Zest AI, a leader in software for AI-driven lending, has joined the National Community Reinvestment Coalition’s (NCRC) Innovation Council for Financial Inclusion. The Innovation Council is a forum to create collective action between the financial technology community and grassroots community leaders to advance financial inclusion and opportunities for low-wealth households and people of color.
Financial inclusion is centered around the premise that all people should have access to safe and affordable financial products, irrespective of whether they belong to traditionally underserved or underrepresented communities. This is particularly important given the growth of financial innovations and the ever-changing financial landscape.
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“Our AI-powered software helps our partners increase automation and safely approve more members for auto and personal loans – expanding access to the affordable credit that is central to strengthening lives through financial empowerment,” said Mike de Vere, CEO of Zest AI. “We’re honored to be recognized by the NCRC for our work in this space.”
“We welcome Zest AI to the council as we continue to pursue significant regulatory changes that will ensure more equitable decision making in lending algorithms,” said Jesse Van Tol, President and CEO of NCRC. “Their background and expertise will amplify our collective message and highlight the value of justice that both advocates and community leaders share.”
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Council members exchange ideas, strategies, and information on a variety of topics, including artificial intelligence, machine learning, and data privacy. Most recently, Innovation Council members drafted a joint statement for guidance on the implementation of disparate impact rules under the Equal Credit Opportunity Act (ECOA).
Council members found a shared interest in encouraging a fair lending regulatory framework to address the risk of digital discrimination, while also promoting technology and data innovation that has the potential to increase financial inclusion and lower prices for consumers.
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