BURNABY, British Columbia — Inovatec Systems Corp., a provider of industry-leading, cloud-based software solutions for financial institutions, and ZestFinance, a provider of artificial intelligence software, announced a new strategic partnership designed to enhance lending procedures in the financial services industry.
Inovatec will integrate Zest Automated Machine Learning software into its business process management technology to help lenders immediately improve their underwriting results with custom machine learning models. Executives cited studies showing machine learning can reduce errors and losses and improve efficiencies and profits.
Inovatec’s “agile” process builder, paired with Zest AI software, will enable lenders to use more data and better math to approve more borrowers quickly with no added risk, according to Bryan Smith, vice president of sales and marketing at Inovatec.
“Financial services will be transformed by those who can use technology and innovation to build smarter decision-making tools,” Smith said. “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.”