Financial Data Security During An Enterprise Pilot | No Place For Fun & Games

The other day we had a cool demo with a cool banking prospect. This prospect is one of those that could really catapult a startup if a use case were to be gained from them. And given that this was so, we were as sharp as we always are. During the meeting, it was like clockwork; accuracy of presentation, details, clear and strong value proposition — we had it all man. Everybody was in on the action, except for those invited members from both ends who did not show up for whatever reasons there may be. Yea, sometimes folks do not show to the scheduled meetings. Fair, this happens to us all.

After we finished the value proposition and technical stuff, we got some good questions. It was one particular question that elevated above the others. Now I must make you aware that this question’s context was asked and addressed before — many times before. Yes. However, it was not what was asked but it was how…. Yes, it was how it was asked. Interesting. See, the questions were regarding enterprise data security and the risk mitigations that must be considered with it for not only internal integrity’s sake but also for the sake of the given financial regulation within that respective jurisdiction.

Yea, you just read what I heard that day. Perhaps a question of this sort is standard procedure within your business world. Understood. As I mentioned earlier, it was not the question, it was rather the delivery that ushered in a moment of pause, evaluation and assessment. Perhaps it was due to the nature of the prospective deal, given that this prospect is a whale. Anyway, whatever it was, me, my partner and associates all shared the cautionary pause within the meeting’s moment. This pause was more similar to or reminiscent of a cautionary reprimand from your mother when you were a small child.

Yes, that’s it. Think about a time when she allowed you a bike ride or another childhood thrill but hampered the sublime adventure that was within the moment with a note of safety and the necessary avoidance of anything hazardous. Do you remember? Exactly, what a bummer. What a buzzkill. Thanks mom. Thanks a lot for souring the moment with a safety speech. It is much appreciated that the thrill that was once at the push of a bike peddle has now been turnt into a vigilant patrol with psychological training wheels.

Of course I am being sarcastic right there. Nobody really wants their mother to wreck their fun. Understood. However, if we give the analogy some fair perspective, we will all better understand why vigilance and training wheels are necessary not only in regards to the analogy but also in regard to our enterprise prospect. See, a mother can see things that a youngster cannot. She knows what to expect in most situations. She is the best at this. A youngster does not know any better. Okay, let’s give the youngster a little credit. Perhaps the youngster does know better but is still ignorant to the extent of his acts and what could result if his caution is inadequate.

This is very similar to banks and their “mothers”. Yes, banks have mothers. We just call them regulators. The regulators sees, knows and assess most if not all scenarios where disaster and chaos could occur. They are built exactly for this. When banks get a little out of line, the regulator will pinch their shoulder. If the bank tries to go beyond the restraints that are necessary for its own good, the regulator slaps its risk. All fair. Very fair indeed.

In our case; regarding enterprise pilots to optimise banking efficiency via AI, Web3 and Cloud powered contract life cycle management software — Verifiable Contract, financial data is confidential and valuable stuff. If anything that houses or creates this data is going to be considered, it must be in good standing with the regulatory mother — especially considering the size, brand identity and number of clients that this bank in particular has.

So with all of that being addressed — new softwares at pilot or production levels for a whale of a bank are in no way a matter of fun nor adventure. No, it’s not. It’s a matter of substantial fiduciary security, diligence and sustainability. With billions in assets and millions of clients, there is just no room for that. With a board, investors and the public to answer to, there is definitely no time for that. So get your kicks elsewhere.