MAXX25: Zest AI's Mike de Vere Addresses 'America’s Economic Opportunity Gap'...

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Mike de Vere, CEO at Zest AI, joined us in the Studio Lounge for a lively discussion on “America’s Economic Opportunity Gap" -- and where technology and credit unions can come in and fill that gap.

In particular, Mike discussed AI's role in finance, showcasing customer experiences while addressing America's Economic Opportunity Gap. He raised concerns about the credit system's fairness, with discussions on how AI can improve lending and enhance financial inclusion for underserved populations.

Q&A summary
What is the significance of the economic opportunity gap?
The report highlights the concerning economic uncertainty affecting over 80% of Americans, impacting their decision-making and leading many to give up on achieving their American dream.
How does economic uncertainty influence personal decisions like marriage among Americans?
Due to economic uncertainty, one in five Americans are postponing marriage, indicating a significant impact on personal life choices.
What are the key findings regarding the current state of the US credit system?
Half of Americans believe the credit system is broken, with 70% feeling it is rigged, highlighting widespread distrust and bias in credit access.
How does AI improve the lending process for borrowers and lenders during economic volatility?
AI allows for a broader view of a member's financial history, enabling lenders to assess risk over a longer period rather than just a single point in time, which can lead to better lending decisions.
What role does transparency play in building trust around AI in lending?
Transparency is crucial; lenders need to openly share what's in their models to build trust, as many consumers feel misled by the current opaque credit scoring systems.
What future developments in AI lending technology?
The podcast teased the upcoming launch of 'Lulu', a generative AI solution designed to assist in lending intelligence, promising exciting advancements in the near future.

Check it out and let us know your thoughts. And be sure to watch more Studio Lounge interviews from 2025 MAXX -- as well as support our host/sponsors: GoWest Credit Union Association, Tyfone, Zest AI, DDJ Myers, Cook Solutions Group, Backbone, and Despite Impossible podcast.