Zest AI to power consumer loan underwriting at Blue Federal Credit Union

Using Zest technology, Blue is set to boost member loan approvals up to 30 percent while minimizing risk

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LOS ANGELES, CALIF., Dec. 1, 2021 — PRNewswire — Zest AI, the leader in technology for AI-driven lending, today announced that Blue Federal Credit Union has chosen Zest to help it deliver faster and more accurate loan decisions across the credit union’s auto, credit card, and personal loan portfolios.

Zest AI technology allows credit unions and banks to leapfrog the limitations of legacy scoring methods and approve more borrowers safely by harnessing more data and better math. Zest-built credit underwriting models use 10 times more variables to create a far more accurate view of borrower risk.

"Zest will be a big win for our members. Zest has really built its program to satisfy the needs of lenders and regulators, and this will help Blue grow in new ways,” said Jason Buchanan, Chief Credit and Risk Officer at Blue Federal Credit Union. “Zest will also allow Blue to reach underserved borrowers across the credit spectrum while maintaining our standards of compliance and credit risk management. The granularity we have access to through Zest is broad and provides all of the features and details we need to explain our credit decisions.”

When the Zest-built models go live in early 2022, Blue expects to achieve a 30 percent increase in approval rates across its portfolios and accelerate loan decisions to less than five seconds, delivering immediate value to its members in convenience and better service.

“We’re excited to help Jason and the team at Blue join the front ranks of credit union innovators,” says Mike de Vere, CEO of Zest AI. “A Zest-built model gives them transparency, control, and a faster and more accurate decision that approves more members. Blue’s investment in Zest is really an investment in its community.”

Zest AI, a registered Credit Union Service Organization (CUSO), has helped more credit unions and banks switch to AI-driven lending than any other player in the financial industry. Zest credit union customers alone represent $56 billion in assets and four million members.

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About Zest AI

Zest AI software helps lenders make better decisions and better loans—increasing revenue, reducing risk, and automating compliance. Zest AI was founded in 2009 with the mission of making fair and transparent credit available to everyone and is now the leader in software for more inclusive underwriting. The company is headquartered in Los Angeles, California. Learn more at www.zest.ai.

About Blue Federal Credit Union‍

Blue Federal Credit Union is a not-for-profit financial institution serving communities across Wyoming and Colorado as well as members worldwide. Our purpose is to create a true cooperative connected to and inspired by the communities we serve and to help discover new pathways to realize your possibilities. To learn more about joining Blue, visit bluefcu.com/join.