Scaling Compliance
Lean and mean also requires thinking ahead of what happens once you scale. Yana and Tom talk to Alvin Jiang, VP of Engineering at TenX, about why best practice compliance consists of smart data collection, automated evaluation & robust defense. Learn how a world class crypto startup implements data driven practices most banks still dream of. And learn why the best compliance adds value to your customer experience.
Show Notes:
[01:16] Alvin is a head of Engineering for TenX, a FinTech startup with a mission to bring cryptocurrencies and programmable money to average people. Prior to this he lead PayPal Innovation Lab in Singapore. Tech innovation included improving operations and people’s lives and productivity at the company. - [01:58] PayPal needed to develop the right tools and systems to enable people to do their jobs.
- [02:24] Alvin made it his mission to make sure that there were tools that enabled people to do their jobs at TenX.
- [02:46] He focused on customer support, compliance teams, and onboarding.
- [03:20] Having a better backend system that enables teams to do their jobs is super important for a startup. Employees need to be treated as customers and enabled to do their jobs effectively.
- [04:30] It’s very crucial for customer service people to be able to search, scale, and work effectively.
- [05:03] It’s a competitive advantage to look at compliance and customer support.
- [05:21] Sometimes startup founders will have push back on creating a robust backend, but it’s a good idea to think about how you’re going to scale before you scale.
- [06:18] Having tools that enable you to deliver to your customers is almost as important as having a product your customer wants.
- [06:24] There is a three step cycle to compliance tools. First we need the tools for onboarding and simplifying the data from customers. Then you need internal tools for using this data. The third step is being able to audit and defend all of your actions.
- [09:01] Stage three works very closely with compliance. It also needs to be done right and identify the types of customers you want to have.
- [10:42] The MVP needs to be at least a setup that you can defend. You will be able to do this by following certain principles and best practices.
- [13:15] Candid conversations with the compliance team are required to really understand the desired outcome.
- [14:52] Data based feedback is also very valuable.
- [19:53] Compliance and usability aren’t necessarily at odds with each other.
- [20:39] Onboarding compliance should demonstrate the trustworthiness of the business.
- [22:43] Human beings aren’t able to think of all the variations that could present itself with a lot of data. The machine tests the possibilities the human compliance officer hasn’t thought of.
- [25:52] There needs to be a process where all customer use is interpreted for risk.
- [28:34] Human intuition can influence the decision process.
- [30:03] How compliance is implemented can be heavily improved by lots of common sense and some additional technology.
- [30:43] Tools should play a more prominent role in how you interpret data.
- [31:07] Startups looking to scale should look at compliance tools sooner rather than later.
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