New originations tool for credit unions surfaces from Origence, Zest AI relationship
Within days of announcing its revamped board of directors, Origence bolstered its relationship with Zest AI to launch a tool tailored for credit unions to book quality paper at lower credit tiers.
Zest Auto is an automated underwriting model powered by artificial intelligence for credit unions available exclusively through Origence.
According to a news release, this partnership expansion follows Origence’s investment participation in Zest AI’s most recent funding round.
Zest Auto elevates the two companies’ existing partnership. The partnership also includes the integration of Zest AI’s machine learning underwriting technology with Origence’s consumer origination platform.
The companies highlighted the new offering is designed to make it easy and accessible for credit unions to get started with powerful AI technology for auto finance originations.
The new Zest Auto technology expands the decisioning options available to credit unions, solving the need for providers to make faster, more accurate decisions, while approving more contracts with minimized risk.
Officials said initial data gathering by Zest AI has shown an increase of up to 20% in contract approvals and reaching more than 50% automation.
“Origence is excited to partner with Zest AI and be the sole provider of Zest Auto. Zest is the gold standard in AI-driven underwriting solutions, and now it’s seamlessly integrated into arc OS — our flagship account and loan origination platform,” Origence chief product officer Brian Hendricks said in the news release.
“Decisioning speed plays a critical role in the borrower experience and with Zest AI and Origence working so closely together, lenders will have the flexibility and underwriting capabilities to make instant decisions, confidently,” Hendricks continued.
According to Zest AI’s internal studies, credit unions utilizing Zest Auto can expand credit to protected classes and help lift approvals.
By combining the reach of Origence’s CUDL indirect lending network with Zest AI’s technology, officials added that credit unions will have access to the tools needed to continue their mission to provide fair and equitable credit.
“In today’s economic climate, credit unions need access to simple and affordable technology that will boost their efficiency and enable them to continue lending to their members across the credit spectrum. Zest AI head of product Nidhi Panday said.
“In doubling down on our partnership with Origence through this new offering, we’re thrilled to enable better credit decisions for credit unions of all sizes,” Panday continued.