United StatesFinance and insurance2021 – ongoingVyStar Credit Union
Zest AI credit card underwriting
VyStar reported 23% more credit card approvals for protected groups after introducing Zest AI
Problem
VyStar wanted to extend credit to applicants overlooked by traditional scoring. It also sought to reduce differences in access between applicant groups.
Approach
VyStar introduced Zest AI underwriting software in 2021. The software used machine learning to assess borrower information beyond traditional credit scoring.
Results
Takeaway
VyStar reported approval changes separately for protected and nonprotected groups. Those figures did not establish subsequent repayment performance.
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
- Company's own claim
Sources
Source summaries
The newspaper interviewed VyStar's lending chief about its rollout. She reported 23% more credit card approvals for protected groups previously denied.
Full details are in the original sources.