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The Duluth, Minn.-based Members Cooperative Credit Union has taken steps to increase its lending portfolio in the digital world by announcing a new partnership with one fintech leader, Zest AI.
According to Thursday's announcement, Members Cooperative ($1 billion in assets, 55,325 members) said it inked a deal with Zest AI to approve more members for auto and personal loans using AI-driven lending software.
"Zest is going to help us increase our loan volume safely across the credit spectrum," Eric Fuglister, vice president of consumer lending at Members Cooperative, said. "Our goal has always been to empower our communities, and Zest gives us a powerful new tool to do so."
In a statement, Members Cooperative said it wants AI to help increase its automation for making lending decisions beyond its current levels. The Zest AI software will create a model to allow the credit union to integrate AI into the lending system "for faster and more automated decisions." In adopting the AI models from the software program, the credit union "will boost approvals significantly with no added risk by drawing insights from thousands of standard credit variables," the statement read.
Zest AI CEO Mike de Vere said, "We're proud to partner with a credit union whose mission focuses on better serving its members. AI is the key to saying yes to more members and empowering Members Cooperative to continue to be that positive financial influence in the lives of its members."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
