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I once was responsible for Getting Things Done in a small Fintech. We were on a mission to change the world, enabling more inclusive financial products. Our claim to fame was a unique way of underwriting, we viewed customers, not just through the narrow lens of their credit score, but as comprehensive individuals with inherent potential.
Maya Urman Bahar
December 12, 2023

Collaborating with a regulated bank for loan provisions meant subjecting our model to a stringent validation process to ensure alignment with regulatory standards. Little did we know that this journey would be marked by prolonged and painstaking procedures. Endless hours were consumed by manual tasks and filling out template documents, only to receive them back for updates.

The struggle was palpable. Striking a delicate balance between our model's intricacies and the compliance expectations of our partner bank became a continuous negotiation. Months were invested in crafting a robust model, and an almost equal amount of time was spent navigating the convoluted approval process. What we ultimately could get approved was not the model we had meticulously built but a mere shadow of its intended form.

Compromise became the order of the day, extending beyond the model's complexity and accuracy. We found ourselves giving up key components to fit into standardized processes and templates. This included the removal of fraud detection algorithms, essential elements that operated as black box models. Attempts to explain these nuances in the manual process proved futile, leading to the painful decision to abandon crucial features.

The repercussions of these compromises were profound. Our capacity to expand our offerings to a wider consumer base was hindered, and our ability to identify and address risks and fraud was severely compromised. The startup bled money, forcing a critical reassessment of our path.

At we challenge traditional model validation constraints. Liberated from the shackles of archaic processes, is on a mission to empower innovators to realize their visions without compromising integrity. The story is one of resilience, innovation, and an unwavering commitment to reshape the Fintech industry.