Redstone Federal Credit Union chooses Zest AI to offer AI-powered loans to more than 650,000 members in northern Alabama and Tennessee

Redstone Members Enjoy Better and Faster Access to Credit

HUNTSVILLE, Alabama. and LOS ANGELES, April 7, 2022 /PRNewswire/ — Redstone Federal Credit Union, one of the 20 largest federal credit unions in the United States with more than $8 billion assets, today announced its partnership with Zest AI, a leader in AI-powered lending software. Redstone worked with Zest AI to build and deploy a custom AI credit model that will allow the credit union to increase automation and securely approve more members for auto and personal loans.

Models built with Zest use more data and better math than legacy models to provide more accurate risk rankings while maintaining compliance, giving partner institutions the confidence to self-decide loans faster, especially via digital channels. This frees up lending and underwriting staff to focus on providing high quality service for credit unions as Redstone is known. Credit unions using Zest often achieve much more inclusive loan approvals and up to five times the automatic decision rates, thanks to the deeper insights gained from thousands of standard credit variables.

“We are constantly looking for opportunities to do more for our members,” says Ericka Gorman, Sr. Vice President/Director of Loans, Redstone Federal Credit Union. “With our new model built with Zest, we will be able to approve more loans without increasing overall risk and make decisions even faster than we currently do. We are excited about this opportunity and look forward to to provide more value to our members.”

Based at Huntsville, Alabama, Redstone has branches throughout the Tennessee Valley and Central Tennessee region. It offers a wide variety of personal and business checking and savings accounts, in addition to loans and mortgages, credit cards, investments, and insurance. Redstone has been named one of GOBankingRates’ Top 100 Banks and Credit Unions for 2022.

“We are honored to work with Redstone to bring AI-powered loans to their members, reinforcing the important link between faster decisions and the member experience that is essential to enriching the communities they serve,” said Mike deVere, CEO of Zest AI. “Together, we will achieve their goal of providing more ‘yes’ to their members and empowering communities through more inclusive lending.”

About Zest AI

Zest AI software helps lenders make better decisions and better loans, which increases revenue, reduces risk and automates compliance. Since 2009, it has made fair and transparent credit available to everyone and is today the leader in more inclusive underwriting software. The company is headquartered in Los Angeles, California. Learn more about and join us on Twitter at @Zest_AI or Zest AI Knowledge Blog.

Redstone Federal Credit Union

With over $8 billion by assets, Redstone Federal Credit Union is the largest member-owned financial institution Alabama and one of the nation’s largest federal credit unions by assets. Situated at Huntsville, AlabamaRedstone Federal Credit Union serves more than 650,000 members.

Chartered on November 28, 1951Redstone Federal Credit Union has proudly served its members for nearly 70 years and has 27 conveniently located branches across North Alabama and Tennessee. Redstone Federal Credit Union provides a level of service not typically available at other financial institutions through its philosophy of – People helping people.

CONTACT: [email protected]


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