The C-Suite is a vast audience of leaders who all have a little extra insight into their industry and the current business world. I sit down with these leaders to give them the opportunity to share that insight and give a glimpse to their personal stories as a business leader. I recently had the opportunity to interview G. Scott Paterson, media/technology venture capitalist and CEO of FutureVault.
Fintech is transforming the industry. What is a FinTech business anyway?
The financial services world is undergoing the biggest transformation ever, and it’s a consequence of technology — but more specifically, it’s a consequence of what’s called software being available in the cloud.
In the cloud the actual bits and bytes, the actual servers, the actual hardware that people think about when they think about a technology, these are not hosted internally. They’re hosted externally. What this has done is create this massive transformation.
You saw an opportunity in this transformation with FutureVault.
Yes, we did. FutureVault is a very simple concept. It is a place to store and manage digitally, in the cloud, all of your personal, financial and legal documents.
Everybody needs this. We have children that have report cards, vaccination records, Social Security numbers, class lists, team lists for their sports, memorabilia that they save. We all have bank accounts. Many have brokerage accounts, 529 college savings accounts, IRA accounts. Some people have hunting licenses, fishing licenses, the deed for your house or lease for your car or if you lease some possibly for your business, even, equipment for your business.
In the world of FinTech, we’re showing up with a solution that’s great for the customer but also great for the institution, because they can build a stronger relationship with that customer.”
I assume everything about this is secure.
Security is the first thing we addressed and we have built what we believe is bank-grade technology. Documents are encrypted on the way in and on the way out. None of the information ever resides on your laptop.
It’s also why we’re partnering with financial services companies where there is already a high degree of trust. Players like that that already have a trusted relationship with their customer.
One of the great things about this product, is that it helps families. Here, you can set this up so that each family member has access to everything that matters, and it really simplifies their life.
A customer can create a contact for any of the “trusted advisors” in their life and each will get a unique email address with a PIN number. Information is categorized and placed in specific areas that person can have access to. For example, my accountants can havea access to all of my tax records. Then, when they file my taxes, they put in the electronic copy, and it’s there forever.
It can be used for business as well. There is an advanced version for multiple businesses, so it’s a great tool for anybody in business, anybody in any walk of life, but particularly business people have lots of complexity. This is a great simplification tool.
We’re very excited. These are just a few aspects of what FutureVault can do. We’ve not built a minimum viable product here. We’ve built a Ferrari.
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