Inovatec Systems Corp., a provider of industry-leading, cloud-based software solutions for all financial institutions, and ZestFinance, a leader in artificial intelligence (AI) software, today announced their strategic partnership to enhance lending procedures in the financial services industry.
Inovatec will integrate Zest Automated Machine Learning software (ZAML) into its business process management technology to help lenders immediately improve their underwriting results with custom machine learning (ML) models. ML has been proven to reduce error and losses, and improve efficiencies and profits. ZAML customers typically achieve a 15% increase in approval rate or a 30% reduction in charge-offs by switching to ML.
The world’s top financial institutions are increasingly looking for artificial intelligence to create new sources of business value. According to an MIT Sloan report, 83% of all enterprises agree that driving AI adoption is a strategic opportunity, but eight out of ten do not understand what data is required for AI, or how to access it.
Inovatec’s agile process builder allows any financial institution to create processes and workflows that can be seamlessly and almost immediately implemented with minimal training. This technology, paired with Zest AI software, will enable lenders to use more data and better math to approve more borrowers quickly with no added risk.
“Financial services will be transformed by those who can use technology and innovation to build smarter decision-making tools,” said Bryan Smith, VP Sales & Marketing at Inovatec. “Zest’s AI solutions complement our systems in a way that’s better for our customers, leading to stronger operational efficiencies that improve their bottom line.”
About Inovatec Systems Corp.
Inovatec Systems Corporation is an industry-leading provider of cloud-based software solutions for automotive and equipment financing institutions. The seamless platform is ideal for external partner and customer communications through a robust ecosystem that streamlines the process of crediting, auditing, funding and income verification for finance applications. For more information, please visit https://www.inovatec.com/.
ZestFinance helps lenders use machine learning to develop and launch highly accurate and transparent credit risk models. Zest's software tools enable our clients to increase revenues, reduce risk, and ensure compliance. ZestFinance was founded in 2009 by Douglas Merrill, the former CIO of Google, and a team of former Google employees with the mission of making fair and transparent credit available to everyone. The company is headquartered in Los Angeles, California. For more information, visit www.ZestFinance.com.