You’re not moving fast - you’re skipping checks

At first, speeding through operations might feel like an important thing. An achievement almost. A real badge of honor.

You’re cranking out new features every week, rolling out updates left and right, and your team is all about that motto: "Speed is our secret sauce in the market."

Initially, this fast-paced approach seems to be paying off big time.

Customer interest spikes. Investors are impressed and shower you with compliments. You can’t help but feel invincible, convinced you can do anything.

But as time passes, the cracks start showing.

The Main Mistake Founders Make

You begin to see the fallout from moving so fast. Maybe you missed an important detail in a contract with a bank, and that oversight ends up costing you.

The KYC process, which used to run like a well-oiled machine, starts stumbling as things pick up.

Suddenly, a compliance warning pops up in your inbox, and anxiety kicks in - not because you were careless, but because you were in such a rush that you missed these issues.

And while moving fast gets you noticed, it’s the foundation that keeps the success going.

Think about it: strong systems, well-reviewed contracts, thorough checks - these things may not be glamorous or thrilling, but they’re important for staying stable in the long run.

In fintech, if you don’t take the time to strengthen your foundation, you could end up back at square one.

My Approach To This

Chasing speed is great, but pairing that with smart risk management is what really makes for lasting success.

If you want to keep moving quickly without putting your business at risk, here are some practical tips:

1) Create a “Pre-Launch” Checklist for New Features or Partnerships

Make sure you’ve got a complete review of all legal, compliance, and data security details sorted out before launching anything.

For example: “No new partnership with a bank or similar business should happen without a signed and reviewed contract.”

2) Standardize Your Contracts and Review Process

Come up with contract templates for all your bank, vendor, and client deals.

Hold quarterly meetings with your legal team to go over these contracts, making sure you catch any outdated parts and stay updated on relevant regulations.

3) Automate Compliance Workflows to Save Time

Use tech that can automate KYC and AML checks while flagging things that need a closer look.

Plus, set up alerts for any regulatory updates from organizations like the RBI and SEBI, so you’re always in the loop.

4) Document Everything Carefully

Keep a detailed log tracking approvals, policy updates, audits, and important actions.

Make sure all agreements and workflow details are organized and easily accessible, so your team can always find what they need quickly.

5) Hold Regular “Red Team” Drills

Simulate crisis scenarios where your team practices dealing with issues like a contract failure or surprise compliance notice.

Ensure everyone knows the response plan to act fast when real challenges pop up.

6) Make “Protection” a Core Value in Your Company Culture

Create an environment where team members are acknowledged for spotting risks or suggesting better systems - not just for being quick at cranking out products.

Talk openly about risk management in team meetings, especially when discussing new features.

Final Note:

In the end, speed is a huge asset - but only if you take the right steps to protect what you’ve built along the way.

Don’t just aim to move fast. Aim to move smart. And always make sure your metaphorical seatbelt—and brakes—are securely fastened.