SANTA ROSA, Calif.–(BUSINESS WIRE)–CuneXusthe first and only digital storefront for financial institution account holders, today announced a strategic partnership with Zest AI, the leader in more inclusive underwriting software, improving consumer access to affordable lines of credit .
The CuneXus platform helps financial institutions proactively deliver pre-approved personalized offers, making loans and other financial services readily available in digital banking. Zest AI Model management system produces robust and compliant AI-powered credit risk models that help financial institutions identify good borrowers often overlooked by legacy scores. By using fairer underwriting models within the CuneXus platform, credit unions and banks can provide firm offers to more members and customers. This approach will also help consumers with lower credit scores build healthier credit scores, improving their long-term financial well-being.
Jose Valentin, Vice President of Business Development at Zest AI, commented, “Any opportunity to help people have better access to affordable credit is a win. Zest’s AI-powered underwriting, coupled with CuneXus’ perpetual lending platform, has the potential to drive more inclusion and approvals for millions of consumers.
CuneXus user Commonwealth Credit Union added Zest AI’s software in March 2021, increasing pre-approvals and better serving underserved markets. Jaynel Christensen, VP of Loans at the credit union, explained, “Since using Zest AI, our instant approval rates have gone from 7% to 25%. This means that 18% of our members, who previously waited for a decision on a loan application, now get immediate approval. This not only improved our fundraising rate, but also increased our member satisfaction scores. Zest AI allows us to loan out more than we usually did in the past and we are excited to see an increase in the diversity of approved scores.
David Burger, co-founder and chairman of CuneXus, said, “Credit unions and banks should provide consumers with every opportunity for financial excellence. The CuneXus – Zest AI partnership aims to achieve this goal, providing financial institutions with the opportunity to expand access to affordable credit and improve the financial health of many people. This is a good thing both for the underserved and for the financial institution, a real win-win.
About Zest AI
Zest AI software helps lenders make better decisions and better loans, which increases revenue, reduces risk and automates compliance. Since 2009, it has made fair and transparent credit available to everyone and is today the leader in more inclusive underwriting software. The company is headquartered in Los Angeles, California. Learn more about www.zest.ai and join us on Twitter at @Zest_AI or Zest AI Knowledge Blog.
CuneXus, a wholly-owned subsidiary of CUNA Mutual, is the first to market a digital storefront for financial institution account holders, addressing the need for a personalized, on-demand banking experience. The platform eliminates the loan application process, providing consumer transparency and a simple 10-second activation experience. The CuneXus digital storefront has helped the nation’s largest lenders increase their share of wallet, create sales-enabled branches, execute new account holder acquisition, and increase non-interest revenue. CuneXus’ institutional clients represent over $596 billion in combined assets and 27.3 million US consumers. For more information, visit www.cunexus.com.