MeridianLink and Zest AI Expand Partnership, Accelerating Market Momentum and Enabling Financial Institutions to Drive More Inclusive Lending Practices
08 Maio 2023 - 10:05AM
Business Wire
Combined strength of consumer lending with
AI-enabled underwriting empowers lenders to efficiently and
confidently approve more loans, creating more economic
opportunities for consumers
MeridianLink, Inc. (NYSE: MLNK), a leading provider of modern
software platforms for financial institutions, together with Zest
AI, a leader in automating underwriting with more accurate and
inclusive lending insights, today announced the expansion of their
partnership, increasing momentum as the integration enables more
shared customers with access to AI-enabled underwriting. The
partnership allows banks and credit unions to provide faster
decisioning while safely offering credit access to more
consumers.
Since the partnership between Zest and MeridianLink® was first
announced, customers have benefited from AI-enabled underwriting
and more accurate consumer risk insights to accelerate decisioning
and deliver more equitable lending experiences.
“We are always looking for ways to provide our members with fast
and fair access to capital,” said Miriam Mitchell, chief lending
officer at Addition Financial. “Since integrating Zest AI as part
of our MeridianLink® Consumer offering, we have seen a sustained
increase in approval rates on loans. This gives us the ability to
say yes more often to members across the credit spectrum.”
On average, Zest AI customers see a 25% lift in approval rates
without increasing losses, as well as increases in booked loans due
to more competitive, risk-based pricing. AI technology can safely
increase approval rates for those who are traditionally
underserved. With Zest AI’s technology, lenders can lift protected
class approvals by an average of 40%.
“As financial institutions embrace MeridianLink’s increasingly
touchless and inclusive lending capabilities, our customers are
adopting Zest’s fair lending insights as part of our decisioning
workflow in evaluating the creditworthiness of consumers in the
communities they serve,” said Megan Pulliam, SVP of MeridianLink’s
Partner Marketplace. “We are proud to be a market leader of this
movement and will continue to work closely with Zest to identify
opportunities to accelerate digital lending innovation.”
“We’re pleased our partnership with MeridianLink continues to
grow with our combined focus to offer more lenders access to
AI-enabled lending, resulting in faster approvals, more loan
bookings, and happier consumers,” said Head of Strategic
Initiatives at Zest AI, Kathryn Bonesteel. “Our shared customers
appreciate how easy it is to take advantage of Zest’s capabilities
within the MeridianLink® One platform, and we are excited to invest
in the ongoing success of this strategic relationship.”
To learn more, visit
https://www.meridianlink.com/marketplace/partners.
About Zest AI
Zest AI is a tech company on a mission to make fair and
transparent credit accessible for everyone. Since 2009, we've
worked with financial institutions to provide AI-driven credit
solutions to their borrowers. Today we work with all types of
lenders — but especially credit unions — to democratize
underwriting automation and equitable credit decisioning. Learn
more at Zest.ai and connect with us on LinkedIn.
About MeridianLink
MeridianLink® (NYSE: MLNK) powers digital lending and account
opening for financial institutions and provides data verification
solutions for consumer reporting agencies. MeridianLink’s scalable,
cloud-based platforms help customers build deeper relationships
with consumers through data-driven, personalized experiences across
the entire lending life cycle.
MeridianLink enables customers to accelerate revenue growth,
reduce risk, and exceed consumer expectations through seamless
digital experiences. Its partner marketplace supports hundreds of
integrations for tailored innovation. For more than 20 years,
MeridianLink has prioritized the democratization of lending for
consumers, businesses, and communities. Learn more at
www.meridianlink.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230508005239/en/
Becky Frost (714) 784-5839 becky.frost@meridianlink.com
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