Suncoast Credit Union Selects Zest AI To Bring Better Lending To Its Members
LOS ANGELES, May 4, 2021 /PRNewswire/ -- Zest AI, a leader in software for credit underwriting, today announced a partnership with Suncoast Credit Union. Suncoast, Florida's largest credit union and the 10th largest in the U.S., will leverage Zest's machine learning software to improve its credit decisioning for managing risk and expanding access to credit for its 930,000-plus members.
"It is and always has been our mission to improve our members' lives, and we see this as an investment in that mission."
The Zest Model Management System enables lenders to analyze vast amounts of credit data to help increase approval rates and reduce the risk of faulty credit decisions. Zest software provides the ability to explain complex and powerful data models to measure business impact and comply with regulatory requirements. The companies expect to be live later this year.
"Suncoast is always looking for better ways to help more members,'' says Victoria Lovett, Chief Lending Officer, Suncoast Credit Union. "It is and always has been our mission to improve our members' lives, and we see this as an investment in that mission."
Suncoast joins a growing roster of credit unions of all sizes adopting Zest software for more accurate, efficient, and inclusive lending. Along with Suncoast, Zest's credit union partners now stretch across the U.S., from Coastal Federal Credit Union in Raleigh, N.C., to Altra Federal Credit Union in Onalaska, Wis., to Hawaii USA Federal Credit Union in Honolulu. Together, they represent close to 3 million members nationwide.
Credit unions that lend using Zest-built models have seen, on average, a 15% increase in approval rates with no added risk, and up to 30% reductions in charge-offs by using more of their own data and the advanced math of machine learning. Zest models are also more inclusive, increasing approval rates dramatically for women seniors, and borrowers of color.
"The direct link between faster decisions and member experience goes right to the service ethic of the credit union movement, and so does being more inclusive with lending," says Zest AI CEO Mike de Vere. "Our whole team is grateful for the opportunity to help these organizations achieve their goal of saying yes to more members."
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