Zest AI, the leader in artificial intelligence software for credit, announced today that VyStar Credit Union, one of the nation’s largest and most innovative credit unions, will be the first credit union to use Zest Automated Machine Learning software (ZAML) to generate faster, more accurate and better-priced loan decisions for its 675,000 members.
VyStar’s adoption of ZAML signals the growing use of AI-powered underwriting across the financial industry as institutions of all sizes embrace technology to compete more effectively in credit markets. ZAML-built models use as much as 100 times more data and advanced machine learning math to determine borrower risk with greater accuracy, allowing VyStar to approve creditworthy members quickly and at attractive terms without increasing its overall portfolio risk.
“Credit unions are always looking for new ways to better serve their members. With an agile technology partner like Zest AI, we’re advancing to the front ranks of data-driven lending,” said Jenny Vipperman, Chief Lending Officer at VyStar, which earlier this year created a $10 million fund for investing in fintech companies looking to partner with credit unions to deliver innovative solutions. “Instant decisions allow us to approve more members and focus our team on the personalized white-glove service our members have come to expect.”
VyStar, headquartered in Jacksonville, Florida, will deploy Zest machine learning in member credit card services first, followed by auto loans in early 2020. Zest software provides automated model documentation, validation, and testing so that credit unions can satisfy all regulatory and legal requirements and have full transparency into the influence of every variable in every lending decision.
“VyStar is a true innovator and we hope our partnership will show other credit unions how to tap into the power of AI-powered underwriting to be more competitive in their member communities,” said Mike de Vere, COO of Zest AI.
About Zest AI
Zest AI makes the power of machine learning safe to use in credit underwriting. Lenders using Zest Automated Machine Learning 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 one of the fastest-growing fintech software companies. The company is headquartered in Los Angeles, California. For more information, visit zest.ai. Follow us on Twitter and LinkedIn.
VyStar Credit Union is the 15th largest credit union in the nation and the largest credit union headquartered in Northeast Florida. VyStar serves over 675,000 members, with assets totaling more than $9 billion. They are currently the largest mortgage lender in Northeast Florida. VyStar membership is open to everyone who lives or works in the 49 contiguous counties of Central to North Florida and the Southeast Georgia Counties of Camden, Charlton, Glynn and Ware.