January 9, 2020
(Courtesy: Jacksonville Business Journal)
Vystar Credit Union is partnering with artificial intelligence software company Zest AI to utilize machine learning to generate loans faster and more accurately.
Vystar is the first credit union to employ Zest’s Automated Machine Learning software (ZAML). The partnership signifies a growing trend across the financial industry, in which institutions embrace technology to compete and offer more accurate and faster service.
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. “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 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.