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Home Machine Learning

ZestFinance to Provide AI Underwriting for MeridianLink LoansPQ Platform

October 17, 2019
in Machine Learning
ZestFinance to Provide AI Underwriting for MeridianLink LoansPQ Platform
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LOS ANGELES–(BUSINESS WIRE)–ZestFinance, the leader in artificial intelligence (AI) software for credit, announced today its integration with MeridianLink®, the financial industry’s leading multichannel loan and new account origination platform. MeridianLink will be integrating Zest Automated Machine Learning (ZAML) credit scoring directly to its LoansPQ platform, providing MeridianLink clients the ability to access advanced machine learning for lending.

Machine learning underwriting uses thousands of credit signals to make more accurate and profitable credit decisions than traditional methods, resulting in more good loans and fewer bad ones. On average, Zest customers see a 15% increase in approval rates without increasing losses, as well as increases in booked loans due to more competitive, risk-based pricing. Machine learning models are especially good at safely increasing approval rates for traditionally underserved segments. One auto lender used Zest to increase approvals for millennials by 25%.

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“Our integration with MeridianLink removes the resource and risk constraints that have made machine learning technologically challenging for lenders,” said Jay Budzik, CTO of ZestFinance. “The partnership will increase the adoption of machine learning and give more consumers access to fair credit.”

MeridianLink’s LoansPQ is a single origination platform, consolidating all channels (mobile, branch, call center, indirect, retail, and kiosk) into a single processing system for a consistent experience for originators, underwriters, processors, and funding officers. Zest anticipates that the addition of machine learning into LoansPQ will allow MeridianLink clients to achieve a positive ROI in year one by pricing their products more effectively.

“Machine learning technology is typically only available to larger financial institutions, but with this integration with Zest, our clients of any size can take advantage of it,” said Doug Glagola, VP at MeridianLink.

About ZestFinance

ZestFinance helps lenders use machine learning to develop and launch highly accurate and explainable credit risk models. ZestFinance’s software enables our clients to increase revenues, reduce risk, and ensure compliance. ZestFinance was founded in 2009 by Douglas Merrill, the former CIO of Google, and a team of former Google employees with the mission of making fair and transparent credit available to everyone. The company is headquartered in Los Angeles, California. For more information, visit www.ZestFinance.com.

About MeridianLink

MeridianLink Inc., the developer of the industry’s first multichannel account opening and loan origination platform, is a leading provider of enterprise business solutions for financial service organizations. The company’s passion for excellence is reflected in its web-based credit reporting, lending and new account opening/deposit technologies, which all enjoy solid reputations as being cutting edge, reliable and affordable. Based in Costa Mesa, California, MeridianLink is committed to creating smart solutions that deliver real value. For more information, visit www.meridianlink.com.

Credit: Google News

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