3. Technology and automation-.mp4

3. Technology and automation-.vtt

ENGLISH

{{00:00:09}}
Okay we're lucky to have a very
strong internal IT department

{{00:00:13}}
here in Payette Junction.

{{00:00:15}}
We build all the operational processes
in the company in a way that's very

{{00:00:20}}
They use only our internal platform
that lets us have, maximize, leverage

{{00:00:30}}
the functionality that we have.

{{00:00:31}}
It's 100 percent tailored to our needs.

{{00:00:35}}
Compliance checks is probably
the only area where we also

{{00:00:40}}
rely on some external systems.

{{00:00:44}}
Luckily, the sessions of our internal
systems, in many cases, are very, fast.

{{00:00:50}}
Outperforms the off the shelf, products.

{{00:00:55}}
But yeah, the combination of internal
systems and some external products,

{{00:01:01}}
that's how we leverage technology
in our everyday compliance work.

{{00:01:08}}
Ultimately, it's our job is to do the
heavy lifting when it comes to compliance.

{{00:01:13}}
So it's automation of all of those
regulatory obligations that, especially

{{00:01:19}}
when we're talking about scale ups
or start ups within the FinTech

{{00:01:21}}
space, they don't have the time.

{{00:01:24}}
or Inclination to try and keep
their finger on the pulse with

{{00:01:27}}
all of these upcoming regulations.

{{00:01:28}}
So what we try and do is do that
heavy lifting, so whether it be

{{00:01:32}}
reporting, risk management process
automation around that helps us with

{{00:01:38}}
with our client base and ultimately to
leverage that technology to help them.

{{00:01:42}}
I think that for FinTech one of the key
things that FinTech should be focused

{{00:01:49}}
on is not only APIs for your partners
or end users, is the APIs that you have

{{00:01:57}}
under the hood to manage compliance, IML.

{{00:02:02}}
And other things, that, is your key
part of, for being compliant and

{{00:02:10}}
working with different fraudulent
transactions, different issues

{{00:02:17}}
with IMAT and other things.

{{00:02:19}}
You should always think
how you can automate that.

{{00:02:22}}
And if you're building this automation
as a key product inside you that's

{{00:02:29}}
the answer how your FinTech evolves.

{{00:02:32}}
That's the answer how you can
scale and how fast you can grow.

{{00:02:36}}
So if it is one of the key focus and
you have a proper team that can set

{{00:02:42}}
up the rules, the proper team that's
actually with the product background

{{00:02:47}}
that can set up how it should work.

{{00:02:49}}
And for sure developers who are building
this inner product inside the company.

{{00:02:57}}
Then, you have a proper product.

{{00:03:02}}
Automation inside your Fintech.

{{00:03:05}}
Sidekick's a really interesting business
because it combines traditional finance

{{00:03:09}}
and the complexities of that with
a cutting edge technology company.

{{00:03:13}}
And we utilize a lot of digital services
to make sure that our onboarding and

{{00:03:19}}
our compliance checks are as slick and
as seamless and as digital as possible.

{{00:03:23}}
So for instance, we do digital
KYC and we use a provider called

{{00:03:27}}
Onfido to help do the selfie scan
and the identity document check.

{{00:03:31}}
We use a supply called Alloy as
well, for instance, to help with

{{00:03:34}}
the automation and the orchestration
of a lot of these checks.

{{00:03:38}}
And of course we use traditional
credit bureaus and providers like that.

{{00:03:42}}
But it's really knitting together, not
just automated tools, but also having

{{00:03:47}}
in house dedicated professionals who
know how to use them, who know how to

{{00:03:51}}
interpret the data, and can bring a human
touch, and it isn't just a zero or a

{{00:03:56}}
one outcome, because compliance involves
judgment, and it involves experience, and

{{00:04:00}}
it involves actually bringing a lot of
humans into the process when necessary.

{{00:04:05}}
But using technology upfront to make it
as automated and as low touch as possible.

{{00:04:10}}
Yeah just going back to the point I
was making earlier by working with

{{00:04:14}}
partners and ensuring that you don't
carry the load on all the body yourself.

{{00:04:20}}
One of the key things they could do
is to bring in tech and we're living

{{00:04:23}}
in a world of AI these days where you
can do Compliance checks are skill.

{{00:04:29}}
There are so many companies that
do this as their bread and butter.

{{00:04:32}}
So it's a matter of ensuring that you
find the right company, you do your

{{00:04:36}}
due diligence on that company, and then
you check if they are the right people

{{00:04:41}}
to use for yourself and your company.

{{00:04:45}}
And ultimately, you cannot
delegate everything to tech though.

{{00:04:48}}
You cannot automate everything away.

{{00:04:50}}
There still has to be some human aspect,
and because when the regulators turn

{{00:04:55}}
up, you can't tell them that Charity
PT told me to do it, there is an aspect

{{00:05:00}}
of making sure that you understand the
balance between bringing in automation

{{00:05:04}}
and still having the Good old human
element that keeps everything all

{{00:05:10}}
running together and making sure that
you are fully compliant, so I would say

{{00:05:14}}
yeah, definitely leverage technology
bringing assets from your partners and

{{00:05:20}}
thought parties to ensure that you can
actually scale, but you need to make

{{00:05:23}}
sure that you have people that can help
you to make sure that you are compliant.

{{00:05:27}}
We're an API first business and there
are so many great plug and play solutions

{{00:05:31}}
out there that means that we can offer.

{{00:05:34}}
The best service within our app, and
although I think there's a lot of

{{00:05:38}}
scope for automation to be achieved
for a lot of our compliance processes

{{00:05:43}}
it doesn't mean that we're taking
away the personal aspect to it.

{{00:05:49}}
We use, really high quality providers,
but then we also work really closely

{{00:05:53}}
with our all of our technology
experts and our compliance consultants

{{00:05:58}}
to make sure that the product
is always where it needs to be.

Okay we're lucky to have a very
strong internal IT department

We build all the operational processes
in the company in a way that's very

They use only our internal platform
that lets us have, maximize, leverage

Compliance checks is probably
the only area where we also

Luckily, the sessions of our internal
systems, in many cases, are very, fast.

But yeah, the combination of internal
systems and some external products,

that's how we leverage technology
in our everyday compliance work.

Ultimately, it's our job is to do the
heavy lifting when it comes to compliance.

So it's automation of all of those
regulatory obligations that, especially

when we're talking about scale ups
or start ups within the FinTech

or Inclination to try and keep
their finger on the pulse with

So what we try and do is do that
heavy lifting, so whether it be

reporting, risk management process
automation around that helps us with

with our client base and ultimately to
leverage that technology to help them.

I think that for FinTech one of the key
things that FinTech should be focused

on is not only APIs for your partners
or end users, is the APIs that you have

under the hood to manage compliance, IML.

And other things, that, is your key
part of, for being compliant and

working with different fraudulent
transactions, different issues

You should always think
how you can automate that.

And if you're building this automation
as a key product inside you that's

That's the answer how you can
scale and how fast you can grow.

So if it is one of the key focus and
you have a proper team that can set

up the rules, the proper team that's
actually with the product background

And for sure developers who are building
this inner product inside the company.

Sidekick's a really interesting business
because it combines traditional finance

and the complexities of that with
a cutting edge technology company.

And we utilize a lot of digital services
to make sure that our onboarding and

our compliance checks are as slick and
as seamless and as digital as possible.

So for instance, we do digital
KYC and we use a provider called

Onfido to help do the selfie scan
and the identity document check.

We use a supply called Alloy as
well, for instance, to help with

the automation and the orchestration
of a lot of these checks.

And of course we use traditional
credit bureaus and providers like that.

But it's really knitting together, not
just automated tools, but also having

in house dedicated professionals who
know how to use them, who know how to

interpret the data, and can bring a human
touch, and it isn't just a zero or a

one outcome, because compliance involves
judgment, and it involves experience, and

it involves actually bringing a lot of
humans into the process when necessary.

But using technology upfront to make it
as automated and as low touch as possible.

Yeah just going back to the point I
was making earlier by working with

partners and ensuring that you don't
carry the load on all the body yourself.

One of the key things they could do
is to bring in tech and we're living

in a world of AI these days where you
can do Compliance checks are skill.

There are so many companies that
do this as their bread and butter.

So it's a matter of ensuring that you
find the right company, you do your

due diligence on that company, and then
you check if they are the right people

And ultimately, you cannot
delegate everything to tech though.

There still has to be some human aspect,
and because when the regulators turn

up, you can't tell them that Charity
PT told me to do it, there is an aspect

of making sure that you understand the
balance between bringing in automation

and still having the Good old human
element that keeps everything all

running together and making sure that
you are fully compliant, so I would say

yeah, definitely leverage technology
bringing assets from your partners and

thought parties to ensure that you can
actually scale, but you need to make

sure that you have people that can help
you to make sure that you are compliant.

We're an API first business and there
are so many great plug and play solutions

The best service within our app, and
although I think there's a lot of

scope for automation to be achieved
for a lot of our compliance processes

it doesn't mean that we're taking
away the personal aspect to it.

We use, really high quality providers,
but then we also work really closely

with our all of our technology
experts and our compliance consultants

to make sure that the product
is always where it needs to be.

Fintech Founders explores streamlining compliance processes with automation and technology with our experts Henry Orunkoya, Founder, Wollette, Nikki Hawkes, Co-Founder, Stratiphy, Dima Kats, Founder & CEO, Clear Junction, Ben Parke, Founder & CEO, Eflow Global, Petr Kozyzkov, Co-Founder & CEO, Mercuryo and Matt Ford, Co-Founder & CEO, Sidekick.