BoxWorks 2023: One (even stronger) platform for financial services
According to a recent IDC report, 96% of organizations with mostly or completely siloed unstructured data don’t know what information lies inside their content.* At this year’s BoxWorks, we talked a lot about how much value is locked in all that siloed content, and nowhere is this more true than for financial organizations.
Not shockingly, the biggest news at BoxWorks was the potential of generative AI to tap into the value of a vast wealth of unstructured data and quickly extract answers and insights. For financial services organizations that have centralized their unstructured data in the Content Cloud, the path to insight is far quicker with Box AI, which was just one of the major takeaways of BoxWorks 2023.
Introducing Box AI for financial services
With the introduction of Box AI this year, you can now tap into the wealth of knowledge within your enterprise content, getting answers and gaining insight in seconds. This means insurance companies can quickly surface key insights from claims documents and policy agreements. Banks can identify key clauses, terms, or limitations across loan contracts or processing docs. For wealth management firms, AI can help summarize client financial statements in minutes.
These are just a few high-level examples of how Box AI can streamline financial services, but there are countless more.
A new Box Shield partnership with CrowdStrike
Tightly coupled with the concept of gaining insight from content. Without properly safeguarding your content, your efforts to be innovative could be derailed. Box gives you the ability to secure your most valuable and highly sensitive data, reduce the risk of ransomware attacks with threat detection, as well as protect proprietary files with auto-classification and granular access permissions.
Along with data security, every financial institution is under strict compliance orders. With Box, you can ensure your content stays compliant with regulations such as FINRA, OCC, FDIC, MiFID II, and PCI.
A significant portion of our time at BoxWorks was devoted to covering security updates that affect the financial services industry. These included a new Box Shield partnership with CrowdStrike that reduces the risk of malware infiltration and data breaches by preventing unsecured or potentially compromised devices from accessing content. Customers that use both Box and Crowdstrike can now access powerful contextual insights from device posture and data access to evaluate risks in real time, build granular policies, and take remediation actions.
Box is also offering admins even more control over how their users access content, with the ability to automatically block users trying to access content from outside of permitted regions. This will help prevent international bad actors with stolen credentials from accessing sensitive files.
Introducing Native document generation in the Content Cloud
Another major announcement at BoxWorks that will be key for financial services organizations: native document generation in the Content Cloud. The brand-new Box Doc Gen can help you with business-critical tasks such as automatic generation of custom loan applications, policy declaration pages, client reports, and contracts, enabling your teams to focus more time on client engagement and less time on manual tasks.
With Box Doc Gen, you can generate custom documents from multiple data sources on the fly, with functionality that works seamlessly with the rest of your content workflows on Box.
Creating digital workspaces within financial services
One of the most meaningful parts of BoxWorks was the chance to hear directly from Box customers about how they’re using the Content Cloud to transform the way they work. This year, we heard from Umar Bajwa, Executive Director of Technology Architecture at Hightower Advisors, about how the company improves customer experience with digital workspaces.
Teams at this wealth management firm have been using Box as a secure, compliant ecosystem to secure their data since 2013. Now, they’re applying AI to the content held in the Content Cloud to elevate user experiences. In partnership with Box, Hightower created a secure client portal that enabled advisors to work efficiently with clients, seamlessly and securely sharing confidential documents in real time. Box integrations with other key apps like Okta, Microsoft 365, and Salesforce strengthen the customer experience even more.
Solving critical challenges for financial services
The BoxWorks industry-specific session for financial services organizations, which I moderated, illustrates how the Content Cloud solves critical challenges like creating digital client experiences, simplifying day-to-day tasks, and protecting company and client data. Box CEO Aaron Levie also defines the Box approach to financial services, including the impact of AI.
For insight into how Box can help your financial services organization improve its workflows and customer experiences, visit our Box for financial services page.
*Source: IDC White Paper, sponsored by Box, “Untapped Value: What Every Executive Needs to Know About Unstructured Data,” Doc #US51128223, August 2023