Zest AI works closely with Originence and Point Predictive, all of which leverage artificial intelligence to improve credit unions and other auto finance providers.
Last week, Point Predictive announced the integration of its BorrowerCheck for Lenders platform with Zest AI.
And on Monday, Origence said the benefit of its relationship with Zest AI is that all Origence arc OS customers will have trial access to accurate and comprehensive AI underwriting services for their automotive portfolio.
Point Predictive detailed its collaboration with Zest AI, which is designed to fortify providers against first- and third-party fraud.
The companies said the purpose of the collaboration is to improve accuracy and efficiency in the credit decision-making process while preventing fraud in contract applications.
“With the industry becoming increasingly concerned about fraud, the integration of Point Predictive’s BorrowerCheck with our AI automated underwriting technology provides a seamless and effective way to combat fraud and strengthen the integrity of the lending process. We will now be able to offer our customers more options,” said Jose Valentin, Senior Vice President. President of Partnerships at Zest AI.
“By harnessing the power of advanced AI technology and a unique data repository, we are enabling lenders to proactively identify and mitigate fraud risk, ultimately creating a more resilient and secure lending environment. Valentin continued in the news release.
Experts explained that first-party fraud (by individuals seeking loans) and third-party fraud (by criminals) are widely recognized as growing challenges for the financial services industry.
By leveraging BorrowerCheck and Point Predictive's proprietary data repository, financial firms will have access to enhanced risk assessment capabilities that will enable early detection of various claimant misstatements.
“We are excited to work with Zest AI to integrate BorrowerCheck into their credit decisioning solutions,” Justin Davis, Point Predictive's vice president of product delivery, said in a news release.
“By combining Zest AI's expertise in AI-driven underwriting with our accurate and comprehensive solution, lenders will be able to enhance their fraud detection capabilities and make more informed lending decisions. ” Davis added.
For more information about Point Predictive's BorrowerCheck for lenders, please visit: https://pointpredictive.com/borrowercheck-for-lenders/.
Learn more about Zest AI from Origin here.
Credit unions of all sizes using Origence's arc OS platform can now experience the benefits of Zest AI credit underwriting technology.
Origence said its partnership with Zest AI through the Arc OS platform will enable credit unions to more quickly and clearly understand how they can benefit from AI implementation.
This 90-day AI test drive builds on the momentum of Zest Auto, an AI automated underwriting model for credit unions available exclusively through Zest AI investor Origence.
Zest Auto was first launched in May last year. Origence and Zest AI will begin a formal partnership in July 2022 to provide credit unions with his Zest AI automated underwriting technology using Origence arc OS.
Origence and Zest AI together help credit unions access more accurate underwriting insights, automate decision-making, deliver better member and dealer experiences, and build more durable lending businesses You will be able to do it.
“We are very excited to build on our success with the Originence team,” said Mike de Vere, CEO of Zest AI, in a separate news release. “This partnership has proven valuable to our mutual clients, and this unique ability to test drive the technology will open doors for those excited to try out his AI within their organizations. I hope.”
One of the clients that tried the technology was LincOne Federal Credit Union, where Terry Zitkovich Jr. is chief lending officer.
“With Zest Auto, implementation took no time at all and required little input other than from our team. With Zest, LincOne has been able to become more efficient than ever before. LincOne is on track to improve decision automation by 156% in the first few months,” Zitkovich said via the news release.
A 90-day no-obligation trial is offered free of charge to Origence customers who want to see the benefits of AI automated underwriting for their financial institutions.
Preliminary results from Zest AI show a 25% increase in approvals, 20% reduction in risk, and 80% automated decision making.
Orijens explained that AI-automated underwriting ensures fair application of policies and reduces the risk of inconsistent practices.
“This partnership represents a continuation of the successful relationship between Zest AI and Origence. Expanding access to mutual credit unions will help them improve their lending performance,” said Origence CEO. , said Tony Butel.
This offer is available to Origence arc OS customers until the end of Origence's Lending Tech Live conference on June 27th.
Clients interested in trying Zest can submit a request for a free trial. Via this website.