Intelligent Content Management for financial services
The new AI-first era of business is here. Financial services firms have a greater need than ever to automate processes, extract insights, enhance collaboration, and protect valuable content.
With the power of Intelligent Content Management, teams can leverage their data (90% of which is unstructured!) to drive innovation and efficiency.
Box, the leading Intelligent Content Management provider, delivers a secure, centralized platform with AI-powered features, enabling businesses to optimize workflow automation and ensure compliance. With innovations like Box AI, metadata extraction, and a new set of workflow automation capabilities, Box empowers financial services organizations to realize the full value of their content while addressing security concerns and enhancing operational effectiveness.
At BoxWorks 2024, we unveiled a suite of intelligent capabilities (and some brand-new products) that empower financial services firms to optimize operations, improve client interactions, and maintain regulatory compliance in an increasingly digital landscape.
A few highlights:
- Box Forms streamlines data collection with intuitive, no-code, mobile-friendly forms
- Box Doc Gen automates document generation through the use of dynamic templates
- Box Apps lets you tailor workflows that meet specific business needs
- Box AI metadata extraction helps you gather critical information from unstructured data
- Box AI Studio gives you tools to create customized AI agents for unique tasks
- Box Sign outcome in Box Relay enables teams to send documents generated with Box Doc Gen for e-signature via Box Sign and track the process in real time
We also announced Enterprise Advanced, which combines the full power of our Intelligent Content Management platform into a single offering. Let’s explore how our new capabilities enable financial services organizations to drive value with unstructured content.
Banking
In banking, our solutions streamline various processes by automating the extraction of metadata from submitted documents. This automated process replaces manual data entry and improves efficiency and accuracy in tasks such as Know Your Customer (KYC) verification.
By collecting key details like applicant names, submission dates, and loan types, our metadata extraction solution enhances searchability and reduces time spent searching for information. It also enables workflow automation by routing applications to the appropriate department based on criteria such as loan amount or applicant category. This speeds up processing times and promotes better collaboration within teams.
Integrating metadata into processing systems ensures compliance with regulatory requirements by accurately categorizing and securely managing sensitive information. Real-time access to crucial data facilitates efficient document generation for approvals and communications, resulting in faster response times and enhanced customer service. Leveraging form submission data, Box Relay workflow variables, and manual data entry can streamline processes such as generating preliminary loan agreements, while an AI-powered assistant can analyze loan applications for potential issues.
With additional features like Box Apps for tracking loan applications and organizing documents, banks can streamline their document management processes. A key advantage of Box Apps is its ability to leverage metadata collected from extract agents, enabling users to create custom views and dashboards. This allows employees to efficiently sort, filter, and access documents based on relevant metadata. Additionally, future capabilities like Box Archive will further enhance document management, ensuring long-term, compliant content preservation.
Insurance
For insurance firms, Box Forms enhances customer interaction and satisfaction around claim submissions by simplifying how policyholders detail incidents and attach supporting documents. Metadata extraction from customer-submitted forms and images enables insurers to seamlessly organize, retrieve, and process claims more efficiently—powering automation of critical workflows and streamlining the customer experience.
Based on the extracted data, Box Doc Gen facilitates the creation of acknowledgment letters confirming receipt of claims. Claims adjusters use a custom, metadata-powered dashboard in Box Apps to easily filter and sort submissions. After settlement, claims may be stored in Box Archive for long-term preservation. Additionally, teams can automate the creation of policy documents and renewal notices within their client databases or preferred system of record by leveraging the Box Doc Gen API, ensuring timely and accurate documentation.
Wealth management
In wealth management, Box Forms enables new clients to complete onboarding questionnaires, providing vital information about financial goals and risk tolerance. Metadata extraction processes customer financial statements, which can be stored in a firm’s CRM system.
Box Doc Gen then generates personalized investment proposals and account creation documents based on information submitted via a Box Form. Using Box AI Studio, financial analysts can build a custom AI agent that helps them analyze client profiles and empowers them to make informed decisions on investment strategies. All client-related documents are stored in Box Archive, which ensures client data is compliant, preserved — and protected with controlled access. Content can easily be restored if needed, with direct collaborations and original ownership restored as well.
The Box Doc Gen API seamlessly integrates data from portfolio performance and market analysts to create highly personalized investment reports. By leveraging this comprehensive information, gathered from various sources such as custom applications or Box Forms submissions, we enhance client engagement and empower informed decision-making.
Mergers and acquisitions
During M&A transactions, potential buyers submit information requests through Box Forms, detailing specific data needed from target companies. Metadata extraction pulls key details from company documents, identifying essential information such as financial figures and legal terms. While this organized data supports analysis and decision-making, the data remains within Box’s ecosystem rather than integrating directly into external project management systems.
Box Doc Gen then creates comprehensive due diligence checklists and document request lists using data collected from Forms submissions. An AI model evaluates responses against historical transactions to identify potential red flags. M&A teams create a tailored app to manage the due diligence process, ensuring alignment throughout. After completion, all related documents may be stored in Box Archive, ensuring the final version of content is preserved and unable to be altered, helping meet compliance requirements.
Our integrated solutions simplify and automate complex processes in banking, insurance, wealth management, and capital markets — so teams enhance efficiency and improve client experiences.
And that’s just the beginning of what Intelligent Content Management can do for your business. Dive into the BoxWorks keynote to learn more.