FORT WORTH — The balance between technology innovation and waiting for regulatory approvals is a “well-orchestrated dance,” said Scott Welchons, director and head of Hyundai Digital Camp at Hyundai Capital America.
“The bigger the company, the more complex it is when you touch on regulatory environment,” Welchons told attendees at Auto Finance Innovation Wednesday. “First, we’ve got to find out where fintech is going,” he said.
Regulators have taken a stance on fintech, but “as long as we’ve got the concept of customer-first, that’s going to bypass a lot of the regulators’ [concern], and I think that’s what they want to see.”
If tech-focused financial providers look at strategy from that aspect, and put the customer “on the forefront,” they can strike a balance between regulatory approvals and investing in innovation.
