Accelerating Transformation & Automation in Lending with AI
Commonwealth Credit Union had a goal of saying yes to more members, especially mid-tier loan applicants that are harder to assess with legacy methods. To meet their goal, Commonwealth partnered with Zest AI to deploy AI underwriting models for its auto loan portfolio. The end result was faster loan approvals for more members with no added risk.
Business Impact Realized:
Commonwealth’s new AI underwriting model increased approvals by 15%, with risk constant, and added 30 basis points in portfolio yield by spotting more profitable members to approve. With more accuracy, Commonwealth was able to increase instant approvals by fivefold. The Zest partnership delivered on all key goals: growth, efficiency and better member experience.
Jaynel Christensen is the VP of Lending for Commonwealth Credit Union of Kentucky, a $1.36B asset financial institution with just over 107,000 members. She attended KY State University for her undergraduate studies and received a bachelor’s degree in Business Administration. Jaynel started her career with Commonwealth CU in October 2001 as a loan officer. She loves technology and lending, which makes the partnership with Zest a natural fit.
Curtis Wagner is the VP of Client Services at Zest AI. He works with some of the world’s most innovative lenders to help them get the most out of switching to AI in their underwriting practices. Curtis has been at Zest since 2017. Previously, Curtis spent several years as an economic consultant at Analysis Group, Inc., where he helped Fortune 500 companies manage multi-billion dollar liabilities across a range of industries including technology, finance, and chemicals. He holds an MBA from MIT and an economics degree from Santa Clara University.