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Recommendations for fintech startups navigating the procurement process

Marc Gilman

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Marc Gilman is general counsel and VP of conformity at Theta Lake. He is also an adjunct professor at Fordham University School of Law.

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The startups developing the future of RegTech and financial services

The expanding scope of fintech has been well documented in these digital pages. Remittances, devoting, financial planning and giving often spring to mind as “classic” fintech startups, but other business patterns like regtech, compliance, human resources and marketing are on the ascent.

For passionate and talented benefactors, the tireless chase of building innovative technology is critical and fundamental. That said, to be successful in financial services, significant era and effort needs to be dedicated to other business fundamentals: corporate setup, privacy and security. The financial services purchaser base presents unique challenges for fintech startups as the regulatory and operational requirements for third-party vendor assessment and management are, in comparison to most other industries, merciless. Editions that might go overlooked during the early stages of product design and team-building could turn into deterrents during the sales process.

Understanding the dynamics of the financial services procurement process is essential if you want to negotiate it as quickly and seamlessly as is practicable. And before diving head-first into the development of your executioner fintech app, consider the following questions 😛 TAGEND

Is my technological structure assure? Who is responsible for cybersecurity in the organization?

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