and that's been amazing." – Rakesh Agrawal, Produce & Technology Leader, Scienaptic
Scienaptic's success depends on constantly evolving its AI solution to stay ahead of fast-paced financial industry changes. The productivity gains unleashed by Workspace continue to be instrumental to the critical task of bringing new products and features to market in a competitive environment, especially amid COVID-19 restrictions.
For example, the ability to receive real-time input from multiple global teams working on a single
The ability to record, store, and easily search collaborative sessions, such as Meet conferences, using
"With Meet, Drive and Cloud Search, we've been able to accelerate our solution during the pandemic," says Rakesh. "In fact we've been able to boost productivity through remote collaboration, rather than decrease it, and that's been amazing."
*Google Workspace was formerly known as G Suite prior to Oct. 6, 2020.