Credit Unions

Why Zest AI? Why now?

Zest AI team
July 28, 2022

Your credit union is committed to serving its members as best it can. That’s a given. A big part of that is extending credit when those members need it. Again, your credit union does the best it can. However, there’s an unfortunate truth hidden in that statement.

In doing the best you can to extend credit to your members, you’ve inevitably declined members who would have, in fact, turned out to be great borrowers. You don’t know specifically who they are, but you know they’re there – members somewhere in the middle who didn’t quite make the cut because your scoring model said no.

That legacy way of lending was good enough for many years. It had to be because there were no other options. Today several things have changed.

In today’s all-digital, consumer-focused world, “just good enough” really isn’t good enough. Your members expect you to leverage technology to its fullest to make their lives better.

The 2022 economy is uncertain at best. Ask 20 economists what’s next and you’ll likely get 20 different answers. But one thing is certain: No matter how the economy surges, dips or dives, your members will still need you and the financial products you offer. 

Lastly, financial technology has gotten exponentially better – and cheaper. In no area is this more evident than with artificial intelligence-based financial tools. A few years ago, only the largest institutions could afford the seven or eight figures required to dabble in AI. Today, thanks to the low cost and scalability of cloud delivery, credit unions of all sizes can leverage AI to the benefit of their members and themselves.

That brings us back around to the idea of being good enough – not good enough by yesterday’s standards, but good enough to stand out today.

What if your credit union could leverage cutting-edge AI technology to meet the financial needs of its members like never before, regardless of the economic climate, present or future? A few years ago, that would’ve been impossible. Today, that describes Zest AI in a nutshell.

It’s as simple as it is amazing. Legacy underwriting solutions only consider a handful of relevant data points before rendering a decision. What’s more, our customers tell us that prior to deploying the Zest AI solution, decisions were slow and that was impacting customer satisfaction and growth rates.  

Now consider the Zest AI lending solution. Our system looks at over 1,000 relevant data points, making each loan decision a highly customized and personalized member experience. And because we dig so much deeper, we help you make better, more informed loan decisions. The net result is that your credit union can approve more loans without adding any risk. Our customers report upwards of 25% more approved loans after implementing Zest AI.

Three key aspects of the Zest AI solution:

  • Decisions are made almost instantly. Your members know the answer now.
  • Our models are customized for your credit union. A credit union that serves the oil industry in Houston has different needs than a credit union in New York City that serves transportation workers. Our models reflect that.
  • Active monitoring and learnings improve accuracy.  

This last point is especially important. Your legacy decisioning engine is functioning today exactly like it did 10 years ago, absent any changes manually made by you. On the other hand, thanks to the machine learning technology built into the Zest AI platform, your model gets better and better over time. Your Zest software will deliver great results right out of the box, but a year from now, it will do even better. Your legacy software can’t say that.

When your credit union makes more quality loans to a wider cross-section of your membership, everyone wins – your credit union, your members, and the entire community.

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