United StatesFinance and insurance2021 – ongoingSuncoast Credit Union
AI consumer-loan underwriting and centralized decisioning
Suncoast increased automated loan decisions from 30% to 60%, according to Zest AI
Problem
Manual underwriting slowed loan decisions and limited Suncoast's ability to serve more applicants. Most decisions required staff intervention.
Approach
Suncoast adopted Zest AI's machine-learning underwriting software to evaluate applications beyond credit scores alone. It subsequently centralized underwriting across its branches. Analysts focused more time on complex applications.
Results
Takeaway
Higher automation supported a change in how underwriting staff were organized. The reported time savings did not establish changes in loan losses.
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 AI reported that Suncoast increased automated lending decisions from 30% to 60% and saved 27,000 staff hours annually. It described centralized underwriting and staff handling of more complex applications.
Zest AI announced Suncoast's selection of its machine-learning underwriting software in 2021. The announcement expected deployment later that year and did not report Suncoast-specific operating results.
Full details are in the original sources.