Read on Twitter
Today I’m releasing the first pieces of a larger project to open source the other side of Fintech companies https://twitter.com/arfrank/status/1333097174901538817
In my view almost all operating parts of a Fintech company are technical, largely because of the complexity management that must be mastered to operate efficiently.
I believe that standardizing, templatizing, and open sourcing the non-engineering aspects of the core business as much as possible will make it easier for new ideas, products, and companies to be created.
That entails things such as goto market guides, compliance policies and procedure, servicing manuals, financial models, credit models, fraud models, vendor contracts, rack rate pricing, and really anything else that one would need to get started.
This idea started in 2017, while at @Final we looked at offering CC as a Service ( https://www.getfinal.com/company-news/2017/08/21/rfcc/) It seemed obvious that in order to best serve our customers we’d need to give them as many tools & guides as possible to get up & running in an efficient & standardized way
Step one for us was putting together a “how to launch a credit card guide” that we planned on open sourcing. It’s since been lost to the sands of the Sky Lobby, but creating a new version of it is definitely in scope of this greater project, and in fact has already been started.
To start, I’m releasing two configurable models, one for bank accounts, and one for loans. Both support many product constructs including, savings accounts, student loan refis, installment loans, and more.
Here is the Bank Account Model: https://docs.google.com/spreadsheets/d/17SqQAYnFYKHgnnw60eD_D_9Zb79mJku-z42Wb3Pp_qI/edit?usp=sharing
And here is the Term Loan Model: https://docs.google.com/spreadsheets/d/14t-3bFl9aiC3mZHVPpeiVLSheHCpkSRgpLB0tL_NK60/edit#gid=353943579
All feedback is welcome, leave comments, copy them and improve them, or just use them as you’re looking at new products. More docs and guides will be released in the coming months as they are created, or donated :)
Thanks for @ap @rohitdotmittal @lachygroom @tilltweets @mengxilu @seema_amble & all others who took an early look & provided thoughts on this & the larger project as a whole. And thanks to my co-founders, team members & the many others along this journey, just getting started
Not that @ap, the other AP @amandapey
