Financial services companies of all stripes are finding themselves in the crosshairs of digitization, and their CIOs are tackling wholesale change on myriad fronts. This new digital era is the turning point that determines the viability of many organizations.
To better understand the evolving needs of our customers, Box created the Financial Services Advisory Board. It comprises CIOs and senior IT executives from leading banks, credit card companies, insurance providers and investment firms. In addition to benchmarking our current solution, the Financial Services Advisory Board gives Box a framework through which we can continue to successfully support customers’ transformation and evolution into digital enterprises.
The Financial Services Advisory Board raised several issues that are common to large-enterprise CIOs across industries. A major one: an urgent need to decrease their time to market for new products and services, keeping them competitive against nimble newcomers. Achieving this kind of agility is not easy. It means changing how employees collaborate and communicate across silos. It means using modern platforms that meet new requirements, like mobile support and low latency. It means shrinking development cycles from years to months, from weeks to mere days. It means simplifying a legacy of complex technical debt that has built up over decades. And, as the CIOs on the Financial Services Advisory Board astutely noted, it means fulfilling each of these critical needs in an environment of enhanced cybersecurity and data governance – a daunting task that can span continents.
Cloud and software as a service (SaaS) solutions play a critical role in enabling this digital transformation. New entrants to the financial services market are leveraging cloud-based services to make sure their business can move fast, scale fast and disrupt – and industry incumbents are realizing they need to do the same.
In February 2015, Box launched a dedicated industry vertical for financial services organizations. We've made significant strides in providing a true Wall Street solution – one that meets strict security and compliance requirements; offers a unique, collaborative workflow; and delivers unprecedented cost savings and efficiency gains. Here are some of the game-changing solutions we’ve created to support the financial services sector:
- In Spring 2015, Box released Enterprise Key Management, now known as KeySafe, to give organizations independent control over their encryption keys. Combined with Watermarking for documents, Box delivers unprecedented security and control at every level.
- In June 2015, Box released Box Governance, which supports FINRA 17a-4 Books and Records compliance, and Box Trust, which offers a robust ecosystem of security partnerships.
- Box became deeply integrated with Microsoft and Salesforce, allowing CIOs to standardize their content on Box and, for the first time, giving them the power to leverage the cloud ecosystem across their entire organization.
- Box formed a strategic alliance with IBM to combine the leading enterprise content management capabilities of IBM with the secure collaboration platform that Box has developed; Box + IBM unites sophisticated, enterprise-grade functionality with the usability, flexibility, and scalability of the cloud.
- In October 2015, Box launched Box Platform, a new way for companies to leverage the powerful content services of Box within their own custom applications, revolutionizing the way their customers interact with content.
Together, these Box enhancements provide the solid foundation that Wall Street needs to finally move to the cloud – securely and confidently. Box is enhancing workflow productivity within IT, legal, finance and HR teams, and it’s helping content be shared externally with investment banks, law firms, insurance agents’ customers and loan officers’ home buyers. By leveraging the power of the cloud, financial institutions can now scale, drive innovation within their operations, and customize their customer experiences.
Everything we do at Box is backed by our unwavering commitment to working with our financial services customers, understanding their needs and supporting their effective, successful digital transformation.