Zest AI Announces Strategic Partnership with Minnesota, Montana, and Wisconsin Credit Union Leagues

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Mar 24, 2022, 13:38 ET

League members will get access to risk models tailored to their markets

Credit unions using Zest software are achieving five-fold increases in instant-decisioning rates

ST. PAUL, Minn. and LOS ANGELES, March 24, 2022 /PRNewswire/ -- Zest AI announced a partnership today with the Minnesota Credit Union Network, Montana's Credit Unions, and The Wisconsin Credit Union League to bring Zest's industry-leading AI lending software to their more than 5 million members.

Models built using Zest, chosen as CUNA Strategic Services' exclusive alliance provider in 2021, use thousands of data points and better math than traditional national models to safely approve more members overlooked by legacy scoring. Credit unions using Zest software are achieving five-fold increases in instant-decisioning rates and 25% to 30% higher approvals with no added risk. Loan approvals are also more inclusive by drawing on deep insights from credit reports and loan histories in the markets served by League members.

"The opportunity to bring AI-driven lending to credit unions across these three states will have a significant impact," says Jose Valentin, Vice President of Corporate Development at Zest AI. "Through these partnerships, the lives of millions will be enriched by expanding access to affordable credit."

"Zest has earned the trust of many institutions like ours, delivering significant value in the form of faster, more consistent, and more inclusive decisions that will help our members achieve their goals," says John Ferstl, Minnesota Credit Union Network's Chief Operations Officer. "We are excited to bring this opportunity to Minnesota's Credit Unions."

"We're continually working to ensure our Wisconsin League members have access to the top-quality products and services that expand access and opportunity," says Brett Thompson, President & CEO of The Wisconsin Credit Union League. "This partnership with Zest AI achieves exactly that."

Tracie Kenyon, President/CEO, Montana's Credit Unions, added – "Expanding the pool of resources at our members' disposal has great benefit here in Montana, and this partnership with Zest is an important addition to our services."

About Zest AI

Zest AI software helps lenders make better decisions and better loans—increasing revenue, reducing risk, and automating compliance. Since 2009, it has made 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.

About the Minnesota Credit Union Network

The Minnesota Credit Union Network is the statewide trade association that works to ensure the success, growth, and vitality of Minnesota credit unions. With nearly $35 billion in assets, Minnesota credit unions are local, trusted financial cooperatives that serve 2 million members at almost 400 branch locations around the state.

About Montana's Credit Unions

Based in Helena, Montana, Montana's Credit Unions exists to promote and enhance a thriving credit union community. Its various entities support this mission. Montana currently boasts 46 credit unions, with 124 branches in communities across the state. Those credit unions currently serve more than 412,639 Montanans - who are members and owners.

About The Wisconsin Credit Union League

Founded in 1934, The Wisconsin Credit Union League is the dues-supported trade association for Wisconsin's credit unions--not-for-profit financial institutions that are cooperatively owned by their more than 3.5 million members. The League is dedicated to serving Wisconsin's credit unions and promoting the credit union difference through advocacy, education, and public service.

About CUNA Strategic Services

CUNA Strategic Services develops strategic alliance relationships to bring credit unions innovative solutions that will drive membership growth and operational excellence at an attractive price. The company is majority-owned by Credit Union National Association and state Leagues. For more information, visit www.cunastrategicservices.com.

Contact: [email protected]

SOURCE Zest AI