Zest AI, provider of software for underwriting driven by artificial intelligence, recently won the 2021 Finovate Award for Best Use of AI/ML.

The company highlighted the award goes to the bank, financial institution, or fintech that uses artificial intelligence/machine-learning technology to the greatest effect, creating new capabilities that are only possible through AI/ML.

The Finovate Awards were created to recognize excellence in innovation within the broader fintech community.

“It’s great to be recognized by the panel of Finovate judges as Best Use of AI/ML in finance,” Zest AI chief executive officer Mike de Vere said in a news release. “Our mission since day one has been to make fair and transparent credit available to everyone. The best way to do that is by helping banks, and credit unions of all sizes adopt AI-driven risk models, make better decisions, and say yes to more people.

“This award validates all the hard work Zestians have put in to build the best AI lending solution,” de Vere continued.

Zest highlighted that a growing number of banks and credit unions are turning its software to make better underwriting decisions.

Zest-built underwriting models are designed to “break the limitations of legacy credit scores” to identify more good borrowers. As a result, the company said clients using Zest-built models have seen 15% to 20% increases in approval rates with triple the automation and more inclusion.

Zest added that its customers have delivered nearly 7 million AI-powered scores to date across more than $120 billion in portfolios. As a result, the company said Zest clients have saved more than $1 billion in profit from reduced credit losses.