SmartSessions: Charting the Future of Compliance: Deep Dive into Product Roadmapping!

Ever wondered how SmartSearch designs and develops its cutting-edge compliance solutions?

In this insightful SmartSessions episode, host Ollie sits down with Fraser Mitchell, our Chief Product Officer, and Sofia Sulaman, Product Director.

They'll reveal:

• The philosophy behind how we design and release products, always driven by real client needs.
• How we rigorously listen to the market and our clients to shape our roadmap.
• The strategies we use to stay ahead of regulatory trends include leveraging key partnerships.
• A behind-the-scenes look at how this process led to recent innovations like SmartDoc enhancements, our Source of Funds solution, and the integration with LSEG.
  
  

Discover how our thoughtful approach to product development ensures SmartSearch continues to lead the fight against financial crime and empower businesses for tomorrow's challenges. Don't miss it!

Transcript

SmartSessions Podcast: Product Roadmapping and Innovation

Oliver Telfor: Hi, welcome to SmartSessions, a podcast by SmartSearch where we talk about all things AML RegTech. And today we're going to be talking about product roadmapping and how we decide to launch and what we decide to launch. Joining me today, Sophia and Frazier, why don't you introduce yourselves?

Fraser Mitchell: Hi there. Fraser Mitchell. I'm the Chief Product Officer.

Sophia Sulaman: Hi, I'm Sophia, Product Director.

Oliver Telfor: Perfect. Well, thanks for both, for coming on today. So what we want to talk about, as I say, is, is roadmapping. So before we get into what we're launching and why we're launching it from a SmartSearch perspective, why do we choose to design what we choose to design? How do we recognize what we need to build and why are we building stuff? Because it's got a purpose, not just, oh, let's just, let's just decide to build that. How does that work?

Fraser Mitchell: Yeah. I think it's, it's important that we make sure we're building what the clients want. Ultimately, that's, that's why we're here. So we gather that data from a number of different, different sources. So our customer success team are regularly talking to clients, so they're gaining insights from them about where there are either gaps in the product or where there are new requirements coming up. We've also have our sales team talking to prospects. And again, they're getting market insights as to where our product fits, if there are any gaps in it. But also our, our product team work closely with the clients as well, so that getting that information directly from, from source and that helps shape the thinking and the roadmap. What's important is that, that whatever we deliver has a purpose, as you say, and that we're, you know, we are, we are ticking the boxes that the clients need.

Sophia Sulaman: So once the requirements have come in from our, our clients and all the sources that Fraser mentioned, we apply a number of product management frameworks. The first of that is the DFV framework. The D stands for desirable. So is it a need or requirement that our clients need? Feasible. Is it something that's feasible for us to build across our, our substantial client base? And then viable, is it a sustainable request that we can deliver? So is it sustainable in terms of return on investment for our clients, but also for us? And we have decisions around around build versus buy at that point as well.

Fraser Mitchell: Yeah. I think just to add to that, it, it's important to note that, you know, we have, we work across multiple different sectors. So what's pertinent to one sector might not necessarily be pertinent to all sectors. So we have to have that decision internally, again to see whether or not it's a, it's a development we might want to pursue or whether it's applicable to cross cross sector. So obviously something which is, is more pertinent to all, all clients in all sectors and all industry sectors. Is gonna get a higher rating and a higher priority than something which is specific to a particular market. It's important that we, we remember that as part of that development cycle.

Oliver Telfor: And is that part of looking at what regulations are coming out and obviously how that can affect those different markets?

Fraser Mitchell: Yeah, of course. Yeah. So, I mean, a good example of a, of recent regulatory change is the, the economic Corporate Crime and Transparency Act. Uh, so the ECCTA. Yeah. So that requires our clients to be able to, to verify and identify directors of a company as, as at the point of either forming that company or at the point of filing new, new documents. So annual returns or accounts. So we've been working closely with the clients to make sure that, that our, SmartDoc document verification product ticks all of those requirements. So that goes across multiple sectors, so solicitors, accountants, for example, not just one sector. But we've been working closely to make sure that the clients understand that our SmartDoc now document verification product is compliant and ticks all of those boxes so that they're in, in a good position when that regulation comes into fruition.

Oliver Telfor: So we talk about working with clients on, on product development such as SmartDoc, but how do we then make sure all that feedback loop is captured and how does that sort of come to life that we are not just, you said this, so we've kind of delivered that, but we haven't really done what you've gone about. Is there sort of a back and throw with us and our clients in terms of trial launches and stuff like that, that we, that we sort of build that a relationship, but also we build a product that is gonna work?

Sophia Sulaman: Yeah. So our philosophy, again, another one of our frameworks is that, we have something called the product trio. So we have, representatives from product design and development, and that trio is involved right at the outset from the discovery phases. So as soon as we know that there's something that we need to build, we then engage with our client base to understand what problem it's solving and why it's valuable to them. But also what would be acceptable to them in terms of through the use of things like prototypes. So we are conducting that early, early validation right at the outset before we build any code. The other advantage to that is, by involving our development team at the outset, they're not just building features. They understand and can connect to the bigger picture and the outcomes that our clients are seeking. Yeah. Which then makes, when we deliver the, the functionality there's no surprise is, and it's exactly what the clients are expecting and seeking. And then that, that journey continues throughout. We then open up, once we've done an element of building, we open that up into a trial phase. So in a real life use case with a select number of clients, they're able to test and validate and feedback to us. We iterate quite quickly. We operate in a very agile manner, iterate on the product before that, and that, that becomes available to the wider community for consumption. And then post consumption, we always make sure that our product managers are connected with the clients and they are constantly validating and monitoring the performance of that product, whether that's through data tools where they are evaluating the performance of the product or through surveys or client feedback sessions.

Oliver Telfor: So again, again, beyond just sort of listening from a, from a regulation perspective, but also listening to clients, you know, tech moves at, you know, lightning pace. We, we're, we're all aware of that, and we sort of how to, how do we keep it, keep ahead of that and make sure that we're, we're sort of abreast of upcoming changes. What role does partnerships play here? So we, you know, we, we've launched, you know, an upgrade to our SmartDoc this year with, with Dayon. How did that partnership kind of influence the launch, you know, ah, Dayon right. For us, what was that process like? But also how can our clients feel comfortable that we're actually working with these partners to stay ahead of tech? That's not just new today, but it's gonna be still relevant in 2026 and beyond.

Fraser Mitchell: Yeah. So I think the, the, the first, the first part of that process, if we take that particular example. Yeah. So the first part is to actually identify there's a requirement, so we need a new partner. We then went through a, a full RFP process. So we looked at, I think half a dozen in that, in instance, half a dozen different, different potential providers. And then we selected the, the provider or the partner based on their fit for us as a business and where we wanted to go. So in that particular example, they owned all their own tech, for example. They've got the right number of data analysts and they've got a global provider and they're, they're already working with some large blue chip companies, so we know they can scale as we scale. And they also showed a real appetite to work with us and taking that to market, not only now, but also in the future where they've got, other products coming out that are already launched, which we can utilize and add to the SmartDoc. Product. Just stepping back briefly to the, to the kind of the launch cycle, what we try to do is, is, is we'll have a, a, a beta test first, what we would call a beta test. So we'll run that internally. So right away across the business, not only just with sales and customer success, who are kind of client facing, but with, other parts of the business. So for example, finance, who may have never used the product. So we get real valuable insights as to whether or not it's usable. They understand how to use it. Particularly important in that particular instance for, for the SmartDoc, because that's gonna actually gonna be used by the end customer. So making sure they understand what they need to do. We then had a, had a small pilot group of clients, so nine clients who actually then tested it and going back to making sure we're, we're ticking the right boxes and, and we're, we're designing something that they need, there's a constant feedback loop over that process. So if they find any bugs in it, we can quickly respond to that. But if they suggest any enhancements or as anything's not clear, we're able to respond to that quickly. And then we go into a full kind of more go to market plan where we go out to the wider client base. So we, we remove, remove the risk. I mean, otherwise, you know, 7,000 clients, we launch a product if there's a problem with it, we've got all sorts of, of, of trouble in terms of trying to react to that. So it's done in a very kind of staggered and way in order to de-risk it, wherever we can

Oliver Telfor: Fine. So I guess that's the, that's the inception to, to launch our period, but from a future planning perspective, Sophia, yeah. What does, you know, what does 2026 and beyond look like for when we've launched the products and we're sort of constantly looking to make sure it's, you know, up to date on trend and make sure we're not sort of blindsided by anything that might come in the future?

Sophia Sulaman: Yeah. So there's a number of ways that we are set up to ensure that we can react to the market. The fundamental part of that is that we are an agile organization. Yeah. So we don't have sort of four or five year roadmaps. Our roadmaps are evaluated every quarter. So we have a quarterly planning session that takes insights from, either the market, our clients, the, the feedback on the, uh, statistics that we have in terms of our own product performance, feedback from our sales and customer success team, so our client facing teams. All of that data is then fed in to inform our roadmap. And every quarter we come together across the business, and, there's a discussion and we look at the data and that then informs what makes it onto our, our roadmap for the next quarter. So we lock in the next quarter, continue that build, and then, it again, discontinue that loop. And the advantage of that is that it means that, the way that our development squads are set up, they are very agile, they're working two, two weekly sprints. And what that means is if there is any adjustment or we need to react to the market and given the market that we're in, the regulatory changes can happen at any time. It means that at the end of those two weeks, if we do need to be nimble and agile and change direction, we are set up to do so.

Fraser Mitchell: Yeah. And that, that's, that's a good point because I think historically we've tried to push out a roadmap sort of two, three years in advance. And for the reasons we've just said, the market's changing that quickly. Yeah. We were then constantly changing the roadmap. So that's not a good experience either for the business in terms of the clients, the customer success team, talking to clients, trying to convey what's coming next, but also not great for the clients themselves in terms of trying to get some sort of visibility. So by working that one quarter in advance, we're able to, to nail on exactly what's coming, communicate that effectively, and then deliver on it. And it gives us that ability to be agile as well. So if something does shift, we're able to respond to it. You know, longer term we know kind of where we want to go in terms of a, a strategic roadmap and, in terms of larger themes. So for example, fraud products, orchestration products, and workflow products and workflow workflow, um, architecture. But that's at a high level to actually understand the, the granular detail around that requires the product team to talk to the clients specifically. And then we can flesh that out and actually document what we're gonna deliver a quarter in advance. So ideally, the product team are working with the clients this quarter, what we're gonna deliver next quarter, and it keeps it fresh and it's up to date, and then it kind of, it's seamless and it just rolls, rolls on.

Oliver Telfor: So in terms of, you know, we're talking about quarters. So, you know, we, we're kind of in the second half of the year, so we've got, got, you know, two really good launches this year. We're building up to our third, which is source of funds. Do we wanna sort of talk about what that is gonna look like? And basically, I know we've gone through the process, but as we are launching this, what does that look like for us and, and our clients to come?

Sophia Sulaman: So we had some really valuable feedback that we were able to, uh, import into the roadmap and expedite some of the delivery, which meant an easier or smoother end user journey. So the plan is, that's our blueprint going forward, and we will apply that for, the upcoming initiatives as well.

Oliver Telfor: Perfect. Well, that's been really interesting. I think there's, we covered a lot off there, you know, the, the, the breadth and and scale of the products we offer and the, and the industries that we work with. So thanks for taking the time today, and if you want hear more about our products, the industries we work in, or how we can help you, go to smartsearch.com and you can see all of our products listed there. And if you want to talk to an expert like Fraser or Sophia, like have today, just click that, talk to an expert and we can book a demo in and spend some time with you. So thanks again for listening and we'll cash you next time. Thanks.

Fraser Mitchell: Thank you.