Truliant to Use Zest AI Software to Update Loan Underwriting Platform
Zest software to build models for credit card, auto, and personal loans
WINSTON-SALEM, N.C., May 5, 2022 /PRNewswire/ -- Truliant Federal Credit Union announced today that it has partnered with Zest AI, an artificial intelligence-based platform, to determine creditworthiness across consumer loan products.
Zest AI is a Credit Union Service Organization, or CUSO, that uses artificial intelligence and machine learning in the loan underwriting process to quickly assess risk. Its lending platform can give near real time approval using conventional and new data sources, vastly reducing the time involved in making lending decisions.
"Zest AI's software will help more of our community get access to affordable loans, a major priority for Truliant. We're excited to work with a firm like Zest that shares our passion," said Alice Stevens, Vice President of Credit Administration. "It adds an additional layer of sophistication to our lending models, and creates a faster lending experience that gives us much more data to pull from for making decisions around credit worthiness."
As more credit unions harness the power of AI, Truliant believes the Zest AI platform will give it a more holistic view of borrowers, allowing it to more confidently score new borrowers or those without formal credit histories – and to offer more loans in underserved communities.
"Credit unions want to help their members efficiently. Better risk models automate decisions so that people get loans faster," said Mike de Vere, CEO of Zest AI. "I'm excited to partner with the team at Truliant to offer affordable credit to deserving families looking to build a stronger financial foundation."
Zest AI enables credit unions to move beyond legacy credit scoring methods to provide a more accurate picture of borrower risk by tapping the power of machine learning to approve loans safely and quickly. Zest-built models draw on the insights of thousands of credit variables.
About Truliant Credit Union
Truliant is a mission-driven, not for profit financial institution that promises to always have its member-owners' best interests at heart. It improves lives by providing financial guidance and affordable financial services. Truliant was chartered in 1952 and now serves 280,000+ members. Truliant has more than 30 Member Financial Centers in North Carolina, South Carolina, and Virginia.
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 and connect with us on Twitter at @Zest_AI or Zest AI's Insights blog.