ZestFinance, a fintech firm that assists lenders to develop AI-based credit risk models, has teamed up with MeridianLink, a multichannel loan and new account origination platform.
As part of the collaboration, MeridianLink will be integrating Zest Automated Machine Learning (ZAML) credit scoring into its LoansPQ platform.
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The integration will provide MeridianLink clients with access to advanced machine learning techniques for lending.
ZestFinance CTO Jay Budzik said: “Our integration with MeridianLink removes the resource and risk constraints that have made machine learning technologically challenging for lenders.
“The partnership will increase the adoption of machine learning and give more consumers access to fair credit.”
MeridianLink’s LoansPQ is a single origination platform that combines all communication channels into a single processing system. Accordingly, it ensures a consistent experience across the lending ecosystem.
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By GlobalDataThe addition of machine learning into LoansPQ will enable MeridianLink clients to price the products more effectively increasing return on investment.
MeridianLink VP Doug Glagola said: “Machine learning technology is typically only available to larger financial institutions, but with this integration with Zest, our clients of any size can take advantage of it.”
Established in 2009, ZestFinance focuses on using machine learning to develop and launch credit risk models. These models leverage thousands of credit signals to improve credit decisions than conventional methods.
According to the company, Zest customers see a 15% increase in approval and increase in booked loans.
