Banking Tech Awards 2023 Finalist: Taktile

Taktile has been selected as a finalist in the Tech of the Future – AI and Data – Decision Engine category for their pioneering project, Interactive Decision Design in the Banking Tech Awards 2023.

Taktile is a modern, AI-powered decision engine that is revolutionizing how fintechs and banks make credit decisions, detect fraud, and price products. With robust data integrations and ML models, Taktile is making it easier for fintechs to make smarter, more accurate risk decisions.

Taktile is a critical new solution in a world increasingly run on automated decisions. As data becomes more prevalent and AI and ML become better at gleaning insights from that data, financial services will be required to make more frequent and more instant decisions at scale—from deciding who has to verify their email address to deciding who gets a mortgage.

However, the existing decisioning solutions are not up to the challenge. Most decisioning systems rely on an opaque patchwork of siloed teams and data streams with insufficient oversight and control. Credit and risk teams are heavily reliant on engineers to add data sources, adjust credit policies or evaluate changes. It is incredibly difficult to leverage new data sources or glean the necessary insights into customers. As a result, they are limited in what they can do and many decisions rely on guesswork and instinct. This lack of clarity leads to bad decisions, slow responses, costly mistakes, and disappointed customers.

Taktile changes that. Unlike traditional decision infrastructure, Taktile’s low-code platform unblocks credit and risk teams and empowers them to own the decision-making process in full–without relying on support from engineering. This makes it possible for them to act rapidly and proactively to adjust to changing environments, leverage additional signals, and ultimately gain an advantage over competitors.

Taktile also offers advanced functionality compared to traditional decision solutions:

• Leverage new data sources: With partners like Codat, Plaid, Experian, and NovaCredit, Taktile’s Data Marketplace enables decision authors to enrich internal signals with credit, fraud, accounting and alternative data at the click of a button. By leveraging new data sources, customers can better identify the right customers and serve underserved markets more accurately.
• Drive improvements through experimentation: In standard decision engines, credit and risk teams lack the ability to iterate and improve their performance. With Taktile, customers can backtest new credit policies using historical data to try out new risk signals and assess performance before setting it live. They can also experiment with new decision strategies in sub-segments of your population and conduct A/B split tests.
• Collaborate with ease and simplify governance: Taktile’s platform empowers multiple users to work simultaneously, while also simplifying governance through rigorous decision flow versioning, sign-off workflows flows, and comprehensive audit trails.
• Gain insights from machine learning: Realizing ML only generates value if it’s embedded into decisioning, our CEO and CPTO founded Taktile to build an end-to-end AI decisioning platform. Taktile empowers businesses to go beyond pure model predictions (such as determining the expected probability of default) to focus on business decisions as a whole (for example, identifying which customer to lend to). This allows companies to generate immediate business impact through ML models. Our Customer Success team includes several ML and AI experts who partner with Taktile’s customers to build sophisticated, explainable ML-based risk models. We also recently hosted an AI hackathon to design new features that will transform the customer experience.

In a world that is highly dynamic and competitive, Taktile’s platform fills a hole in the fintech stack by unblocking risk teams and helping them bring products to market quicker, adapt to change faster and constantly improve their margins. Given that risk decisions lie at the heart of every financial product, Taktile is used to support a wide range of use cases, including embedded payments, B2B and B2C lending, spend management, insurance, BNPL, banking-as-a-service, and more.

By leveraging the Taktile decision engine, customers can reduce manual underwriting by 90%, make decisions 10x faster, save 75% of engineering hours with end-to-end automation, ensure a frictionless customer experience with fewer false positives, and boost credit underwriting accuracy and approval rates.

Here are a few direct examples from Taktile customers:

• Branch International: With more than 40 million downloads, Branch is one of the most popular finance apps in the world. It offers micro-loans to underserved populations in Africa and Asia using cell phone data and other alternative sources to assess creditworthiness. To assess their creditworthiness, Branch applies machine learning and an algorithmic approach using data that customers share from their mobile phones, among other signals. Branch uses Taktile’s platform and machine learning models to rapidly iterate on and deploy new credit policies and, as a result, has cut deployment time by 80%.
• Rhino: Rhino is relieving pressures on renters by replacing security deposits with a small monthly premium sum. Using Taktile, Rhino has established a Decision Science team that owns their risk decisions. By eliminating the need for engineering support when building data integrations or risk policies, Taktile empowers Rhino to deploy models in 1/4th the time and better target their customer base by leveraging data.

Taktile has offices in New York, London and Berlin and is backed by leading VCs, including Index Ventures, Tiger Global, and Y Combinator. In the last year, Taktile has increased its customer base and revenue by 4x, adding leading fintechs, including Novo, Aria, Silvr, Knoma, Branch International, and Kuda, as customers. The Taktile team is deeply focused on building a comprehensive risk community. In the last 3 months alone, Taktile has: issued a report on the State of Lending, authored a weekly newsletter called Last Week in Lending, organized panels at Money 20/20 about the lessons B2B payments can learn from B2C and how Generative AI is shaping lending, and launched a series of Risky Business dinners around the world.

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