Product Overview of Zest AI
Zest AI is a pioneering technology company that leverages artificial intelligence (AI) and machine learning (ML) to transform the lending industry by making credit decisions more accurate, fair, and efficient.
Mission and Objective
Founded in 2009, Zest AI is on a mission to make fair and transparent credit available to everyone, aiming to broaden access to equitable lending and promote economic equity. The company is headquartered in Los Angeles, California, and has grown to become a leader in inclusive underwriting software.
Key Features and Functionality
Advanced Credit Risk Assessments
Zest AI uses sophisticated algorithms to analyze a broader range of data points, including historical financial behavior, spending habits, income, and employment history, in addition to traditional credit history. This holistic approach creates more accurate and predictive credit scores, reducing human bias and making the lending process more equitable.
Zest Model Management System
The Zest Model Management System is a comprehensive platform that enables lenders to build, analyze, and validate credit models efficiently. It provides:
- Fast, Accurate, and Explainable Models: Allows lenders to create credit models that are transparent and explainable, ensuring accountability and compliance.
- Automated Credit Decisioning: Automates the credit scoring process, reducing operational costs and improving efficiency.
- Risk Management and Compliance: Manages risk and losses by providing granular control and insights into lending. It also automates compliance documentation, validating model outcomes and ensuring regulatory adherence.
Real-Time Data Processing
Zest AI enables financial institutions to access real-time data, allowing them to adapt quickly to changing market conditions and borrower behaviors. This real-time processing enhances the ability to make timely and informed lending decisions.
Customizable Risk Models
Lenders can tailor their risk assessments using customizable credit models that fit their specific business needs. This flexibility ensures that the models align with the lender’s unique risk tolerance and business objectives.
Fraud Detection
Zest AI’s latest solution, Zest Protect, is designed to detect various types of application fraud, including first-party malicious intent, third-party fraud, and misreported income. This advanced tool helps lenders stay ahead of fraudsters without creating friction for legitimate applicants.
Lending Intelligence Companion – LuLu
Zest AI has introduced LuLu, a generative AI tool that provides holistic visibility and strategic insights to help lenders optimize their performance. LuLu allows lending teams to:
- Access Industry Data: Analyze performance benchmarks and harvest insights from Zest AI business results.
- Quick Answers to Complex Questions: Get accurate, customized answers to lending questions in seconds using natural human language prompts.
- Combine Industry and Proprietary Data: Enhance decision-making by combining industry data with the lender’s proprietary datasets, maintaining robust data integrity and compliance controls.
Benefits
The use of Zest AI’s technology offers several key benefits to lenders, including:
- Increased Approvals and Loan Growth: By making more accurate credit decisions, lenders can increase approvals and drive loan growth.
- Operational Efficiency: Automation of credit decisioning and compliance processes reduces operational costs and improves efficiency.
- Improved Borrower Experience: Faster and more accurate decisions enhance the borrower experience.
- Risk Management: Better risk management and predictive analytics reduce default risk and losses.
- Inclusive and Fair Lending: The use of broader data inputs and machine learning models ensures more equitable lending practices.