2020-09-08
The Importance of an Efficient Compliance Framework
Regulatory and technological developments are changing the nature of financial markets, services, and institutions. Regulation today is benefiting from the automation of compliance processes. This trend is beginning to enable cost savings and superior monitoring, such that those companies that can enable real-time and proportionate regulatory processes that identify risks and enable more efficient regulatory compliance are beginning to emerge as industry leaders. However, the streamlining of regulatory processes is only one step toward what is needed to build a better and more efficient compliance framework.
Brands survive if the companies behind them have people, processes, and products that are innovative, useful, and provide value to customers. Consumers historically view the companies they interact with as an important part of their lives and cultural structure. However, this importance and acceptance of companies, services, marketing, and interactions does not just rely on the product and informational value, but also and more importantly on trust. That trust encompasses many areas, but overall compliance to rules and regulations is key to that trust.
How do you know who is responsible and who is not? Who is trustworthy and who is not? Transparency. It is the new commodity that must become a part of every company’s core process, products and message. Companies must begin to realize that there are opportunities to grow and innovate by applying technologies and processes to important ideals such as compliance, trust and safety. This will create value for businesses, consumers, and society.
How do companies develop a compliance program that obtains that level of trust with their customers? The answer must be to leverage technology, people, process, and partnership to ensure compliance throughout the network of partners, products and services that are offered.
Here is how we do it at Even Financial:
1. Technology - We use programmatic compliance technology to help provide better overview and breadth of service. This means we can add over 3,000 rules and score the entire internet for potential issues whenever our brand is mentioned. This not only helps protect consumers and our partners, but also provides us with a scalable way to audit any placement while adding an additional level of comfort that we are in compliance with regulation.
2. People - You can’t rely solely on technology. You need to have people that are trained to understand compliance issues, know how to review those issues, and can communicate effectively with partners and internal teams as to how to update or change any problems that arise before they present themselves. You do this by having a compliance team, but also by having an effective training program for your whole company so everyone from business development to marketing teams can know and understand the rules and potential issues.
3. Process - Nothing gets done without a process. If you don’t have processes in place to review, audit, and track—then you are blind to the compliance risks of your business and the issues that may be present. Processes must be developed, created, and implemented to monitor workflow processes to verify that the company action is best-in-class and compliant with internal policies, regulations, self regulation models, and consumer needs. This process will aid in determining not only breaks in your system, but also create a failsafe to resort to in issue spotting when something goes wrong from a legal and regulatory perspective. It's important to build that process and communicate it effectively with all teams. This can simply start with an overall document that is shared with all teams that includes a step-by-step overview of what needs to be done and when. Then the next step is to go even deeper in order to audit and track. This can be as simply as using a third party software system or even creating your own internal excel sheets. It really doesn’t matter how you do it, but you must do it in order to keep all the rules aligned and all the reviews and audits tracked appropriately.
4. Partnership - This is perhaps the most important phase. You must know your partners intimately. They must have the same trust values, principles, and give compliance the same level of importance as your company does. This means due diligence is extremely important. You must work closely with your business development and security teams and help to create an overall framework for what type of partners your company wants to work with from a compliance standpoint. The companies you work with must understand that this is a partnership and that by working together and being successful from a compliance standpoint will assist in growing the relationship to even greater success.
We always think beyond the horizon and endeavour to perceive compliance implications and issues before they occur. Businesses can only convey a compliant environment if they provide valuable and secure procedures and processes. Those can only be accomplished with the proper technology, people and partnerships in place. Trust through appropriate compliance infrastructure promotes brands, allows consumers and partners to realize true value, and creates lasting consumer relationships.
Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Engine by MoneyLion product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Engine by MoneyLion through hyperlinks, from third-party websites, are provided for informational purposes only. While Engine by MoneyLion finds these sources to be accurate, it does not endorse or guarantee any third-party content.
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MoneyLion
MoneyLion Wins “Best Financial Literacy Tool” and “Best API” at Benzinga’s 2022 Global Fintech Awards
MoneyLion’s consumer and enterprise businesses were recognized as winners of Benzinga’s 2022 Global Fintech Awards at this year’s Fintech Deal Day
New York, December 14, 2022-- MoneyLion Inc. (“MoneyLion”) (NYSE: ML), the go-to destination for personalized financial content, products and advice, is proud to announce that it has been named “Best Financial Literacy Tool” at Benzinga’s 2022 Global Fintech Awards. MoneyLion’s enterprise business, Even Financial, was also named as the winner for “Best API.”
MoneyLion and Even Financial were honored alongside other top Fintechs, banks, research companies and more. MoneyLion’s consumer business continues to push financial literacy through innovative and personalized content. With the MoneyLion app, users can view personalized financial content in short-form video format and receive personalized financial product recommendations such as loans, insurance and investing. As MoneyLion’s enterprise offering, Even Financial digitally connects and matches consumers with real-time personalized product recommendations from banks, insurance carriers, and Fintech companies on mobile apps, websites and other digital touchpoints through its financial product search engine and Embedded Finance Marketplace technology. This technology powers both the MoneyLion Marketplace, in the MoneyLion app, as well as more than 1,000 enterprise partners.
“We’re thrilled MoneyLion’s consumer and enterprise businesses were recognized by Benzinga,” said Dee Choubey, Co-Founder and CEO of MoneyLion. “Both awards showcase MoneyLion’s every time you money approach to helping our customers. The financial literacy gap is a huge problem for millions of Americans and we remain committed to reducing its effects through engaging, informative content and key partnerships designed to bring an elevated educational experience to all.”
These awards follow the October announcement of MoneyLion University, where MoneyLion launched its latest initiative aimed at closing the gap in money and financial education across the United States.
“We could not be more pleased with Benzinga’s recognition of our company’s API technology,” stated Phill Rosen, CEO and Founder of Even Financial. “Our technology natively integrates real-time credit decisions and product recommendations from the industry’s largest network of connected financial services providers, offering access and choice to consumers searching for financial products. Our elegant Embedded Finance Marketplace, API and search engine enable any company to add trusted, personalized financial products and services to their business, reaching people when and where they need it.”
Even Financial has been named a listmaker for the Benzinga Global Fintech Awards for the last two years and was a previous award winner. In 2021, Even was selected as a listmaker for Best API and, in 2020, selected as a listmaker for both Best API and Best API Platform. In 2019, Even was awarded the Benzinga Rocky Award.
The annual Benzinga Global Fintech Awards take pride in recognizing and honoring the companies and individuals who are propelling the Fintech and financial services industry forward with the most impressive technology advancements and innovations. A panel of industry experts from a wide range of companies reviewed and judged the nominations. Winners were announced at Benzinga’s Fintech Deal Day on December 8, 2022, where MoneyLion’s Chief Customer Officer Cynthia Kleinbaum spoke on the panel, Expert Growth Hacks For Reaching Underserved Markets.
About MoneyLion MoneyLion is the go-to destination for personalized financial content, products and advice. MoneyLion’s mission is to rewire the financial system to positively change the path of every hard-working American. MoneyLion uses its proprietary data advantage and technology to empower its customers. MoneyLion engages and educates its customers with daily, hyper-personalized money-related and money-adjacent content that is delivered through each customer’s own content feed. MoneyLion provides its customers a full suite of financial and non-financial solutions, bundling its proprietary, low-cost financial products with products that are offered through its marketplace technology and network affiliate partners. MoneyLion also leverages its distinct data, technology, and network advantages to deliver leading embedded finance and marketplace solutions for enterprise customers. Since its founding in 2013, MoneyLion has empowered millions of Americans to take control of their finances and live their best financial life, every day.
For more information about the company, visit https://www.moneylion.com/ and https://www.evenfinancial.com. For investor information and updates, visit investors.moneylion.com and follow @MoneyLionIR on Twitter.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221214006032/en/
MoneyLion Communications [email protected]
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Even Financial [email protected]
Built In
Even Named A Built In “2023 Best Places to Work”
New York, Jan. 11, 2023 -- Even Financial ("Even"), an independent subsidiary of MoneyLion Inc. (NYSE: ML), and a leading embedded finance marketplace platform, is proud to announce that it was honored in Built In’s “2023 Best Places To Work” Awards. Specifically, Even earned a place on the Hybrid Best Places to Work in New York.
The Best Places to Work Awards, now in its fifth year, honors companies across numerous categories, sizes, remote-first employers as well as in person and hybrid working companies across the U.S.
Built In determines the winners of Best Places to Work based on an algorithm, using company data about compensation and benefits, and also weighs criteria like remote and flexible work opportunities, as well as other people-first cultural offerings.
This announcement follows Even’s recent win at the Benzinga Global Fintech Awards for “Best API.”
About Even Financial
Even is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. (“MoneyLion”) (NYSE: ML). MoneyLion is a leading digital financial services and lifestyle content platform serving both consumer and enterprise customers. As part of MoneyLion’s enterprise offering, Even digitally connects and matches consumers with real-time, personalized financial product recommendations from banks, insurance carriers, and fintech companies on mobile apps, websites, and other digital touchpoints through its marketplace technology. Even's infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial services providers (such as SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Even enables any company to add financial products to its business, with full compliance and security at scale. Even was named one of "America's Best Startup Employers'' by Forbes for 2022 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. Learn more at www.evenfinancial.com and investors.moneylion.com.