Truliant Federal Credit Union has partnered with Zest AI, an artificial-intelligence platform, to determine creditworthiness across its consumer loan products.
Founded in 2009 and headquartered in Los Angeles, Zest AI is a credit union service organization — also known as a CUSO — that uses artificial intelligence and machine learning in the loan underwriting process to assess risk. Zest AI’s lending platform can give real-time approval using conventional and new data sources to reduce the time involved in lending decision-making.
Zest AI’s models draw on the insights of thousands of credit variables, allowing credit unions to move beyond legacy credit-scoring methods.
"Zest AI's software will help more of our community get access to affordable loans, a major priority for Truliant," said Alice Stevens, vice president of credit administration at Truliant. "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 creditworthiness."
Truliant, Charlotte's second-largest credit union, believes the Zest AI platform will give a more holistic view of borrowers, leading to a more confident scoring of new borrowers or those without formal credit histories. It also leads to offering 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 at 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."
