Turning ten is a big deal for a young company. When ZestFinance started in 2009, we pioneered the use of artificial intelligence (AI) and machine learning to improve underwriting. Although our mission -- to make fair and transparent credit available to everyone -- has not changed, our business has evolved. We're now a premium enterprise software company with broad capabilities around automated and explainable machine learning. New decade. New business model.
With that comes a new name -- Zest AI -- and a cleaner, new look for our brand. We're keeping the Zest name because it stands for bringing something fresher to financial services, but the Zest AI brand embodies our bigger plans to come.
Our new identity makes it clear that we’re an AI software company dedicated to helping regulated businesses make better and faster decisions they can trust and explain
According to a Gartner study, the business value created by AI will reach $3.9 trillion by the year 2022. Highly regulated sectors are especially ripe for innovation, as the power of machine learning (ML) has so far been limited over concerns about using black-box algorithms. Zest AI’s development of transparent ML has made the black box problem obsolete, paving the way for deeper expansion into financial services and, in time, to new industries beyond finance.
In the two years since Zest AI introduced its flagship product Zest Automated Machine Learning (ZAML), the company has achieved annual triple-digit percentage growth. Zest AI powers $500 billion in total lending by clients in every geography and credit category, including credit cards, personal loans, auto, mortgages, and student loans. With a quarter-million applicants scored every month, Zest software has helped 10 million more consumers get access to credit.
Read more about Zest AI in our press release. Take a look around our web site and let us know what you think about the new look and name.