Zest AI and Origence Integrate Credit and Lending Technologies
Posted by Andrew Kobialka on August 2, 2022
GoWest Solutions partners, Zest AI and Origence, recently announced a partnership, combining their expertise in expanding access to credit and lending technology solutions and services for credit unions.
Origence will integrate Zest AI’s Model Management System (MMS) credit scoring technology into the robust automated underwriting module for its consumer lending platform — arc OS (previously Lending 360) — providing credit unions partnered with Origence with unrivaled automated decisioning and more accurate credit scoring methods.
Credit underwriting with Zest AI’s machine learning algorithms enables a credit union to use thousands of data points to determine a credit score, meaning the lender can make more equitable credit decisions than when using traditional methods and other competing models. On average, Zest AI customers see a 25% increase in approvals without expanding risk tolerance. Approvals increase to around 40% when specific demographics like women and protected class borrowers are defined in the analysis.
“Incorporating Zest AI’s advanced machine learning technology greatly enhances overall loan decisioning capabilities of our consumer lending platform,” said Brian Hendricks, Origence’s chief product officer. “We are excited to partner with Zest AI to provide unmatched automated underwriting and credit scoring capabilities that further simplify the lending process, benefitting both our credit union partners and their members.”
Over 1,100 credit unions utilize Origence’s industry-leading lending technology solutions, including its arc OS consumer LOS and CUDL Indirect Lending Network. Credit unions funded a record 1.3 million loans through these lending platforms in the second quarter of 2022.
“Our integration with Origence helps remove hurdles that can limit access to technology for lenders, especially those that may not have the resources to support major IT projects and changes,” said Jose Valentin, Senior Vice President of Partnerships for Zest AI. “We’re really excited to see this partnership increase the adoption of machine learning and give more members access to fairer credit decisions.”