Zest AI
Zest AI provides AI-driven credit underwriting software and model management systems for lenders, enhancing approval rates, managing risk, and ensuring fair lending practices.
Services
Zest AI provides AI-driven credit underwriting software designed to increase approvals, manage risk, and drive operational efficiency. Their solutions include automating credit decisioning, improving borrower experience, and ensuring fair lending. They offer a Model Management System for AI-driven lending, which includes applications for building, adopting, and operating custom machine learning risk models. The software is tailored for highly regulated industries and produces comprehensive model risk documentation to comply with regulatory requirements.
Sector
Zest AI operates in the lending segment, serving banks, credit unions, and specialized lenders. They partner with bureau and data providers, LOS and core systems, and associations to deliver their services. Their technology aims to provide fair and transparent credit, expand credit access through more accurate risk prediction, and adapt quickly to changes in the lending landscape. Their solutions have led to significant improvements in automation and inclusive lending for their clients.
Client Outcomes
Zest AI's clients have experienced substantial improvements through their AI-driven models. Clients typically see a 20% to 30% increase in approval rates with no added risk and a 30% to 40% reduction in charge-offs or defaults with constant approvals. The automation rate for clients rises fivefold by switching to an AI model. Additionally, the use of their fairness innovation helps eliminate discrimination in lending, resulting in a 40% increase in approvals for protected class applicants while maintaining risk levels.
History
Founded in 2009, Zest AI has been a pioneer in applying advanced AI techniques to credit underwriting. They have a diverse team dedicated to delivering AI solutions for the financial sector. Over the years, they have become actively involved in educating financial services providers on the use of AI in credit and lending. Their software monitors changes in the lending landscape, ensuring that their clients can quickly adapt to new opportunities or challenges.