Box introduced Box for Financial Services, a cloud content collaboration platform with tailored solutions, product enhancements and partnerships for firms in the financial services industry.
Box’s cloud platform enables secure sharing of sensitive data for banks, insurance companies and investment advisory firms with current financial services customers including KKR & Co., Nationwide Insurance and AAA of Northern California and new partners Bloomberg Vault and Capgemini.
Using the Box platform, Box for Financial Services will offer tailored solutions for businesses to:
- Accelerate mobile productivity through portfolio and document management and access to virtual data rooms from any device, anywhere
- Manage risk and compliance by providing full data control in the cloud
- Streamline key processes like claims processing and loan origination
“Because of the highly sensitive nature of the data it deals with the strict compliance standards it’s held to, the financial services industry has been slow to embrace cloud and mobile technologies,” stated Aaron Levie, co-founder and CEO, Box. “However, leading firms are recognizing that mature cloud platforms not only offer agility and productivity, but also an opportunity for better security and visibility around their most valuable content. With Box for Financial Services, we’re making sure security and compliance concerns are no longer hurdles to information sharing and collaboration.”
The Box for Financial Services product enhancements focus on security, specifically retention management, watermarking and Box Enterprise Key Management. The company is also working on supporting FINRA compliance for customers on the platform in the spring.
Now in beta, the retention management product enables organizations to comply with record retention requirements in securing the creation and modification of documents. The Box watermarking tool discourages data leaks and mitigates risks by marking documents with an identifier for specific users so that anonymous users will receive notifications of confidentiality and leaked screenshots of those documents can be traces back to the account and IP address of the leaker.
Also available in beta, Box Enterprise Key Management provides deep levels of control around enterprise content while maintaining ease of use and collaborative features.
Box maintains an ecosystem of e-signature, security, governance and compliance partners to provide customers trusted services in the cloud, with recent e-signature partner e-SignLive by Silanis adding security and real-time electronic evidence from the signing process.
Box also announced a new integration with Bloomberg Vault File Analytics, a component of Bloomberg’s hosted information governance service for enterprise compliance, eDiscovery and record-keeping solutions for financial services firms. With this integration, firms using Box can leverage Bloomberg Vault to apply policy-based compliance, governance and control with comprehensive search and reporting across the data repositories in the enterprise.
“Due to recent cybersecurity incidents and compliance requirements, firms in the financial industry have
been hesitant to move sensitive information into cloud services,” stated Harald Collet, global business manager for Bloomberg Vault. “We are excited about our work with Box and the integration with Bloomberg Vault File Analytics as it enables firms to overcome these challenges while maintaining enterprise-wide compliance and governance capabilities. This empowers firms to achieve their business needs of cohesive collaboration and improve the way content is shared and managed, all while never losing insight into their dark data’ that naturally grows over time.”
Additionally, consulting technology and outsourcing services provider Capgemini is integrating the Box platform into its All Channel Experience Insurance Solution, which offers custom app development, cloud integration, user adoption best practices and implementation services to the insurance industries.
Available now in beta, Retention Management and Box EKM will be generally available Spring 2015. Watermarking and FINRA compliance will also be available in the spring.
More information on Box for Financial Services is available on the Box blog.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access