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TLDR:
Key Points:
- Fintech success is a combination of innovation, engineering, and compliance.
- Compliance officers are crucial for the long-term success of fintech companies.
In the article “Fintech Success = Innovation + Engineering + … Compliance?” by Rohit Mittal, the importance of compliance in the success of fintech companies is highlighted. Mittal argues that compliance officers play a critical role in the long-term success of fintech companies, similar to designers and tech experts. He points out that while compliance has traditionally been seen as a source of friction in the banking sector, many leading fintech companies view compliance as essential. The article discusses how successful fintech companies have treated compliance as a first-class citizen along with engineering, emphasizing the role of innovative compliance officers in product development.
The article also delves into the history of fintech, specifically how the financial crisis of 2008 led to the birth of many big fintech companies due to the constraints faced by traditional banks in terms of compliance. Mittal shares insights on how compliance has evolved in fintech and its impact on product innovation and market growth. He also highlights the importance of artificial intelligence in transforming the compliance landscape, making compliance easier and more efficient for companies.
Overall, the article suggests that banks can learn valuable lessons from fintech companies in integrating compliance into product design, investing in compliance technology, and targeting underserved markets with compliant products. By understanding the role of compliance in fostering innovation and growth, banks can enhance their user experience and provide value to customers.
