Finyard’s transparency commitment: navigating FinTech ethically

Trust stands as the bedrock of finance. Without confidence in institutions and infrastructure, transactions grind to a halt, markets collapse and prosperity dims. FinTech has emerged as a particularly vital pillar upholding stability amidst a digital revolution in financial services. But with this greater influence comes intensified public scrutiny and the demand for ethical practices centred on transparency.

Finyard recognises transparency as the essential foundation for trust between providers, end-users and societal stakeholders. As a pioneering FinTech solutions creator enabling major banking, investing and commerce institutions worldwide to offer next-generation financial applications, Finyard bakes multi-layered transparency into its organisational DNA.

“We strive for full openness into our internal processes, decision matrices and downstream solution impacts,” shares CEO Dmitrij Pruglo. “The FinTech sector cannot advance sustainability without durable public trust rooted in transparency.” Finyard thus communicates extensively through channels like direct client engagement, media interviews, and public-facing development logs.

Embedding ethics  

But transparency requires concrete actualisation to carry legitimacy and impact. General principles must manifest through policies, protocols and dedicated leadership. Finyard implements several key measures to embed ethics:

1. Cross-departmental decision-making: no single internal team unilaterally determines solution designs or functionality without inputs from technology, compliance, legal, user experience and client partnership divisions to foster comprehensive holistic perspectives.

2. Due diligence sharing: Finyard furnishes extensive documentation with institutional partners covering security provisions, downstream data usage allowances, version change logs and more to tightly align on capabilities, limitations and roadmaps well in advance of any public solution launch.  

3. Community representation: external advisory councils featuring subject matter experts and advocates from social impact, open data, and financial access groups provide continual guidance and feedback into solution development and company policies. Their voices directly shape what Finyard builds and how offerings are positioned.

4. Radical process transparency: ongoing sharing of bug bounty reports, project roadmaps, concept testing data, security audits, access policies and system architecture via public forums enables unprecedented visibility into Finyard’s inner workings. Stakeholders can authenticate progress.

By upholding transparency as an actionable priority woven throughout operations rather than a peripheral declaration, Finyard strengthens institutional partnerships, accelerates innovation and safeguards ethical alignment as solutions scale exponentially.

“FinTech demands higher accountability today from rising public expectations of responsible innovation,” explains Pruglo. “Our ingrained transparency processes allow collaborative creation centred on earned trust and positive impact.”

Ethics in practice

Institutionalised transparency further enables values-based decision making critical for guiding FinTech development. Finyard’s infrastructure and solutions support highly sensitive digital transactions, communications and machine learning algorithms at massive scale necessitating sound ethical guardrails.

“We constantly ask ourselves — how will this benefit people and society beyond our own returns?” details Pruglo. “And how might it disadvantage vulnerable groups even inadvertently if deployed irresponsibly?”

Whether pursuing innovations around decentralised blockchain applications, AI-powered predictive analytics or access-expanding micro investment platforms, Finyard steers all projects to uplift people globally. Scenarios and testing frameworks feature ethical impact evaluations baked directly into solution requirements. And comprehensive reviews analyse downstream second and third-order effects before launch rather than reactively addressing problems post-deployment.  

Partners undergo stringent screening for value alignment across areas from security protocols to ethical data sourcing. Finyard turns down lucrative contracts that might indirectly enable questionable practices or geographies in conflict with its social charter. And representative community insights steer policies on issues like bias avoidance algorithms over efficiency-centric methods alone.   

Proof points

The commercial and social returns of principled transparency manifest vividly through Finyard’s rapidly expanding global user base across client platforms and an ever-growing roster of partnerships with leading institutions seeking cutting edge, ethically sound FinTech capabilities.

A major Cryptocurrency exchange sought to increase mainstream adoption by offering simplified mobile access to Crypto trading. Finyard provided early design phase transparency including user flow diagrams, UI mocks and onboarding frameworks highlighting guardrails to mitigate over trading risks. This enabled the client to rapidly launch a beginner-friendly Crypto app with intuitive interfaces based on Finyard’s UX research into what helps novice traders avoid common pitfalls. Since introduction, the app has increased first-time active Crypto traders by 39% month-over-month with excellent user satisfaction scores for its helpful educational tools.

Another example saw an emerging market derivatives exchange seeking to responsibly provide financial access to new retail market participants through easy-to-use digital interfaces. Finyard worked closely sharing open source modules and safe usage recommendations that the partner adapted into their web and mobile trading frontends allowing thousands of first-time traders globally to participate. But controlled rollout phases based on active advisements prevent exploitative misuse, while API limits maintain stability. The platform continues expanding inclusion and positive community feedback has been overwhelming.

Such collaborative outcomes spotlight how ingrained transparency and ethics ultimately enable all constituent groups ranging from end-users to global society, through sustainably impactful FinTech innovation anchored by earned trust.

Our shared charge  

As financial applications continue proliferating across everyday digital touchpoints, FinTech carries tremendous opportunity but also the obligation to uplift people worldwide. Finyard urges sector players to collectively commit to transparency, accountability and conscience as non-negotiable leadership mandates from investors, clients and the public.

The immense promise for technological innovation to drive positive transformation demands ethical stewardship. And today’s intertwined environments simply no longer tolerate opaque practices, arbitrary deployments or indifference to downstream impacts even indirectly enabled.

“True progress measures lives changed, not balance sheets padded,” Pruglo concludes. “Together we now shape FinTech to lift up humanity – or let it divide us. Transparency lights the way forward.” The future for financial inclusion and empowerment beckons brightly down this path.