Attorney at Law Magazine sat down to talk with Heidi Wicker, co-chair of Stinson LLP’s Fintech, Payments and Financial Products team and partner, about her career and the current trends in her practice. Wicker is an advisor to money services companies, financial institutions, payment processing, multi-national retailers, and technology companies on a variety of electronic payments and banking matters.
AALM What do you do in the firm?
HW I have had the opportunity to focus on cutting-edge, innovative products and services that both our bank and nonbank technology-oriented clients are creating. It is difficult to determine how laws today may or might not apply tomorrow’s products, services, and products.
AALM What bank news has had an impact on your career in the past year?
HW I would suggest the re-awakening and focusing on non-bank technology businesses that provide financial products to consumers. My clients are now more aware of the importance and effectiveness of an enterprise-wide compliance program. This is in addition to law enforcement’s increased focus upon fraud and criminal activity through FinTech payment platforms.
These two trends are not likely to slow down. The expectations of regulators are increasing. They expect FinTech companies to use all technological tools available, including machine learning and AI, in order ensure compliance and combat illegal activity.
AALMBanking, tax and tax are big subjects. What is your special area of interest?
HW What has kept me interested over the years in banking law is the fact the payment technology is continually evolving. My partner once stated that when the debit card was invented, people would not want to use their own money to pay for it. Instead, they could use a bank card and pay with their money. In terms of payments volume, debit cards now surpass credit cards. Additionally, virtual tokens that can be used online or cloud-based to pay have outperformed physical cards. Maybe the same thing will happen with crypto.
AALM Tell us about what attracted you to your company.
HW I was attracted to the first company after reading a review written by a summer clerk. This was given to our law school career centre. According to the individual, working at the firm was what made them decide to become lawyers. This was quite bold. Naturally, I was interested in this company, so I applied to a summer job as a 1L.
The firm was the right fit for me. I would have the privilege of being mentored by the founding partners for the next twenty years. They were constantly learning and improving, and taught me that practicing law is all about having an inquisitive mind. It’s essentially being Sherlock Holmes: asking questions, following clues and finding a solution.
AALM What attracted you first to the practice law?
HW My mother would tell you that it was because I loved to argue with her! In truth, I was an attorney in fourth grade. I never looked back. I did not want to be bored. I wanted to be challenged intellectually and learn new things, with the larger goal of helping others. It fascinated me that legal concepts can change over time. They are also interpreted differently depending on the circumstances and the era. As technology and society change, the law adapts to meet changing needs.
The law adapts to society and technological changes.
AALM How is your current career different from what you imagined while at law school?
HWI didn’t know that my primary role would not be as a lawyer, but as a business advisor. I’d give practical advice on how to help companies achieve their goals, while adhering to the law. Anybody can tell a client the law, but your value lies in being able to advise them on the options and risks involved in achieving their goals.
I enjoy long-term relationships with clients. I get to know the company and its products and services. I also understand the risk profile and corporate culture. I then adapt my advice accordingly. Although we may advise corporations, the core of practicing law is still about the people. It’s about helping people achieve the goals of the business.
I didn’t realize that the law and my practice would change constantly as payment and banking technology changed while in law school. But there was never a dull moment!
AALM What are the most valuable lessons that you have learned in your legal career?
HW Don’t have preconceived notions about the client’s goals or the outcome. Do not get carried away. Ask questions to understand the issues and listen to the client. Only then can you design the strategy.
I’ve seen so many examples over my career – be it prepaid cards, in-vehicle devices to pay for transit or tolls, mobile payment apps, and now payments via cryptocurrency/blockchain. I’ve learned to love being a part of the innovation process and accept any new banking technology or payment.
AALM Which book, audiobook or podcast is your favorite?
HW I try to mix my mediums but I’m more of a book person. For e-books, I currently have The Men Who Would Be King on my iPad. This chronicles Steven Spielberg’s, Jeffrey Katzenberg, and David Geffen’s creation and launch of DreamWorks multimedia. Kevin Kwan’s sequel Crazy Rich Asians is China Rich Lady. I am sure I will devour it all in one sitting so I’m not waiting for long flights.
Matthew Ball’s the Metaverse: How it Will Revolutionize Every was also downloaded recently. He is a thought leader in theorizing about the potential of the new internet frontier.
Podcasts are my favorite. I love “You Must Remember This”, which focuses on the long-forgotten stories of Hollywood’s elite during the golden age.
AALM What is the best financial advice anyone has ever given you?
HW If you don’t have the cash to pay it, you won’t be able to afford it.
The post Heidi Wicker discusses Adapting the Law to FinTech Innovations was originally published by Attorney at Law Magazine.