Zest AI is an anti-bias lending platform that aims to make financial loans more inclusive and accessible.
"Zest’s lending approval software goes well beyond the traditional method of using credit scores, with the company having developed a way to vet AI loan approval models through what it calls "adversarial debiasing." This involves pitting two machine models against each other – one focused on creditworthiness and the other on race and gender, among other things."
The software streamlines the loan approval process and was created for banks, credit unions and specialty lenders. Moreover, the Zest AI platform is home to a database of helpful insights from top experts in the AI lending industry -- from CEOs to fintech and business journalists.
Anti-Bias Lending Platforms
Zest AI Uses Predictive Technology to Make Loans More Inclusive
Trend Themes
1. Anti-bias Lending - Innovative lending platforms that use AI and predictive technology to prevent financial bias and offer loans to historically marginalized communities.
2. Adversarial Debiasing - A data-driven approach using machine learning, where two models compete to identify potential bias and deliver fair decision-making processes in lending.
3. AI Lending - Advanced and efficient lending platforms that use artificial intelligence and machine learning to automate the lending process and offer finance to people who were refused loans using traditional methods.
Industry Implications
1. Fintech - Fintech companies are in a position to develop AI-driven lending platforms that can support reliable and responsible lending while actively fighting back against systemic bias.
2. Banking - Banks can implement Anti-Bias Lending Platforms in order to create inclusive and diverse financial ecosystems, while avoiding financial bias and promoting equality and opportunity.
3. Credit Unions - Credit Unions can use data-driven methods to provide loans to previously excluded marginalised communities, helping to close the gap on financial inequality and ensuring that everyone gets an equal chance at borrowing.