Kinecta Federal Credit Union Wins 'Best Of Show' Award

Press release from Kinecta Federal Credit Union:

Oct. 9, 2021

Kinecta Federal Credit Union, a $6.5 billion credit union headquartered in Manhattan Beach, California, was announced as the winner of the “Best of Show” Award by the CUNA Technology Council at this year’s CUNA Virtual Conference. The prestigious CUNA Technology Council's Excellence Awards identify and honor credit unions that exemplify excellence in technology.

Voted on by a panel of CUNA Technology Council Committee members and industry professionals, the award recognizes Kinecta’s “Preapproval of Credit Cards using Machine Learning” entry (asset group > $500 Million), an analytics model for increasing the acquisition of credit cards among members that currently don’t possess a credit card. The goal of this innovative method is to improve product penetration on credit cards by pre-approving members using machine learning without adding undue risk.

Led by Sharon Moseley, Senior Vice President and Chief Information Officer of Kinecta, the new model uses machine learning methods to “learn” from existing processed applications and understand how the data (without credit report information) correlate to the probability of credit card application approval. This model can then be used to market credit-building products to members who would have normally been turned down due to their FICO score.

“We are deeply honored to be awarded by the CUNA Technology Council for the extraordinary outcome of a technology transformation model that increases needed access to credit by our members,” said Keith Sultemeier, Chief Executive Officer of Kinecta. “I would like to congratulate Sharon and especially Bhavesh Shah, who leads the BI/AI technology team, on this outstanding accomplishment and contribution to the success of Kinecta.”

For more information about Kinecta, visit www.kinecta.org.

This press release was produced by Kinecta Federal Credit Union. The views expressed here are the author's own.