Startups face many challenges, and two critical components of success are compliance and customer support. In this week's episode of the Startup Smoothie Podcast, we speak with our good friend Scott Benson, a regulatory compliance expert in the field of Fintech.
Scott acknowledges that adherence to regulations and standards is crucial in avoiding unfavorable consequences that may harm the platform's revenue, profitability, reputation, and status. Nonetheless, quantifying the worth of compliance poses a difficulty. Thus, he emphasizes the need for a compliance team that is engaged across all other teams. He suggests establishing and maintaining a strong and transparent relationship between compliance and customer support, which can provide valuable insights into user behavior and platform functionality.
Apart from fostering a culture of collaboration, we also discuss the importance of involving compliance at the outset of product development. An approach that guarantees that compliance factors are incorporated right from the beginning, rather than being added later as an afterthought.
During our discussion, we veer off topic at times to discuss various Fintech and long-standing established financial institutions that are doing well and others that are running into trouble in both compliance and support aspects.
Scott's insights highlight the importance of compliance and customer support for startups. By building a culture of collaboration and transparency, startups can establish a strong foundation for long-term success. So, tune in to this episode of the Startup Smoothie Podcast to hear more from Scott Benson about the critical components of compliance and customer support for startups.
Timestamps
0:02:56 Discussion on Assigning Value to Compliance Efforts
0:04:27 The Benefits of Early Compliance Involvement in Fintech Product Development
0:07:26 The Importance of a Strong Relationship Between Support and Compliance
0:09:32 The Role of Customer Support in Compliance and Fraud Monitoring
0:12:44 The Benefits of Open Engagement Between Compliance and Customer Support Teams
0:14:40 Compliance and Risk Teams: Balancing Innovation and Structure
0:17:15 Exploring Flexibility and Creative Solutions for Compliance and Customer Satisfaction
0:18:48 The Fine Line Between Over and Under Communication in Customer Experience
0:25:35 The Impact of Risk Aversion on Brand Management
0:31:32 The Regulatory Landscape of Fintech Companies
0:33:33 Regulatory Competency and Banking as a Service for Fintech Platforms
Quote Highlights
"So without a doubt, over the last ten years, ten years I've been in the financial services, fintech industry, regulators have definitely become more experienced, they're more knowledgeable. Your ability as someone who is operating a fintech platform or who hopes to operate a fintech platform. If your plan is to go in and kind of razzle-dazzle a regulator with a lot of techie type buzzwords because you think you're going to overwhelm them and the regulator is just going to slink away, not the case anymore."
"Just even this recent experience that you have just reinforces why fintech companies became so popular and have blossomed over the last however many years. That was due in no small part to the fact that your legacy financial institutions, the Citigroups, the J. P. Morgans, the bank of Americas of the world, they struggle with customer support, they struggle with customer experience."
"It's very possible that you've got a one person team, you might have one compliance person, one fraud person, you might have one person doing compliance and fraud. There's got to be active and open engagement between compliance staff, your customer support team, your CS team. When you have a good level of communication between these two different teams, that's how you identify trends. That's how you identify patterns and trends and patterns that automated monitoring may have overlooked or it might not be something that your automated monitoring solution isn't even structured to detect."
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