As CEO at Zest AI, Mike de Vere says he has made it the company's mission to leverage artificial intelligence in consumer credit underwriting to build financial equity and create "a better, richer and fuller life for all."
Throughout his 25-year career, de Vere has focused on amplifying the voice of consumers to governments and businesses through organizations like Nielson, which provides audience insights and analytics; the market research firm Harris Interactive; and J.D. Power, which provides consumer data and analytics. He says his experiences shows his capacity to lead organizations in translating data into insights that enable the betterment of consumers' lives.
According to de Vere, America's credit and lending system is fundamentally flawed. Due to inherent bias baked into the system, underrepresented groups are disproportionately impacted and often struggle to achieve financial stability.
With this lending inequity in mind, de Vere leads Zest AI to enable inclusive, fair lending. In 2023, financial institutions using Zest AI reported a 25% increase in approvals, particularly for underrepresented groups that have been historically underbanked, according to the company. Zest AI's underwriting technology has increased approvals for Hispanics by 49%, Blacks by 41%, Asians and Pacific Islanders by 31% and women by 40%, the company said.
Zest AI more than doubled its customer base in 2023, and in the past four years, the company has also increased its customer base by more than 50% yearly. The number of people evaluated for loans by the company's technology also grew in 2023, with 22 million lending decisions made, up from 16.3 million in 2022.
