customer interactions that will be generated. In addition, the
organization must prepare for the tracking and handling of the
inevitable complaints that will be generated.
Is It Live?
There is nothing left to do now, but to hit
that launch date. Release the product to the
world amongst a major marketing blitz and
maintain what has been built. Maintenance
is ongoing servicing of the product. Glitches
happen. Things that could not be seen in a
development environment, or even early production environment, always seem to pop up
when the product is roaming free in the wild.
Bugs and issues may be reported by customers, or even discovered internally. Patches are
created and rolled out during typically scheduled releases that are
designed to make the product better. This is also a time when
additional features that may have been de-prioritized are added
into the release schedule so they may finally see the light of day.
The process of getting from Ideation to Going Live is a rough
and rocky road that not every idea will travel. There are a multitude of hurdles and pitfalls that can trip a company up and many
of those are compliance issues. Compliance cannot be an afterthought. It must be embedded into the product and the process
at every step of the way.
For the customer to truly benefit, Banks and Fin Techs must
work together. They must both shed the preconceived stereotypes
that exist about each others’ industries. Banks can no longer be
looked at as the stodgy institutions that are resistant to change.
Fin Techs can no longer be looked at as gunslingers skirting laws
in the Wild West. Rather, they must be looked
at as partners in providing greater benefits
and access to their customer base. ■
ABOUT THE AUTHOR
GENE SHAFFER-STRATHMAN CRCM, CAMS,
is Chief Compliance Officer at Final, Inc., a
Fin Tech start-up in Oakland, California. As
one of Final’s first employees, he used his reg-
ulatory expertise to help design and launch
an innovative credit card product that offers
unique security features, card controls, and unlimited virtual card
numbers. He now focuses on maintaining company compliance
and bringing transparency to the credit space.
For 15 years prior to joining Final, Gene led various compliance programs in banking, consulting, and technology industries,
including roles as Head of US Compliance for Infosys Finacle and
leading compliance at Bill.com. He is a proud Cleveland native and
Oakland resident. Gene can be reached at firstname.lastname@example.org.
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