Zest ZAML Tools Debut on Azure|
December 26, 2018
has started a strategic collaboration with Microsoft to deploy Zest's
machine learning (ML) software tools directly on Microsoft Azure and
Machine Learning Server platforms to deliver the first fully explainable
artificial intelligence (AI) solution for highly regulated industries,
starting with the financial sector. Banks and lenders that have been
eager to put more profitable ML models to work no longer have to be held
back by concerns over ML's historic lack of transparency.
Financial institutions will now be able to use Zest's ZAML suite of
tools to build, deploy, and monitor explainable ML credit models on
Azure and Machine Learning Server. The collaboration combines the
intelligent capabilities of Microsoft's technology with Zest's deep
focus on explainable ML. Zest has spent the last 10 years building
comprehensive and thoughtful software tools that help lenders run
powerful ML credit models with full transparency and compliance.
Close to 40 million Americans struggle to obtain credit because the
simple models that lenders rely on dismiss applicants with little to no
history on file. ML credit models use more data and better math to spot
worthy borrowers that legacy models overlook. By safely tapping into new
customers and re-scoring risk across the credit spectrum, Zest customers
see an immediate impact, increasing approval rates by 15% or cutting
credit losses by 30%, on average. ML will have an immediate financial
impact: lenders in the U.S. currently lose $750 billion in credit
charge-offs each year.
"Microsoft has built amazing ML services for the enterprise that enable
IT organizations to manage and scale their infrastructure easily to meet
diverse business needs," says Douglas Merrill, CEO and founder of
ZestFinance. "With Zest explainability, businesses can start using
Microsoft's ML platforms more broadly for high-stakes use cases that
demand transparency and auditability."
supports ZestFinance's ambition to help the financial services industry
make better borrowing decisions and equitably help grow our
communities," says Toni Townes-Whitley, president, U.S. Regulated
Industries, Microsoft. "With solutions powered by Microsoft technology,
the future of AI and the growth of financial services can be much more
inclusive, underscored by Microsoft's investments in security, privacy,
and regulatory compliance."
With more efficient models running in the cloud, financial institutions
will be able to provide more credit at lower cost across their entire
credit portfolio. Microsoft and Zest customer Prestige Financial
Services, a $1.1 billion (assets) auto lender, put a fully explainable
ML credit scoring solution into production earlier this year. Within six
months, Prestige doubled its lending volume without added portfolio
risk, expanding credit to deserving consumers previously overlooked by
legacy models. "Our success was enabled by cutting-edge explainable AI
from ZestFinance with battle-hardened infrastructure from Microsoft that
is familiar to manage and easy to scale for our business," says Rob
Eagleston, chief technology officer, Prestige Financial Services.
Download the case study.
Zest-powered explainability, compliance, and monitoring tools are
available now on Microsoft Azure and Machine Learning Server customers