Innovation In Lending

Get back time with auto-decisioning

Zest AI team
September 19, 2022

We recently were at a summit where we asked the attending credit unions whether they agreed or disagreed with this statement: “My credit union’s members would be better served if we increased automation in our underwriting process.” They unanimously said yes. 

Automating your underwriting process directly benefits your credit union by significantly speeding up the decisioning process. With Zest AI, 80 percent of credit union members can be auto-decisioned in seconds due to improved accuracy and consistency through machine learning. Zest AI's technology also helps credit unions save up to 67 percent of time and resources in their lending processes, meaning you're cutting cost where it counts.

But what about your members?

What does automation mean to your members? Most folks don't want to apply for a loan and wait around for a decision — in fact, if they're waiting too long, and they might go someplace else. Internal speeds increasing at your institution means that more members can compete in the market when it comes to landing a new car or even a new home. They need the flexibility to move quickly.

But increased speed isn't the only benefit of AI-automated underwriting technology. Fast math is a good thing, but better calculations come along with the use of machine learning, meaning that your credit union is not only serving members more quickly, but you're also doing it more accurately and fairly. This technology widens your pool of applicants by 25 percent, keeping risk constant, meaning more members are actually able to take out a loan and improve their financial standing.

Giving you back your time — and your members’

Automating your credit underwriting can not only increase fairness, but you can do so in a way that improves efficiency and speed. By implementing AI-automated lending, you will certainly save time and improve members’ experience. Instead of spending half an hour manually underwriting each application, you can automate that process with Zest AI and come to a decision faster.

For members, having access to credit could mean buying a house for their family, or getting a car to drive to their job. That not only provides them greater stability, but can also give back precious time that may have been spent in transience. 

Automation gives you back the time and energy to focus on what your members need the most, at a time when they need you the most.

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