LOS ANGELES--(BUSINESS WIRE)--ZestFinance, the leader in artificial intelligence (AI) software for credit, today announced the company’s rebrand to Zest AI. With the company celebrating its 10th anniversary this year, the company remains committed to its original mission: making fair and transparent credit available to everyone. At the same time, the new Zest AI brand reflects its evolution into a premium enterprise software company with broad capabilities around automated and explainable machine learning.
According to a Gartner study, the business value created by AI will reach $3.9 trillion by the year 2022. Highly regulated sectors are especially ripe for innovation, as the power of machine learning (ML) has so far been limited over concerns about using black-box algorithms. Zest AI’s development of transparent ML has made the black box problem obsolete, paving the way for deeper expansion into financial services and, in time, to new industries beyond finance.
“Our new identity makes it clear that we’re an AI software company dedicated to helping regulated businesses make better and faster decisions they can trust and explain,” said Mike de Vere, COO of Zest AI. “We originally picked the Zest name to bring something different to financial services, and the new brand embodies our bigger plans to come.”
In the two years since Zest AI introduced its flagship product Zest Automated Machine Learning (ZAML), the company has achieved annual triple-digit percentage growth. Zest AI powers $500 billion in total lending by clients in every geography and credit category, including credit cards, personal loans, auto, mortgages, and student loans. With a quarter-million applicants scored every month, Zest software has helped 10 million more consumers get access to credit.
ZAML clients typically achieve a 15 percent increase in approval rates with no added risk or a 30 percent reduction in losses keeping approval rates constant. Clients to date have generated $1 billion in profit from reduced credit losses. Lenders can also more easily approve borrowers with limited credit history, in some cases by up to 5x. With the use of Zest’s bias-reduction tools, lenders can shrink the gap in approval rates between white and minority borrowers by 30 percent.
Please visit www.zest.ai to explore the new website and learn about Zest AI’s suite of products and solutions.
About Zest AI
Zest AI makes the power of machine learning safe to use in credit underwriting. Lenders using Zest Automated Machine Learning make better decisions and better loans -- increasing revenue, reducing risk, and automating compliance. Zest AI was founded in 2009 with the mission of making fair and transparent credit available to everyone and is now one of the fastest-growing fintech software companies. The company is headquartered in Los Angeles, California. For more information, visit zest.ai. Follow us on Twitter and LinkedIn.