MIDFLORIDA Credit Union Partners with Zest AI to Bring AI-Driven Lending to More than 430,000 Members in Florida
24 May, 2022, 09:00 ET
Zest AI software now bringing better, faster credit access to nearly 2.5 million credit union members across the Sunshine State
LOS ANGELES, May 24, 2022 /PRNewswire/ -- MIDFLORIDA Credit Union, one of the largest credit unions in Florida with more than $6 billion in assets, today announced it has partnered with Zest AI, a leader in software for AI-driven lending. MIDFLORIDA worked with Zest AI to build and deploy a custom AI credit model that will allow the credit union to increase automation and the number of members approved for auto and personal loans.
Zest AI facilitates models that use thousands of data points and better math than traditional national models. This approach safely approves more members overlooked by legacy scoring, achieving 25% to 30% higher approvals with no added risk.
MIDFLORIDA joins several of the top credit unions in Florida who deploy Zest AI's customizable software, significantly expanding access to more affordable credit across the state.
"MIDFLORIDA Credit Union's adoption of Zest's transparent, AI-driven lending technology brings the implementation of fairer, more accurate and compliant lending activity to more than one third (approximately 37%) of the credit union population of the state," says Jose Valentin, Senior Vice President of Partnerships at Zest AI. "These tools expand access to prospective borrowers who may be overlooked by traditional scoring, enriching lives and expanding opportunities by facilitating greater access to more affordable credit."
"With more than 430,000 members throughout Florida, our partnership with Zest will deliver value and expanded opportunity for a significant segment of the population," says Dennis Pershing, EVP/Consumer Lending of MIDFLORIDA Credit Union. "Leveraging their software presents an opportunity to both strengthen our business and provide a valuable service to our members."
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.
MIDFLORIDA is a state-chartered financial institution headquartered in Lakeland, Florida. The Credit Union serves more than 434,000 members with assets totaling more than $6.6 billion through its network of branches, ATMs and website, MIDFLORIDA.com. MIDFLORIDA Credit Union is open for membership to anyone who lives, works, worships or attends school within its Florida service area, which spans from Gainesville to Stuart and coast to coast.
Contact: [email protected]
SOURCE Zest AI
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