Financial services is at the highest risk of disruption of any industry.
The financial services industry has undergone massive changes in the past few years. On one hand, financial executives are turning to IT departments to increase efficiencies and deploy new digital products and services for customers and employees, all while minimizing costs and continuing to support legacy technologies. Moreover, industry regulators have imposed burdensome regulation on the industry in an effort to increase transparency and protect consumers.
On the other hand, startups in financial technology, or FinTech, are bursting onto the scene, offering solutions that are simple, easy-to-use, and built on cutting edge technology. These disruptive startups are extremely consumer-friendly and can rapidly innovate without the shackles of outdated systems. In fact, FinTech saw $1.7 billion in financing volume in March alone, and firms like 500 Startups are betting big on the space, creating dedicated practices specifically for FinTech companies.
So how can your business keep up with the rapid pace of change?
At Box, we're helping financial services companies of all sizes build engaging experiences for their customers and increase efficiencies through intelligent business processes, all while displacing legacy technology with cloud content management.
Here are some of the ways financial services companies are using Box Platform:
Securely manage loan documents and make them accessible to borrowers and lenders on any device throughout the lending process. Customers log into an application and upload any relevant documents -- loan agreements, financial statements, tax forms, etc. -- into the cloud. Loan officers can securely access those documents by leveraging Box Platform’s permission model, view them using Box Platform’s file preview capabilities, approve or reject within the application, and provide instant feedback using comments and annotations. All the documents are securely stored in Box, helping a company quickly iterate while meeting compliance requirements
Power image capture for an insurance claims app. Using a mobile device, customers can log into an application and take photos or videos of an accident and upload them directly to the cloud. They can also add additional context, like applying metadata tags, annotations, or adding a comment. Content can then be accessed by claims officers via another application, where they have all the information they need to give a proper quote.
Create a client document vault as part of a wealth management application where advisors and clients can easily share, view, and collaborate on documents from any device. Clients log into an application and access a secure vault where they can upload relevant financial documents and advisors can share plans and performance reports with clients. Advisors and clients can collaborate with each other using comments and annotations directly in the app. Content is stored securely in Box, allowing the company to comply with regulatory requirements, and accessible only to the intended clients thanks to Box Platform's permission model.
Secure data rooms for collaboration in the investment process. In the data room, both parties can access shared content, which can be displayed and collaborated on using comments and annotations directly in the app. All the content is securely stored in Box and secure sharing and permissions ensures that only the two parties can access the shared files.
You can learn more about how financial services companies are leveraging Box Platform in our on-demand webinar.