The business models and technology underpinning the FinTech industry present a range of legal and regulatory challenges for legal departments. A healthy FinTech legal department has an efficiency-by-design approach.
For FinTechs, if customer data is a valuable commodity, why would data about your in-house legal team operations not be treated as must-have for generating value and assisting wider growth for your business?
Heavily regulated, but rapidly growing, FinTech companies have multiple streams of legal work across several providers, often channeled to a single resource.
So, how can one individual or small team manage this work in an effective way, across a fast-growing organisation? And, how can the legal team avoid becoming an obstacle to growth, not because of anything they are doing, but because of what they are unable to because of resource limitations?
The answer lies in tools and industry disruptors, not unlike themselves. By employing technology to organise their data and drive process efficiency they are able to save time and deliver higher value to their business.
Do more with less
The pressure to “do more with less” is not an unreasonable request if we think about what is really being asked. The question is really, can you employ smart, reactive solutions to work more efficiently and drive faster outcomes? Cloud-based solutions that integrate seamlessly and with little effort into firms’ existing systems are essential for agile, high growth organisations.
But, what is the point of using technology if you don’t understand its full capabilities, or at least the elements which are important to your legal department? This is where the value of customer success teams are most apparent. Customer success teams work directly and proactively with clients to help them maximise the value of their purchase. The teams work together to forge a path so that customers are not only happy with the tools they have bought, they are delighted in them.
In such situations, the technology solution becomes a full-time resource that can be depended on to deliver to set KPIs. They are collaborative partners who will work alongside you to relive the organisational burden and add measurable value to your legal department.
Technology as a trusted partner
Such tools and resources are being increasingly adopted by in-house legal teams who are taking the lead on running their departments efficiently. Technology should never be a burden on the business. Instead, it should be your trusted collaborative partner. It should bring organisation, transparency, and confidence to your legal matters, and allow you to do much more, with less.
*Apperio can help keep you in charge of your legal matters, give you clarity over your legal spend and support you in running your FinTech legal department like a business.