Zest AI
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Locality: Burbank, California
Address: 3900 W Alameda Ave 91505 Burbank, CA, US
Website: zest.ai
Likes: 647
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As we enter another week confronting our changed circumstances, we’re preparing for the long haul: staying resilient, connected, and committed to helping each other through this to a strong recovery. While some of us are settling into new routines and others still struggle to adjust; we want you to know wherever you are, you’re not alone. Zestians are working to serve our colleagues, our customers, and our communities. After all, we’re all in this together.
First, don't panic. Second, contact your lender.
Here are some predictions we've got for how AI is going to change and improve lending and fintech in 2020. Worked on this with Forbes contributor Louis Columbus. Let us know what you think!
If 2019 was the year AI went from idea to reality for many lenders, 2020 is going to be the year AI becomes a must-have. A November survey of 1,500 bank executives by Accenture found that 72% say their companies risk going out of business in five years if they don’t scale AI. An even greater percentage say they won’t achieve their growth objectives without more AI. So as financial institutions hit the gas pedal on AI tools like machine learning (ML) here are four trends to watch for in the coming year.
Credit unions, which pride themselves on member service and human touch, are recognizing the potential impact of AI. But the key to making the trend stick, especially in the current climate, is fairness testing and it’s well within the industry’s grasp. Our CTO's take from Credit Union Times https://www.cutimes.com//fair-is-fair-how-credit-unions-c/
Research shows that Americans want their financial institutions to use more information to produce fairer outcomes but they want it used responsibly. AI can do all of this but only with the right checks and balances in place. We believe that fair AI in financial services is not only possible but currently available. It’s now on the financial industry to ensure the algorithms they use are fair. https://www.zest.ai//theres-a-fix-to-the-problem-of-biased
The 4 Machine Learning Myths, demystified. These are the reasons why adopting machine learning is easier than you think: https://www.zest.ai/four-reasons-why-adopting-ml-is-easier-
Lenders who use AI and machine learning can use more data and valuable trended data to paint a better picture of a borrower's ability and willingness to repay their loan. This helps get more deserving borrowers an affordable auto loan, credit card, or mortgage -- borrowers such as millennials and immigrants with a short credit history or minority homebuyers who have traditionally been shut out of credit opportunities. Check out Zest executive Kareem Saleh talking to the Mortgage News Network about how Zest AI's ML software is expanding opportunities for home buyers. https://youtu.be/UhQp2ZWTg4M
Amid all the talk about AI and machine learning in finance, people often overlook the "softer-side" challenges of getting Ai/ML projects implemented successfully. There's a lot of collaboration and education involved to get everyone on board. Here's Zest AI COO Mike de Vere and City National Bank EVP Linda Duncombe talking about how to get AI successfully done at a bank or lender. Recorded live in October at the BankAI conference in Chicago.
Synthetic fraud occurs when a scamster combines a real identity with fake data to rip off banks and lenders. Big banks are starting to get their arms around the problem, but smaller lenders and credit unions are still at a high risk. Here's Zest's CTO Jay Budzik on how AI and machine learning can help detect and fight synthetic fraud.
Some news from us today, and it's another bit of evidence that AI is being adopted by more lenders of all stripes and sizes thanks to the work of Zest team to make machine learning explainable, transparent, and trustworthy. businesswire.com//VyStar-Zest-AI-Software-Faster-Credit-De
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