Perpetual lending platform embeds AI-driven credit scores, expands consumer access to affordable credit
SANTA ROSA, Calif.–(BUSINESS WIRE)–CuneXus, the first and only digital storefront for financial institutions’ account holders, today announced a strategic partnership with Zest AI, the leader in software for more inclusive underwriting, improving consumer access to affordable lines of credit.
The CuneXus platform helps financial institutions proactively deliver personalized offers that are already approved, making loans and other financial services readily available within digital banking. Zest AI’s Model Management System produces robust and compliant AI-driven credit risk models, which 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 extend firm offers to more members and customers. This approach will also help consumers lower on the credit spectrum build healthier credit scores, improving their long-term financial wellness.
Jose Valentin, Vice President of Corporate Development at Zest AI, commented, “Any opportunity to help people gain better access to affordable credit is a win. Zest’s AI-driven 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 as a result. Jaynel Christensen, Vice President of Lending at the credit union, explained, “Since leveraging Zest AI, our instant approval rates jumped from 7% to 25%. This means that 18% of our members, who previously waited for a decision on a loan application, are now getting approved immediately. This has not only improved our funding rate but has also boosted our member satisfaction scores. Zest AI allows us to lend deeper than we typically have in the past and we are pleased to see an increase in the diversity of scores being approved.”
Dave Buerger, Co-founder and President of CuneXus, commented, “Credit unions and banks should be equipping consumers with every opportunity for financial excellence. The CuneXus – Zest AI partnership aims to achieve just that, providing financial institutions with the opportunity to widen access to affordable credit and improve financial health for many. It’s a good thing for both the underserved and the financial institution, a real win-win.”
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.
About CuneXus
CuneXus, a wholly-owned subsidiary of CUNA Mutual, is the first to market with a digital storefront for financial institutions’ 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 largest lenders in the country to grow wallet share, create sales-enabled branches, execute new account holder acquisition, and grow non-interest income. CuneXus client institutions represent over $596 billion in combined assets and 27.3 million U.S. consumers. For more information, visit www.cunexus.com.
Contacts
Press contact:
Sabina Andrei
[email protected]
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