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.