Leading analyst firm selects financial AI vendors that are innovative and impactful
LOS ANGELES, April 27, 2018– Today ZestFinance, a leading FinTech company that uses machine learning to vastly improve credit underwriting, announced it has been named a “Cool Vendor” in the 2018 Cool Vendors in AI for Banking and Investment Services report by Gartner Inc.
The report looks at companies that are innovating with machine learning and artificial intelligence in the banking and investment space. According to the Gartner study, ZestFinance provides “a disruptive way of scoring consumers who have no credit or a limited credit history or whose credit files include missing or incorrect credit data. The more established FICO score is dependent on having a credit history and excludes customers who lack bank accounts and are cash-dependent.”
“We are honored to be named a 2018 Cool Vendor by Gartner,” says ZestFinance Founder and CEO Douglas Merrill. “Machine learning and AI-based underwriting will continue to be a game-changer for lenders, opening up massive revenue opportunities. With ZAML, our credit underwriting platform, lenders are able to analyze large amounts of non-traditional credit data to increase approval rates and reduce the risk of credit decisions, especially for thin-file and no-file borrowers like millennials.”
The Zest Automated Machine Learning (ZAML) platform enables lenders to analyze non-traditional data, including data they already have in-house, such as customer support data, payment histories, and purchase transactions. The platform can also add traditional credit information and nontraditional credit variables, such as how a customer fills out a form, how they navigate a lender’s site, and more.
In addition, while the black box problem has historically slowed the adoption of machine learning in consumer finance, ZAML provides the ability to explain data modeling results to measure business impact and comply with regulatory requirements. Lenders need the compliance functionality to understand why their models reached a given credit decision and to generate adverse action notifications as well as monitor disparate impact.
ZestFinance helps lenders use machine learning to develop and launch highly accurate and transparent credit risk models. Zest's software tools enable our clients to increase revenues, reduce risk, and ensure compliance. ZestFinance was founded in 2009 by Douglas Merrill, the former CIO of Google, and a team of former Google employees with the mission of making fair and transparent credit available to everyone. The company is headquartered in Los Angeles, California.
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