Data is a form of currency, especially in the modern world, and for businesses in any field, the intelligent use of data makes a huge difference in how you grow and serve your customers. However, sifting through vast volumes of data and extracting insights from it in a timely manner is no easy task. This is where Taran comes into the equation, with its flagship product TaranDM.
Founded in 2018 by three mathematicians, this startup is helping companies across 5 continents by transforming their data with cutting-edge solutions like TaranDM, a next-gen decision manager that allows small to large institutions to make data-driven decisions in real-time during customer interactions. Take, for example, a customer applying for a bank loan – with TaranDM, the process is streamlined to receive all their data (income, employment status, etc.) and then, using the rules of the bank, instantaneously evaluates the data to decide whether approve the loan application or not, massively optimizing the process and allowing banks to deal with customers much more effectively.
Taran has recently taken its newest step in taking its decision manager to the world with the addition of seasoned banking and business professional Patrick Tan to its team as General Manager for the APAC region. “I am very excited to work with Taran’s founders, who are themselves, practitioners in risk-related fields and data science specialists. They bring a lot of industry knowledge and can relate immediately to the clients. That is a key value that Taran brings to clients,” Patrick said of his appointment
Patrick Tan and his expertise that runs the gamut of Asia
Over his many years in the industry, Patrick has had the opportunity to sell a wide range of solutions, the full suite of core banking to credit scoring and lending, digital customer engagement, and decision management solutions to a diverse range of customers. Before transitioning to technology sales, Patrick worked in the finance industry in consumer banking, SME lending, and later in transaction banking. His work across Asia has given him invaluable insight into how the different markets of the APAC region (and the minds of its customers) work.
“The progression from finance to technology sales was natural because I am generally interested in how technology can increase efficiencies and improve operational accuracy, particularly since I was working in the credit and lending space,” Patrick shared. “Of course, the lure of regional travel was also a big pull factor. To be able to work directly with people from a diverse range of cultures is something I enjoy a lot.” Equipped with his exposure to countries and markets across Asia, Patrick hopes to scale TaranDM to new heights and consolidate its presence across the APAC region.
The need for decision intelligence platforms like TaranDM
Within a critical industry such as banking and finance, operators like Taran are tasked with the shift to AI systems are done with minimal disruptions. Further, organizations in such industries already have extensive IT infrastructure, consisting of many legacy systems. Why then is it essential for financial institutions to use decision intelligence systems? The answer boils down to being ahead of the competition by staying relevant to customers’ needs.
“Financial institutions today are not only looking for solutions in specific areas but across the enterprise. They are constantly looking at making operationally accurate decisions and minimizing overall risks. Decision intelligence platforms will invariably force organizations to think more comprehensively of their overall architecture (in both data and system). Taran does very well in helping address the market’s needs by looking into the data provided and providing the right fit solution to unlock the value of the client’s data via TaranDM,” Patrick said.
How Taran makes it simple to embrace decision intelligence
Despite greater efficiency and relevance, how does one ensure the transition from legacy systems to modern innovative solutions without disruption? Admittedly, Patrick explained that it’s a bit of a balancing act; after all, banks hold the financial futures of millions in their hands, but this also means they need to modernize. But on an internal and practical level for banks, the Taran approach to switching platforms is balance.
Its flexible architecture allows TaranDM to connect readily to many different data sources and systems. Hence, it can seamlessly work alongside the legacy systems or existing decision engines that have been in place for decades. Then through small steps of realization (or, as Patrick puts it, “success”) milestones, the transfer from one system to another takes place. “That step-by-step transition is what many vendors are doing already. The days of ‘the Big Bang approach’ with overnight or near-overnight cutoff are long gone,” Patrick said.
The benefits of utilizing alternative data sources
TaranDM also allows banks to use alternative data sources to evaluate customers and their financial capabilities more thoroughly. Some examples of these alternative data sources include internal transactional data, information from external parties such as telecom providers, and a customer’s digital footprint on a lender’s website or mobile app.
The latter refers to a broad range of information, which is particularly valuable to lenders as they can use it for credit scoring and anti-fraud purposes. For example, lenders could use device data to compare an applicant’s address with their current timezone, identify their income level based on the device model, or confirm that they read the full terms & conditions. In addition, rapidly analyzing data from several sources means these companies can better identify consumers who will repay their loans.
“The need to use alternative data is more important than ever,” Patrick said, “Banks need to look beyond traditional sources of data (data from traditional credit bureaus) if they want to increase their market share and revenue. For example, 50% to 70% across Southeast Asia are underfinanced, often because they lack traditional financial data. Alternative data will inform banks about these borrowers’ ability and willingness to pay them back, allowing them to reach them.” TaranDM’s versatility across so many different platforms, alongside Taran’s data transformation expertise, offers banks a unique opportunity to explore the power of alternative data when investing in providing a better customer experience.
Taran and the future
To Patrick, Taran’s greatest strength is its team: “No matter how powerful a solution is with features, buyers and stakeholders will always look at the people behind it. Every member of the Taran team is upfront about their thinking and clear on their intentions,” he shared, “Apart from expanding our reach in the market, I look forward to working with the team to expand the capabilities of the TaranDM system. I am excited to see how we can bring business and strategic value to our clients with our approach to problem-solving. More importantly, our key success factor will be how our clients regard us over time, as we seek to serve our clients with sincerity, transparency, and integrity.”