United StatesFinance and insurance2024 – ongoingSchoolsFirst Federal Credit Union
AI-supported lending decisions with Zest AI
SchoolsFirst said its instant loan approval rate more than doubled after adopting Zest AI
Problem
SchoolsFirst wanted to improve members' borrowing experience by making lending decisions faster.
Approach
SchoolsFirst adopted Zest AI's lending technology around 2024. Its chief executive said the credit union incorporated the technology across lending operations. A year after signing on, he reported that the instant approval rate had more than doubled.
Results
Takeaway
The reported improvement concerned instant approvals. SchoolsFirst did not disclose the starting rate or loan-loss results in this announcement.
Categories
- Industry
- Finance and insurance
- Business function
- Finance, risk and legal
- Innovation type
- Process innovation
- AI technology
- Predictive analytics and ML
- Adoption
- Vendor solution
- Evidence
- Vendor case study
Sources
Source summaries
Zest announced investment from customers including SchoolsFirst. SchoolsFirst's chief executive attributed a more-than-doubled instant approval rate to its use of the supplier's lending technology.
Full details are in the original sources.