Zest AI is working closely with Origence and Point Predictive as all three are leveraging artificial intelligence for the betterment of credit unions and other providers of auto financing.

Last week, Point Predictive announced the integration of its BorrowerCheck for Lenders platform with Zest AI.

Then on Monday, Origence said a benefit of its relationship with Zest AI is that all Origence arc OS customers can get trial access to accurate, inclusive AI underwriting for their auto portfolios.

Point Predictive elaborated about its collaboration with Zest AI that is designed to fortify providers against first- and third-party fraud.

The companies said this collaboration aims to elevate the accuracy and efficiency of credit decision-making processes while safeguarding against fraudulent activities within contract applications.

“Fraud is a growing concern in the industry, and integrating Point Predictive’s BorrowerCheck with our AI-automated underwriting technology will provide our clients with a seamless and impactful way to combat fraud and enhance the integrity of lending processes,” said Jose Valentin, senior vice president of partnerships at Zest AI.

“By harnessing the power of advanced AI technology and proprietary data repositories, we are empowering lenders to proactively identify and mitigate fraud risks, ultimately fostering a more resilient and secure lending environment,” Valentin continued in a news release.

Experts explained that first-party fraud (perpetrated by the real person seeking the financing) and third-party fraud (perpetrated by criminals) are widely recognized as growing challenges for the financial services industry.

Leveraging BorrowerCheck and Point Predictive’s proprietary data repository, finance companies can gain access to enhanced risk assessment capabilities, enabling the early detection of a diverse array of applicant misrepresentations.

“We are pleased to collaborate with Zest AI in integrating BorrowerCheck into their credit decisioning solution,” Point Predictive vice president of product delivery Justin Davis said in the news release.

“By combining Zest AI’s expertise in AI-driven underwriting with our accurate and comprehensive solution, lenders can now enhance their fraud detection capabilities and make more informed lending decisions,” Davis added.

For more information about Point Predictive’s BorrowerCheck for Lenders, visit https://pointpredictive.com/borrowercheck-for-lenders/.

More details of Origence’s offering with Zest AI

Credit unions of all sizes using Origence’s arc OS platform can now experience the benefits of Zest AI credit underwriting technology.

Origence said this alliance with Zest AI through its arc OS platform can give credit unions faster, clearer visibility to how they can benefit from AI adoption.

This 90-day AI test drive builds on the momentum of Zest Auto, the AI-automated underwriting model for credit unions, available exclusively through Origence, an investor in Zest AI.

Zest Auto was first launched last May. Origence and Zest AI launched an official partnership in July 2022, offering Zest AI’s automated underwriting technology to credit unions using Origence arc OS.

Together, Origence and Zest AI can enable credit unions to access more accurate underwriting insights and automate their decisioning to provide better member and dealer experiences and create more durable financing businesses.

“We’re very excited to expand on our success with the Origence team,” Zest AI CEO Mike de Vere said in another news release. “This partnership has proven valuable to our shared clients, and we hope that this unique ability to test drive the technology will open doors for folks who are excited to try AI in their organizations.”

One of the clients to try this technology was LincOne Federal Credit Union, where Terry Zitkovich Jr. is the chief lending officer.

“With Zest Auto, implementation took no time at all and required very little from our team outside of input.  Implementing Zest has allowed LincOne to ramp up our efficiency like never before. LincOne is on track to increase our decisioning automation by 156% in just the first few months,” Zitkovich said through that news release.

The 90-day, no-obligation trial is being offered at no cost to Origence clients interested in seeing the benefits of AI-automated underwriting for their institutions.

Preliminary results from Zest AI show a 25% lift in approvals, a 20% reduction in risk, and an achievement of 80% auto-decisioning.

Origence explained that AI-automated underwriting applies policy equitably, reducing the risk of inconsistent practices.

“This partnership represents the continuation of a successful relationship between Zest AI and Origence. Expanding access to our mutual credit unions allows them to improve their lending performance,” Origence CEO Tony Boutelle said.

This offer is available to Origence arc OS customers through the end of Origence’s Lending Tech Live conference on June 27.

Clients interested in a trial of Zest can submit a request for the free trial via this website.