Financial Technology StartUp

Stage One

Learning Goals, a value proposition and the criteria for it to be tested against.

Objectives & Key Results

Identify the problems that a product might solve.
- Problems to Solve
Determine the person(s) whose job it is to address one or more of the problems identified and build their user profile.
- Personas
Sequence when and where problem tasks emerge within a larger process.
- Journey Map
Collect common tasks that present consistent barriers to the solution of problems.
- Pain Points

Through market research, customer and/or subject matter expert (SME) interviews, an opportunity was identified and the research process documented. At the completion of Stage One, the Team handed-off.

Success Metrics

Quantitative

Survey Respondents

12
Interviews Conducted

8

Qualitative

Problems to Solve

4
Personas

4
Journey Map

✓
Pain Points

15

Having validated that there was sufficient opportunity for a product offering within the problem space, the project proceeded to Stage Two, given.

Process & Results

Problems to Solve

Jobs to Be Done, statements:

Knowledge & Understanding of Regulations
- Knowledge
Respondents cited feeling uncertain about their knowledge and understanding of upcoming regulations and their effect on the business model.
Mapping & Managing Regulatory Requirements
- Mapping
Start-ups faced challenges mapping regulatory requirements specific to their company's business area/objective to ensure their company would remain compliant.
Finding Knowledgeable Experts
- Experts
When searching for legal and regulatory experts, FinTechs did not know how to access the candidates' knowledge of how their products might apply to a variety of regulatory obligations.
Keeping Up to Date
- Up-to-date
FinTechs, legal and regulatory experts all pointed to the complexity of and ability to navigate through the plethora of documentation and resources necessary to understand their regulatory obligations.

How Might We, statements:

- Knowledge
How might we provide an easier way for FinTechs to navigate regulatory/compliance information and documentation?
- Mapping
How might we help companies understand their regulatory obligations and provide interpretation to ensure compliance is embedded in the product life cycle?
- Experts
How might we ease and automate the process of mapping compliance requirements that are specific to a FinTech's business model and product offerings?
- Up-to-date
How might we enable founders, legal and regulatory experts to gain confidence identifying and tracking upcoming regulatory obligations applicable to their product/business?

Personas

FinTech Founder

Very technologically focused and wants to be able to get around compliance management in an effective manner and avoid risk as much as possible. Has limited understanding of the regulation and compliance space.
Compliance Officer

Responsible for identifying and implementing regulatory frameworks/controls across the business. Wants to be able to translate and interpret the regulatory obligations specific to the FinTech's products and/or business model.
Regulatory Manager

Helps FinTechs navigate through different regulatory and compliance requirements and operationalize compliance programs. Heavily involved at the beginning of the journey when there are no internal compliance or legal teams.
VC Firm

Manage a portfolio of FinTech start-ups and want to be able to provide compliance tools/guidance to them as they are not well-versed with the complexities of the regulation and compliance ecosystem.

Journey Map

An initial high-level view of the user journey and pain points.

1. Compliance Mapping

Pain Points:
- Identify key jurisdictions
- Develop business model facts
- etc …
2. Seek Legal Counsel

Pain Points:
- Engage with legal advisor
- Learn about applicable regulatory requirements
- etc …
3. Build Compliance Program

Pain Points:
- Customer due diligence
- Transaction monitoring
- etc …
4. Integrate (RegTech) Solutions

Pain Points:
- Appoint a compliance officer
- Develop a compliance program
- etc …
5. Active Regulatory Monitoring

Pain Points:
- Monitor changes in regulations
- Identify changes that add risk
- etc …

At the end of Stage One, the proceed determination was made, having successfully defined and validated the opportunity. Providing the necessary deliverables, the research process could continue into the next stage.

Stage Two