Zest AI

07/13/2020

INFOGRAPHIC: a visual explanation of why it's time to automate credit decisions. Check it out > https://zest.ai/resources/automate-credit-decisioning-infographic

07/08/2020

The U.S. is still struggling with COVID and the lending repercussions of the CARES Act are still pending. In these linked workshops, we talk about what lenders can do today to improve current portfolio health and options you can take to quickly and fairly adjust for the future.

It’s hard to know how to respond in today’s economic uncertainty so we’ve designed a series of 30 minute workshops taught by subject matter experts to help guide you through the uncertainty. Join us as we equip you with the tools to weather any storm.

05/05/2020

As we enter another week confronting our changed circumstances, we’re preparing for the long haul: staying resilient, connected, and committed to helping each other through this to a strong recovery. While some of us are settling into new routines and others still struggle to adjust; we want you to know wherever you are, you’re not alone. Zestians are working to serve our colleagues, our customers, and our communities. After all, we’re all in this together.

03/26/2020

First, don't panic. Second, contact your lender.

We will discuss specific steps you can take if you are in danger of missing a payment due to the coronavirus.

01/03/2020

Here are some predictions we've got for how AI is going to change and improve lending and fintech in 2020. Worked on this with Forbes contributor Louis Columbus. Let us know what you think!

AI & machine learning will improve Fintech in 2020 by increasing the accuracy and personalization of payment, lending, and insurance services while also helping to discover new borrower pools.

12/18/2019

If 2019 was the year AI went from idea to reality for many lenders, 2020 is going to be the year AI becomes a must-have. A November survey of 1,500 bank executives by Accenture found that 72% say their companies risk going out of business in five years if they don’t scale AI. An even greater percentage say they won’t achieve their growth objectives without more AI. So as financial institutions hit the gas pedal on AI tools like machine learning (ML) here are four trends to watch for in the coming year.

2020 will be the year machine learning becomes essential in lending, and smaller lenders and credit unions will get on board to challenge the big banks.

12/17/2019

Credit unions, which pride themselves on member service and human touch, are recognizing the potential impact of AI. But the key to making the trend stick, especially in the current climate, is fairness testing – and it’s well within the industry’s grasp. Our CTO's take from Credit Union Times

Trust in AI will be hard-won, but we must develop and adopt the tools to make it safe to use.

12/17/2019

Research shows that Americans want their financial institutions to use more information to produce fairer outcomes — but they want it used responsibly. AI can do all of this — but only with the right checks and balances in place. We believe that fair AI in financial services is not only possible but currently available. It’s now on the financial industry to ensure the algorithms they use are fair.

Discriminatory algorithms are used throughout consumer lending. Regulators are taking note. The good news for financial institutions: it pays to be fair.

12/12/2019

The 4 Machine Learning Myths, demystified. These are the reasons why adopting machine learning is easier than you think: https://www.zest.ai/four-reasons-why-adopting-ml-is-easier-than-you-think?utm_source=facebook&utm_medium=organic&utm_campaign=social

12/04/2019

Lenders who use AI and machine learning can use more data and valuable trended data to paint a better picture of a borrower's ability and willingness to repay their loan. This helps get more deserving borrowers an affordable auto loan, credit card, or mortgage -- borrowers such as millennials and immigrants with a short credit history or minority homebuyers who have traditionally been shut out of credit opportunities. Check out Zest executive Kareem Saleh talking to the Mortgage News Network about how Zest AI's ML software is expanding opportunities for home buyers.

Zest AI’s Kareem Saleh shares how this industry can go from 14 days to 500 milliseconds from app to close (not including regulatory restrictions). But wait, ...

11/25/2019

Amid all the talk about AI and machine learning in finance, people often overlook the "softer-side" challenges of getting Ai/ML projects implemented successfully. There's a lot of collaboration and education involved to get everyone on board. Here's Zest AI COO Mike de Vere and City National Bank EVP Linda Duncombe talking about how to get AI successfully done at a bank or lender. Recorded live in October at the BankAI conference in Chicago.

10/28/2019

Synthetic fraud occurs when a scamster combines a real identity with fake data to rip off banks and lenders. Big banks are starting to get their arms around the problem, but smaller lenders and credit unions are still at a high risk. Here's Zest's CTO Jay Budzik on how AI and machine learning can help detect and fight synthetic fraud.

Credit unions are still at a high risk of being targeted by synthetic fraudsters, but AI and machine learning can help.