Even Staff

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 Even Financial 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 Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content

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"... generating some of the highest approval rates and conversion rates among our online acquisition partners. The transparency and focus on data have allowed us to drive consistent growth and success each month. "

"Even enabled MoneyLion to... streamline our user experience, serve a broader set of our customers, and improve key monetization metrics... driving 4x+ growth since launch."

"... a streamlined consumer experience, helping millennials with no collateral, budget, or saved money. Even’s impressive matching algorithms simplify the process of finding the best personal loans to meet your needs."

"... a truly modern and easy to use platform for the financial services marketing world. They make it easy to develop consumer friendly, innovative products in a space dominated by legacy platforms."

"... generating some of the highest approval rates and conversion rates among our online acquisition partners. The transparency and focus on data have allowed us to drive consistent growth and success each month. "

"Even enabled MoneyLion to... streamline our user experience, serve a broader set of our customers, and improve key monetization metrics... driving 4x+ growth since launch."

"... a streamlined consumer experience, helping millennials with no collateral, budget, or saved money. Even’s impressive matching algorithms simplify the process of finding the best personal loans to meet your needs."

"... a truly modern and easy to use platform for the financial services marketing world. They make it easy to develop consumer friendly, innovative products in a space dominated by legacy platforms."

Mike Doniger
Head of Business Development and Partnerships

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Even Financial Partners with Figure to Add Blockchain-Enabled Personal Loan Products to its Financial Services Marketplace
EVEN
Even Financial Partners with Figure to Add Blockchain-Enabled Personal Loan Products to its Financial Services Marketplace
New York, New York – June 2, 2021 – Even Financial (“Even”), the leading search, comparison, and recommendation engine for financial services, has announced a new partnership with Figure to launch the company’s personal loan products on the Even platform. Leveraging machine learning and advanced data science, Even solves a significant pain point in financial services acquisition by seamlessly bridging financial institutions and channel partners via its industry-leading API and embeddable solutions.   Figure is a fintech company that leverages AI, blockchain, and analytics to deliver innovative consumer financial products with speed and ease. Figure has dramatically decreased the time it takes for consumers to secure loans and has significantly reduced the costs associated with loan origination, servicing, financing, and capital markets execution. The company was founded in 2018 to unlock new access points for consumer credit products that can transform the financial lives of its customers. In addition to personal loans, it provides mortgage refinancing and home equity release solutions, including home equity lines of credit, home improvement loans, and home buy-lease back offerings for retirement.   Figure is an exciting, advanced provider that is driving transformational change in consumer credit,” said Phill Rosen, Founder and CEO of Even Financial. “We’re thrilled to welcome them to Even’s unparalleled network of loan products.”   Shwetabh Gautam, Director of Financial Institution Partnerships at Even added: “We continue to see a strong resurgence in the demand for lending products across the millions of consumers Even surfaces offers for each month. The addition of cutting-edge partners like Figure strengthens our ability to connect consumers with the loans best suited for their unique needs.”   Even offers the largest network of premium, API-connected loan providers. Enterprises and established publishers such as MoneyLion and TransUnion partner with Even to power financial product offers for loans and other financial services including insurance, credit cards, and savings. Within loans, Even continues to expand its vast offering, recently launching products for secured lending, line of credit, and auto refinancing.   The launch of Figure on the Even platform enables consumers to get matched with personal loans of up to $50,000. Figure offers a 100% online application that allows applicants to apply and see their rate in minutes and access funding in as few as two days.   “Phill and the team at Even share our vision of leveraging blockchain technology to make financial services simpler, faster, and personalized. Through the Even platform, we will be able to reach a broader and more diverse set of consumers seeking our innovative credit products,” said Brad Simmons, CMO of Figure.   Even has continued its rapid growth trajectory in 2021, facilitating over $3 billion in consumer credit issued through its API and expanding its platform to over 400 partners. Earlier this year, Even was named one of “America’s Best Startup Employers'' by Forbes for 2021 and placed in the Top 50 of the 2020 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world.    About Even Financial Founded in 2014, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. As the leading search, comparison, and recommendation engine for financial services, Even seamlessly bridges financial institutions (including American Express, Goldman Sachs, and SoFi) and channel partners (such as MoneyLion and TransUnion) via its simple yet robust API and embeddable solutions. Even turns any consumer touchpoint into a comprehensive financial services marketplace with full compliance and security at scale. The company is backed by leading financial services firms and VCs, including American Express Ventures, Canaan Partners, Citi Ventures, Fidelity’s F-Prime Capital, Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Learn more at www.evenfinancial.com.  About Figure Figure is transforming the trillion dollar financial services industry using blockchain technology. In three short years, Figure has unveiled a series of fintech firsts using blockchain for loan origination, equity management, private fund services, banking, and payments sectors – bringing speed, efficiency, and savings to both consumers and institutions. The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion dollar business under his leadership as CEO. Learn more at www.figure.com.   Media Contact media@evenfinancial.com
PYMNTS: Even Launches Embedded Finance App on Salesforce
PYMNTS
PYMNTS: Even Launches Embedded Finance App on Salesforce
Now, financial advisors and other businesses will have a way to leverage Even’s platform for their clients. ‘Financial Products for Salesforce’ - Powered by Even, a plug-and-play app available on the Salesforce AppExchange, matches consumers with real-time, personalized financial product offers.   Click below to read more at PYMNTS.com.
Even Named to Forbes’ List of “America’s Best Startup Employers” for 2021
FORBES
Even Named to Forbes’ List of “America’s Best Startup Employers” for 2021
After evaluating 2,500 American startups with at least 50 employees, Even has been named in the Top 500 of Forbes’ second annual list, which recognizes companies that stand out in: employer reputation, employee satisfaction, and growth.   Click below to see full listing.