Find Out How ZestFinance Uses Machine Learning to Help Companies Make Accurate Credit Decisions

Find Out How ZestFinance Uses Machine Learning to Help Companies Make Accurate Credit Decisions

Large groups of people in the US believe that the entire credit system is actually unfair. Credit scores are often inaccurate about determining the real credit-worthiness of individuals and small businesses. Credit card companies don’t use enough data to correctly guess the actual credit-worthiness of those who are seeking loans. Sometimes credit card companies can be whimsical or even downright abusive.

It’s no wonder that many people and businesses can’t get loans even when they should. Up to 40% of Americans don’t even have credit cards.

It’s this entire credit situation that Zest Finance aims to change. Their solution is their Zest Automated Machine Learning platform. Its function is to enable lending companies to make wiser credit decisions so that they’re able to offer credit much more fairly.

Zest Finance isn’t a pipe dream, as some may think about the mission to overhaul something as massive as the credit situation in the US. It was founded by the former CIO of Google, and the ZAML platform was built to bring the kind of math Google was famous for in credit decision-making. Its effect on the credit system can be just as profound as Google’s own effect on the search engine system. It can be a revolutionary step forward.

The main advantage of the ZAML platform is that it’s much faster and more accurate than any other way of determining credit-worthiness. It’s just like how the Google search engine was faster and better at finding relevant websites. The key to the ZAML effectiveness is its capacity to handle mind-bogglingly vast amounts of data. That’s what makes it able to find the good borrowers. This ability allows lenders to enjoy higher repayment rates while borrowers can finally get to enjoy lower-cost credit.

ZAML is also much faster in determining credit-worthiness. Many loan providers can take several hours or even days to make their credit decisions. With ZAML they can make this decision in less than 10 seconds. What’s more, they’re even more likely to make the right decision about the credit-worthiness of the loan applicant.

Zest Finance is poised to overturn the dismal state of the US credit system. As more lending companies use ZAML, more lending companies can make better decisions. This leads to greater profits for lenders, and finally better and fairer opportunities for borrowers.

LA Startups Crew
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LAStartups.com is a digital lifestyle publication that covers the culture of startups and technology companies in Los Angeles. It is the go-to site for people who want to keep up with what matters in Los Angeles’ tech and startups from those who know the city best.
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Uber Works Wants to Disrupt The On-demand Staffing Business

Uber Works Wants to Disrupt The On-demand Staffing Business

Uber doesn’t always have an easy time doing business. But instead of just relying on its rideshare platform, it’s diversifying its services to provide a lot more earning opportunities for the company and for its drivers. One of these initiatives is the new Uber Works, which the company is testing right now.

What’s Uber Works?

This is an on-demand staffing business, much like the original Uber template is an on-demand rideshare business. This service enables its client businesses to hire various workers for short-term duties. If there’s a special event or a corporate function then Uber Works allows these companies to hire waiters and security guards for the duration.

It’s still a new initiative that Uber is exploring, and it may not turn into a business at all. But it has been tested in LA, and now trials are being held for Uber Works in Chicago.

Other Uber Ideas

Uber Works isn’t the only new way for the company to earn income.

  • Uber Eats is perhaps the most notable new service offered by the company, as it provides its drivers with a new food-delivery service. It’s a service that’s now available in 250 cities all over the world, and it has managed to generate $6 billion in total bookings for the last year.
  • Uber has a trucking division called Uber Freight, which matches available truckers to companies that need its goods to be transported. This division now has a new service called Powerloop. This time, it rents out physical equipment like tractor trailers to the drivers who need them.
  • They’ve added bikes and electric scooters to the Uber apt this year.
  • They’re planning to add the option for all-electric short-range aircraft in the future.
  • Uber is also working on self-driving technology.

Uber as the Phoenix Rising from the Ashes

It’s no secret that Uber has been facing a lot of criticism for the last few years. Critics have long harped on how it denies its drivers benefits like a minimum wage and health benefits. Its global expansion has slowed down, and it has been disastrous in Russia and China. Even its research on self-driving technology has taken a beating in the public eye when one of their test cars had an accident that killed a pedestrian.

Yet the valuation for Uber has now grown to $70 billion. Some even think that it can reach a total value of $120 billion when it’s time for the company to go public. Those $120 billion valuations would be more than the combined company value total of the Big 3 automakers. To see just how Uber has grown, note that its supposed rival Lyft is also planning an initial public offering but experts believe that it will end up with just a valuation of $15 billion.

Much of the Uber renaissance is due to the diversification of its efforts. Uber Eats in itself is already worth $20 billion. It’s trying to do another Amazon path to success, and Amazon started with just books. Will Uber achieve the same level of success? Stay tuned!

LA Startups Crew
Los Angeles Startups
Santa Monica, Culver City, Venice, Hollywood, and beyond
LAStartups.com is a digital lifestyle publication that covers the culture of startups and technology companies in Los Angeles. It is the go-to site for people who want to keep up with what matters in Los Angeles’ tech and startups from those who know the city best.
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LA Startups Crew
Santa Monica, Culver City, Venice, Hollywood, and beyond
LAStartups.com is a digital lifestyle publication that covers the culture of startups and technology companies in Los Angeles. It is the go-to site for people who want to keep up with what matters in Los Angeles’ tech and startups from those who know the city best.

PledgeLA to Boost Diversity and Inclusion in The Los Angeles Tech Community

PledgeLA to Boost Diversity and Inclusion in The Los Angeles Tech Community

As the tech sector in LA grows due to the saturation of the tech industry in the San Francisco area, the same problems in Silicon Valley are now coming up. There’s a growing tension between the upstarts of the tech industry and the regular folks in the community surrounding this IT boom.

According to critics, what will follow in LA will be what happened in San Francisco if there’s nothing done about it. Regular people and longtime residents will feel alienated and looked down upon. They will feel like they’re being forced out by the higher rents and costs of homes as well as the prices of regular consumer goods.

That’s why more than 80 entrepreneurs and tech investors are joining Mayor Eric Garcetti and the non-profit Annenberg Foundation to launch PledgeLA. This is the LA tech community initiative that seeks to avoid what happened in San Francisco and to the people there who felt disenfranchised by the growing tech boom.

PledgeLA Features

Features of the initiative include the following:

  • More opportunities will be provided for everyone, regardless of race, background, or gender. So even non-white women who grew up poor should have the same opportunities as the white guys who grew up rich.
  • Those who signed to the PledgeLA agreement will track civic participation and diversity data each year. That data will be made public so that people will know if a tech company is made up of exclusively white males from the Ivy Leagues and other top schools.
  • Startups and funds will report on the composition of their workforce noting various factors. This won’t be just noting age, gender, and race. It will also note socioeconomic origin, educational attainment, and even sexual orientation to see if there’s bias against hiring members of the LGBT community. Other factors will include the status in regards to disabilities, immigration, and military service veteran. Even the tenure at a firm will be noted.
  • The signatories also will come up with a proper code of conduct centered on diversity and inclusion, and diversity will be practiced in corporate hiring.

Good Business Sense

While many who signed PledgeLA did so out of a sense of moral and ethical rightness, it also makes good business sense to emphasize diversity on corporate hiring practices. A Diverse workgroup brings different points of views when it comes to making decisions. It helps with networking for sources of talent, and the diverse work group can help build a diverse consumer base as well.

LA has now become one of the top 5 US destinations for technology investment and it’s now one of the top tech hubs in the country. The top 100 tech companies in LA and Orange County has reported a 24% increase in employment within the last year.

There are a still a few notable holdouts to PledgeLA, however. Tesla and SpaceX have not yet signed on, and nor has Snap. But LA is an inherently diverse area, and such a diversity must be maintained in the tech workplace as well.

LA Startups Crew
Los Angeles Startups
Santa Monica, Culver City, Venice, Hollywood, and beyond
LAStartups.com is a digital lifestyle publication that covers the culture of startups and technology companies in Los Angeles. It is the go-to site for people who want to keep up with what matters in Los Angeles’ tech and startups from those who know the city best.
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LA Startups Crew
Santa Monica, Culver City, Venice, Hollywood, and beyond
LAStartups.com is a digital lifestyle publication that covers the culture of startups and technology companies in Los Angeles. It is the go-to site for people who want to keep up with what matters in Los Angeles’ tech and startups from those who know the city best.

Karlie Kloss Teaching Code to Teenage Girls

Karlie Kloss Teaching Code to Teenage Girls

If you’ve followed fashion over the last decade, then you’re familiar with the Karlie Kloss name. She’s the gorgeous model who’s actually been around for the last 11 years or so. She’s BFFs with the likes of Taylor Swift and Serena Williams. Her boyfriend is Joshua Kushner, who happens to be the younger brother of Ivanka Trump’s husband Jared Kushner.

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So how can a fashion model suddenly teach doing to teens? Actually, it’s all because of the people she met while working in fashion.

Learning the Language

As a model, her work often had her meeting various Silicon Valley entrepreneurs at parties. It didn’t take her long to realize that these were the people whose technology was suddenly changing how society worked.

Karlie wanted to learn what they knew, so she learned. She went to a 2-week class at the Flatiron School, which is a renowned coding boot camp in lower Manhattan. That’s where she learned how to use the Ruby program to build web apps. It’s wasn’t all that hard for her, because prior to her modeling career she excelled as a student in subjects like math and science.

A year after that, she began her own coding scholarship program at the Flatiron School. This program grew to 50 camps in up to 25 cities. This summer, a thousand girls in those camps can learn various coding skills such as basic HTML/CSS, Ruby, and JavaScript. They can get into virtual reality programs, gaming platforms, and even artificial intelligence.

Networking and Connections

Part of her professional life as a model was meeting people from many other industries in various parts of the world. It just so happens that Karlie Kloss also met Kevin Systrom, who founded Instagram. Kloss was fascinated by how such a platform can touch the lives of hundreds of millions of people, and she wanted to understand that skill set and language. It was this meeting that gave her the nudge to go to the Flatiron School.

Her friendship with Serena Williams also includes sitting together on the board of Oath. This is the Verizon subsidiary that owns AOL, Yahoo, and other digital content brands.

Her beau’s career is also separate from the political industry in which Jared Kushner is a part of. Joshua is a venture capitalist, and he also helped found the health insurance start-up Oscar Health.

Kode with Klossy

Karlie Kloss isn’t just a model. She also runs Klossy, which is a philanthropic organization also involved with both fashion and multimedia. She runs this group out of her home in Lafayette Street in SoHo.

In 2015, she started Koding with Klossy as a coding camp for teenage girls. It’s to counterbalance the fact that most coding camps are predominantly peopled by boys and men. In such an all-girls environment, teenage girls tend to feel safer and more comfortable.

The results have been very encouraging. One camper had been accepted to Princeton University, where she will major in computer science. Another had completed a computer science internship at Microsoft, while another girl had just finished an internship at Viacom and will now pursue her activist goals with the help of coding.

In the end, it’s not farfetched to realize that pretty models and girls can learn how to code. The fact that some people judge due to gender is actually one of the first misconceptions that must be put to rest, sooner or later. Karlie Kloss is doing just that.

LA Startups Crew
Los Angeles Startups
Santa Monica, Culver City, Venice, Hollywood, and beyond
LAStartups.com is a digital lifestyle publication that covers the culture of startups and technology companies in Los Angeles. It is the go-to site for people who want to keep up with what matters in Los Angeles’ tech and startups from those who know the city best.
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LA Startups Crew
Santa Monica, Culver City, Venice, Hollywood, and beyond
LAStartups.com is a digital lifestyle publication that covers the culture of startups and technology companies in Los Angeles. It is the go-to site for people who want to keep up with what matters in Los Angeles’ tech and startups from those who know the city best.