Zest AI has scored wins with credit union associations in Kentucky and Nebraska to provide its software.
Financial terms of the deal between Zest AI in Burbank and the two credit union leagues were not disclosed.
ZestAI develops machine learning-based software for use in determining the credit worthiness of loan applicants. It sells its software to banks, large credit unions and auto loan providers.
Most credit processes use 20 to 40 different variables at maximum to determine if an applicant is good risk or not. Zest, on the other hand, uses thousands of variables, according to the company.
The Kentucky Credit Union League is a nonprofit owned and controlled by member credit unions through their elected representatives and is solely supported by the dues of its member credit unions. The Nebraska Credit Union League is a trade association that represents the interest of Nebraska’s state and federally chartered credit unions and their nearly 520,000 members.
These are the latest credit union wins for Zest.
In February, the company announced it would provide its software to the California and Nevada Credit Union Leagues, the largest such organization in the country with more than 12.8 million members in their respective states. Also that same month, it said it would provide software to the Northwest Credit Union Association, the trade group representing more than 175 nonprofit, cooperative credit unions in Idaho, Oregon and Washington, and their 8.1 million consumer members.