CU Launching AI Partnership in Hopes of Faster Loan Approvals

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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