It’s not all about the awesome
Why we built regulatory requirements into our system from the start
Digital transformation is happening. It can’t be put back into the bottle — it’s out there. Customers are promised an end-to-end mortgage process giving them easy access, convenience, transparency and speed.
But no matter how slick and awesome the new technology promises to be, the financial services sector is highly regulated and the new kids on the block have to wear the same heavy regulatory cloak as all other players in the market. There’s no regulatory light touch or special allowances for start-ups.
Big banks come with big compliance and regulatory functions to deal with it all. Small fintechs don’t. They can’t afford it for a start. They have shallow pockets, and funding and technical issues to focus on.
There is a lot of concern that quick and easy means increased risks and poor customer outcomes. But at Molo, regulatory rules and requirements that ensure good customer outcomes aren’t secondary — they are fundamental to Molo’s proposition. By design. Something that’s woven into Molo’s structure as it is built.
It’s not all about the awesome.
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