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Fintech start-up CuneXus and software developer Zest AI announced a partnership this week to expand consumer access to affordable credit through inclusive underwriting using AI-driven technology within the CuneXus digital banking platform.
CuneXus, which was acquired by CUNA Mutual Group in 2020, provides financial institutions with an all-in-one digital lending platform to give consumers a quick, easy and personalized online and mobile lending experience.
According to this week's partnership announcement, the organizations will combine the CuneXus platform with Zest AI's Model Management System, which creates AI-driven credit risk models to help credit unions "identify good borrowers often overlooked by legacy scores."
"By using fairer underwriting models within the CuneXus platform, credit unions and banks can extend firm offers to more members and customers. This approach will also help consumers lower on the credit spectrum build healthier credit scores, improving their long-term financial wellness," the statement read.
Zest AI Vice President of Corporate Development Jose Valentin said, "Any opportunity to help people gain better access to affordable credit is a win. Zest's AI-driven underwriting, coupled with CuneXus' perpetual lending platform, has the potential to drive more inclusion and approvals for millions of consumers."
One CuneXus user, the Frankfort, Ky.-based Commonwealth Credit Union ($1.8 billion in assets, 113,227 members) added Zest AI's software in March 2021 and, according to a statement, increased pre-approvals and better served its underserved markets as a result.
Commonwealth Vice President of Lending Jaynel Christensen said, "Since leveraging Zest AI, our instant approval rates jumped from 7% to 25%. This means that 18% of our members, who previously waited for a decision on a loan application, are now getting approved immediately. This has not only improved our funding rate but has also boosted our member satisfaction scores. Zest AI allows us to lend deeper than we typically have in the past and we are pleased to see an increase in the diversity of scores being approved."
Dave Buerger, co-founder/president of CuneXus, said, "Credit unions and banks should be equipping consumers with every opportunity for financial excellence. The CuneXus – Zest AI partnership aims to achieve just that, providing financial institutions with the opportunity to widen access to affordable credit and improve financial health for many. It's a good thing for both the underserved and the financial institution, a real win-win."
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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.
