Carrington Labs Partners with Taktile to Enhance Credit Risk Strategies for Lenders

Carrington Labs Partners with Taktile to Enhance Credit Risk Strategies for Lenders
  • Credit risk analytics company Carrington Labs has teamed up with decision platform Taktile to help lenders optimize their credit risk strategies.
  • Lenders will be able to access Carrington Labs’ custom models directly from Taktile’s platform, enabling them to gain a better, more complete financial picture of loan applicants.
  • Carrington Labs made its Finovate debut last year at FinovateFall 2024 in New York. The company is headquartered in Sydney, Australia.

Credit risk analytics company Carrington Labs announced a partnership with decision platform Taktile to help lenders optimize their credit risk strategies for both consumer and SMB loans. Carrington Labs offers custom models that analyze a wide variety of data types—including transaction data, credit bureau data, and behavioral insights—to give lenders a more comprehensive understanding of a would-be borrower’s financial status. This leads to more accurate credit risk scoring, more approvals, and fewer defaults.

“Every lender is looking to modernize their approach to decisioning, offer management, and monitoring. Taktile’s low-code decision platform enables our clients to deploy Carrington Labs models and tools quickly, while also giving lenders much better visibility and control over their process,” Carrington Labs CEO Jamie Twiss said.

Courtesy of the partnership, lenders will be able to access Carrington Labs’ models directly from Taktile’s platform. Firms will be able to combine the models with their own business rules to boost approval accuracy and quantify the probability of default. The models will also help them improve underwriting accuracy and launch faster without requiring major system overhauls or technical implementations. Via a single interface, lenders will have end-to-end control over the optimization of their credit risk strategy.

“I’ve seen how tough it can be for lenders to not only build strong risk models but also connect them to flexible, automated decision workflows,” Taktile CEO and Co-Founder Maik Taro Wehmeyer said. “That’s why I’m excited about our partnership with Carrington Labs. Lenders can now directly integrate their sophisticated credit risk models into the workflows they build on Taktile, making it easier to develop inclusive, data-driven underwriting strategies and continuously improve them at scale.”

Taktile’s technology helps lenders and other financial services companies better manage risk: from onboarding and underwriting to fraud detection, compliance, and collections. The company empowers risk teams to build, test, and update their risk strategies without requiring engineering talent. Companies working with Taktile have reported a 67% reduction in logic deployment time and a 95% reduction in decision time. Headquartered in New York, with offices in Berlin, Germany, and London, Taktile was founded in 2020.

Sydney, Australia-based Carrington Labs made its Finovate debut at FinovateFall 2024 in New York. At the conference, the company demonstrated its AI-powered, alternative credit risk scoring and loan limit recommendation technology. Carrington Labs leverages non-traditional data, credit expertise, and commercial acumen to provide lenders with a more complete picture of a loan applicant’s creditworthiness. This enables lenders to be more inclusive while at the same time boosting revenues, lowering default rates, and improving margins.

Carrington Labs’ partnership announcement comes just a month after the company reported that it was working with decisioning platform Oscilar to help shorten integration times for lenders and improve credit risk workflows for banks, credit unions, and other financial services providers.


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Credit Risk Analytics Provider Carrington Labs Partners with Decisioning Platform Oscilar

Credit Risk Analytics Provider Carrington Labs Partners with Decisioning Platform Oscilar
  • Credit risk analytics provider Carrington Labs teamed up with real-time decisioning infrastructure company Oscilar.
  • The partnership will make Carrington Labs’ explainable AI-powered, advanced credit risk and cash flow underwriting models available via Oscilar’s decisioning platform.
  • Headquartered in Sydney, NSW, Australia, Carrington Labs made its Finovate debut at FinovateFall 2024 in New York.

Credit risk analytics provider Carrington Labs has announced a new partnership with real-time decisioning infrastructure company Oscilar. The partnership will shorten integration times for lenders and enhance credit risk workflows for banks, credit unions, and fintechs alike.

“Lenders want to improve how they assess credit risk, but many are limited by legacy systems and long implementation cycles,” Carrington Labs CEO Jamie Twiss said. “Partnering with Oscilar makes it significantly easier for lenders to access and act on better credit risk insights and improve their underwriting using infrastructure they already have.”

Courtesy of the partnership, Carrington Labs’ advanced credit risk and cash flow underwriting models will be accessible via Oscilar’s real-time decisioning platform. Carrington Labs’ models leverage a combination of transaction level data, credit bureau data, and behavioral insights to provide smarter credit risk insights. Combined with Oscilar’s no-code platform, the models promote broader inclusivity in lending by more accurately assessing the creditworthiness of thin-file borrowers and borrowers with non-traditional incomes.

“Carrington Labs brings a strong capability in credit risk analytics and alternative data,” Oscilar CEO and Co-Founder Neha Narkhede said. “Together, we’re helping lenders build a more complete picture of creditworthiness, without adding complexity.”

Founded in 2021, Oscilar emerged from stealth two years ago with its AI-powered technology to help businesses better defend online transactions from fraud. The Palo Alto, California-based company uses real-time data, AI, and decisioning to create an advanced credit and fraud detection platform that enables firms to assess the risk of every online transaction in a matter of minutes. The company values the market for risk protection at more than $200 billion and noted that credit and fraud risk currently cost businesses more than $48 billion a year. For their part, consumers are on the hook for $8 billion a year due to credit and fraud risk.

“During my time leading engineering teams at Meta, I found that data and AI played a huge role for making risk decisions—but this technology was hard to build and not easily accessible to our business teams,” Oscilar Co-Founder and CTO Sachin Kulkarni said. “We built Oscilar so that companies could have a thorough risk decisioning solution but wouldn’t have to use their engineering teams’ valuable time to achieve that.”

Carrington Labs empowers lenders to be more inclusive while at the same time boosting revenues, lowering default rates, and improving margins. Founded in 2024, Carrington Labs made its Finovate debut at FinovateFall 2024 in New York. At the conference, the Sydney, Australia-based company demoed its technology that leverages explainable AI to provide alternative credit risk assessments and loan limit recommendations based on the lender’s unique loan products. Carrington Labs’ credit risk models have been trained on more than one billion data points to provide precise insights; the company boasts that it can pilot a tailored risk model for a lender in days and onboard a new lender in weeks.

The company’s partnership announcement comes as it unveiled new research that underscored the importance of identifying behavioral changes in loan applications. The study showed how behavioral changes can predict loan risk and supported Carrington Labs’ decision to adjust the behavioral factor weighting in its risk model to 36%, a record weighting for the firm’s model.

“While we’ve always looked at a range of behavioral factors, this latest generation of cash flow underwriting models tests a wider range of attributes than ever before, and we were surprised to see how many behavioral elements ended up in this particular model,” Twiss said. “This finding underlines the value of behavioral data in assessing a loan applicant’s risk levels.”


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FinovateFall 2024 Sneak Peek Series: Part 5

A look at the companies demoing at FinovateFall in New York on September 9 and 10. Register today using this link and save 20%.

BankShift

BankShift is a brand-on-banking ecosystem for digital banking platforms, crafted by humans with experience in digital-first and data-driven innovations from leading financial institutions and brands.

Features

  • Leverage free API gateway for real-time vendor monitoring
  • Elevate operations and engagement with intuitive web admin portal
  • Scale platform with patent-pending branding technology

Who’s it for?

BankShift harmonizes brands with banking technology, enabling community banks and credit unions to seamlessly embed their digital banking ecosystems within a brand’s app to create new revenue streams.

Carrington Labs

Carrington Labs empowers financial institutions with explainable AI solutions to enhance credit risk scoring and loan limit recommendations, driving more informed and inclusive lending decisions.

Features

  • Enhances credit risk modeling, maximizing loan approvals
  • Reduces loan default risk, leveraging default elasticity analysis
  • Delivers product-specific loan limit recommendations, increasing margins

Who’s it for?

Banks, credit unions, payment providers, and financial institutions focused on unsecured consumer lending.

Delfi Labs

Delfi Labs is a financial technology company that provides an AI-enabled SaaS copilot to help enterprises of all sizes protect themselves from financial market volatility.

Features

  • Non-generative AI, Oracle: provides actionable strategies in minutes
  • Risk analytics, Overwatch: offers advanced simulations for markets, balance sheets, and securities
  • Delivers powerful yet intuitive dashboard

Who’s it for?

Delfi’s initial focus is to serve community banks, credit unions, and financial asset managers in optimizing their balance sheets and structuring risk management strategies in real-time.

Odynn

Odynn is an embedded fintech, AI/ML, loyalty optimization program management platform for travel tech. Odynn has re-imagined customer loyalty while generating significant revenues for its partners.

Features

  • Delivers next-gen program management platform (holistic travel portal)
  • Offers live pricing in points, miles, and cash, for every major travel loyalty program
  • Generates personalized redemption recommendations for end users

Who’s it for?

Banks, FIs, regional banks, credit unions, corporate travel management companies, travel techs, fintechs, and neobanks.

PointChain

PointChain is an intelligent risk management platform designed to bring proactive compliance and risk
controls to the forefront. They are focused on delivering real-time transaction monitoring and regulation filings.

Features

  • Illustrates real-time transaction monitoring
  • Highlights how a bank can deal with a flagged transaction (Request for Information)
  • Includes intelligent SAR/CTR Filings

Who’s it for?

Banks, credit unions, credit card companies, and financial service providers who are required to implement and adhere to stringent BSA and AML policies.

Speakeasy

Speakeasy enables fintechs and financial institutions to grow API user adoption and streamline integrations with auto-updated robust SDKs, Terraform providers, and documentation.

Features

  • Accelerates integrations with SDKs
  • Prevents breaking changes with testing
  • Guarantees consistency with governance

Who’s it for?

Any company working in the financial space that has an API — whether available to the public or for private, internal company use only.

Zingly.ai

Zingly.ai empowers businesses to deliver value across the entire customer journey by seamlessly blending data, GenAI, and humans in persistent digital spaces for personalized, lasting relationships.

Features

  • Creates persistent digital spaces for ongoing, personalized customer interactions
  • Delivers seamless integration of data, GenAI, and human touch
  • Offers goal-oriented GenAI for acquisition through support and upsell

Who’s it for?

Zingly.ai serves businesses from Fortune 500-scale to SMBs in banking and financial services.