ZestFinance, a provider of artificial intelligence (AI) software for credit, has announced the company’s rebrand to “Zest AI.” With the company celebrating its 10th anniversary this year, the company remains committed to its original mission: Making fair and transparent credit available to everyone. At the same time, the new Zest AI brand reflects its evolution into a premium enterprise software company with broad capabilities around automated and explainable machine learning.
According to a Gartner study, the business value created by AI will reach $3.9 trillion by the year 2022. Highly regulated sectors are especially ripe for innovation, as the power of machine learning (ML) has so far been limited over concerns about using black-box algorithms. Zest AI’s development of transparent ML has made the black box problem obsolete, paving the way for deeper expansion into financial services and, in time, to new industries beyond finance.
“Our new identity makes it clear that we’re an AI software company dedicated to helping regulated businesses make better and faster decisions they can trust and explain,” said Mike de Vere, chief operating officer of Zest AI. “We originally picked the Zest name to bring something different to financial services, and the new brand embodies our bigger plans to come.”
In the two years since Zest AI introduced its flagship product Zest Automated Machine Learning (ZAML), the company has achieved annual triple-digit percentage growth. Zest AI powers $500 billion in total lending by clients in every geography and credit category, including credit cards, personal loans, auto, mortgages and student loans. With a quarter-million applicants scored every month, Zest software has helped 10 million more consumers get access to credit.