Mark Arel, Area Practice Manager, AWS
As FinTech companies grow, the ability to scale and demonstrate controls can challenge innovation and expansion. Keeping the ‘Day 1’ spirit of continuous innovation and change has been a cornerstone to most FinTechs success. However, when moving closer to the regulators, a clear demonstration of controls is required. Finding the right balance between the creative change/innovation and having well defined practices, measures, governance and control can be a challenge. For FinTechs, adding of controls and governance has the potential to be an impediment. For traditional Financial Services Institutions, being able to fail fast, and be creative can be challenging with internal processes and approvals. Getting the balance right is key to long term success.