Today, we're announcing Box's latest industry effort: Box for Financial Services. As we announced at BoxWorks last fall, Box for Industries is our initiative to deliver Box's horizontal technology in industry-specific ways, solving the unique challenges of verticals through tailored solutions, compliance support, consulting and enablement, as well as partnerships with leading ISVs and system integrators. We've seen incredible success in healthcare, retail, and media & entertainment — the initial three markets that we've focused on. Now we're bringing this same focus to financial services.
Technology is playing a central role in the transformation of the financial services sector. From new digital technologies that are changing consumers' retail and commerce experiences, to new digital workflows for how loans are processed, insurance is provided, and deals are transacted, the entire financial services ecosystem is being driven to modernize. At the same time, these institutions (from private equity firms and investment banks to mortgage lenders) are dealing with an ever-increasing onslaught of new regulations, business model complexity, and cybersecurity threats. Balancing two business-critical imperatives — the need for innovation and the need for security and compliance — has created massive pressure on IT environments in this industry.
Every firm must now manage risk and compliance in a world of mobility, collaboration, and digitization. Almost no business process today within financial services is fully contained within a single organization or building: the need to share and collaborate securely between firms is growing exponentially, along with the need to digitize processes that move critical data around the globe. Legacy information technology that tethers content to on-premise infrastructure or lacks modern security capabilities is no longer an option. As a result, financial institutions are moving to next-generation cloud and mobile solutions.
We're excited to be working with leading brands across the entire industry, including KKR, Nationwide Insurance, AAA and Guaranteed Rate. Our focus at Box has always been on delivering easy-to-use software for individuals and enterprise-grade security and compliance for the enterprise. We're taking this differentiation even further with Box for Financial Services, and an all new set of capabilities that will go live in Spring 2015:
- Retention Management: Currently in beta, retention management enables organizations to comply with record retention requirements set by financial regulators, as well as supporting critical use-cases in legal, healthcare, and many other key industries.
- FINRA compliance: Box will allow customers to meet regulatory compliance standards with SEC 17a-4, which requires electronic records to be preserved in a non-rewriteable, non-erasable format, for a specific period of time.
- Watermarking: Using Box's Information Rights Management feature, shared documents can be automatically watermarked with a user's login ID or IP address, enabling additional protection and traceability of shared content.
These updates, along with our new service to allow customers to manage their own encryption keys, Box EKM, mean that Box now offers some of the most advanced security and content management capabilities. Furthermore, we're partnering with Bloomberg Vault, Capgemini, Accenture, and other leading technology companies to provide additional functionality to our growing number of customers in this space.
At Box, we're focused on transforming how people and organizations work so they can achieve their greatest ambitions. Our industry efforts will continue to take our content management and collaboration platform and deliver it in ways that uniquely support customers across major industries. Expect to see more from us with Box for Financial Services this year.