Bancstac

Here’s just the deal, client concerns around current e-commerce business terms are often far more complicated than they need to be for you to get their business. In short, consumer protection regulations have magnified into enterprise level issue for companies like Bancstac. Legal operational systems are the only way forward if you want to maintain your current, vertically integrated e-commerce business model. You might look at the situation and assume that a lack of care will help you succeed, but the truth is that just like every other venture in the 21st century, you need a strategy… legal operational strategies, to be precise. Legal operations systems can help you prepare for the future and avoid the pitfalls present when you don’t have them in place.

What is CLOC Legal Operations

According to an article on the subject, CLOC legal operations are… “…finely tuned legal operations delivered by an efficient law department team – help general counsels grow impressive legal functions that make real contributions to the company’s bottom line.” The problem for many e-commerce brands is that attempting to integrate CLOC principles into an existing model like Bancstac creates a disconnect between your customer service and legal functions. Additionally, you have to look at how your legal operations can be streamlined to add core value to the e-commerce model.

Bancstac’s Model & Pain Points

Currently, Bancstac operates using a standard e-commerce model. This means that when we get a customer or client, they send us their information and then we call, email or text to walk them through the process of getting set up. The current process isn’t bad, but it’s a lot of work. Additional pain points include: Further complicating the matter is the fact that in order to institute effective legal operations Bancstac will have to address long-standing contractual relationships with service providers, which bear further integration costs. These are just a few of the issues that can make legal operational systems difficult to implement.

The Benefits of Legal Operations for Online Retailers

Like every other competitive industry, e-commerce needs legal operations to create safety and legal compliance for its members and larger consumers. However, there are real benefits for online retailers who pursue legal operations as a core value.

Good Legal Operations improve “Brand Trust” for Online Retailers

Good legal operations foster trust with both employees and consumers. This means that overall, you’ll have “better people, better culture, happier customers, and increased revenue”. The result? This doesn’t just mean having better safeguards in place, it means having safeguards that people actually trust and believe ensure their safety. Effective legal operations help save lives and avoid lawsuits. What more could a brand selling clothing and financial services want?

How do You Get Legal Operations Right?

Taking on legal operations can seem complicated, but it’s relatively straightforward. Each operational system is “a series of interdependent steps that contribute to the success of the department, and, in turn, the company”. The key is to identify your existing model and then look at how CLOC fundamental processes support your style.

4 Strategic Legal Processes that Support E-commerce

The four main legal operations according to CLOC are: For a company like Bancstac, that means developing core competencies across each of these fundamentals to bring staff up to speed and ensure they withhold operational systems.

Does Legal Operations Pave the Way for Cost Savings?

Let’s look at the obvious: legal operations are the framework upon which all integrated systems can be built. Since legal operations in retail focus on general counsel, compliance and risk management, the savings and efficiency gains are substantial. These systems will help keep down costs, not only by reducing needless, frivolous lawsuits, but also increasing your brand’s visibility due to higher consumer satisfaction.

Bancstac Should Look to CLOC Legal Operations for Future Cx

Most businesses that don’t institute legal operations and instead “forge ahead without” a strategy will fail to exist in the next few years. In our modern society, putting a lid on potential growth for legal operations is a huge mistake, one that will likely end in negative outcomes. Responsible e-commerce companies are now focused on covering themselves for the future. Just as they spend money on creative design teams to improve customer experiences, they spend money on legal operations so they can protect themselves. On that note, the only solution for executive teams looking to the future of tech retail is to give CLOC legal operations a “try”.