Box today announced Box for Financial Services, bringing tailored solutions, product enhancements, and partnerships to firms in the financial services industry.
Box’s cloud content collaboration platform powers the secure sharing of sensitive data for some of the largest banks, insurance companies, and investment and advisory firms. Financial services customers include KKR & Co. L.P., Nationwide Insurance and AAA of Northern California, while new partners working with Box to meet the needs of the financial services industry include Bloomberg Vault, Capgemini and Silanis.
“Because of the highly sensitive nature of the data it deals with the strict compliance standards it’s held to, the Financial Services industry has been slow to embrace cloud and mobile technologies,” said Aaron Levie, co-founder and CEO, Box. “However, leading firms are recognizing that mature cloud platforms not only offer agility and productivity, but also an opportunity for better security and visibility around their most valuable content. With Box for Financial Services, we’re making sure security and compliance concerns are no longer hurdles to information sharing and collaboration. More than 44,000 businesses, including 48% of the Fortune 500, trust the Box platform. With the launch of Box for Financial Services, Box will better meet the needs of businesses in this industry, including new customers like KKR & Co. L.P., Sierra Pacific Mortgage and First American Equipment Finance, which join hundreds of innovative firms such as Nationwide Insurance, AAA of Northern California, Guaranteed Rate and Encore Capital. Box for Financial Services will offer tailored solutions to help businesses: · Accelerate mobile productivity by enabling portfolio management, document management and access to virtual data rooms from any device regardless of location; · Better manage risk and compliance by providing full data control in the cloud; and · Streamline key processes like claims processing and loan origination, allowing firms to focus on investors, clients, and policyholders to accelerate sales cycle. "Leveraging cloud and mobile technologies to provide our employees with access to content at any time is key to our ability to build a sustainable competitive advantage and drive productivity across our organization,” said Ed Brandman, chief information officer at KKR & Co. L.P. “Box provides a secure collaboration platform that supports key business processes, improving operational efficiency while simultaneously meeting critical IT requirements for content management and security."
New Product Capabilities for Financial Services Firms
Box also unveiled several new product enhancements to help financial services firms securely collaborate on sensitive data: retention management, watermarking and Box Enterprise Key Management (EKM). The company also announced that it is working toward supporting FINRA compliance for customers on its platform.
Box today introduced the beta of its retention management product, which enables organizations to comply with record retention requirements set by financial regulators by securing the creation and modification of documents. Retention management provides: · Full visibility: Create and store financial documents or scan documents and attach metadata tags to specific types of data for easy retrieval and lookup.
Adjustable periods: Set retention policies that are enforceable and fix retention periods to govern how long documents are retained in Box. · File-level retention: If a file leaves a folder with a data retention schedule, the schedule will follow the file.
The Box watermarking tool allows financial services firms to mitigate risk and discourage data leaks, as well as maintain the ability to track a leak when it occurs. With watermarking on Box: · Prospective investors can view financial documents as collaborators in a folder with each page of the document marked with an identifier for that user. · An anonymous user will see their IP address on every page of the document they are viewing and receive a notice that the file is confidential. • If a leak occurs as a result of a user taking screenshots of a document, an enterprise will be able to determine who's account and IP address was viewing the leaked document when the screenshots occurred. Box Enterprise Key Management (EKM)Recently announced, Box EKM, currently available in beta, enables the deepest levels of control around enterprise content without sacrificing the ease of use and powerful collaboration features of the Box platform.
In Spring 2015, Box will allow customers to meet FINRA regulatory compliance standards with section 17a-4 of the SEC Act, which sets requirements for how electronic records are preserved in non-rewriteable, non-erasable formats, for specific periods of time. Box will provide the capability for IT administrators to apply customizable retention policies at an individual file level.
Financial Services Partners
Box works with an ecosystem of e-signature, security, governance and compliance partners to provide the most trusted services for customers as they manage their content in the cloud. For instance, recent e-signature partner, e-SignLive™ by Silanis, adds additional convenience, trust and security to e-signed documents. The solution allows financial services companies using Box to digitally, securely and independently send, sign and store documents using e-SignLive directly from their Box account.
Box is also announcing a new integration with Bloomberg Vault File Analytics solution, a component of Bloomberg’s hosted information governance service that delivers enterprise compliance, eDiscovery and record-keeping solutions to financial services firms. This new integration will allow firms using Box to leverage Bloomberg Vault to apply policy-based compliance, governance and control with comprehensive search and reporting across numerous data repositories in the enterprise. Bloomberg Vault provides financial services firms with the ability to meet SEC, FINRA, CFTC and global regulatory mandates, which span a variety of compliance demands related to files, documents, trades, and communication data. “Due to recent cybersecurity incidents and compliance requirements, firms in the financial industry have been hesitant to move sensitive information into cloud services,” said Harald Collet, global business manager for Bloomberg Vault. “We are excited about working with Box as it enables firms to overcome these challenges while maintaining enterprise-wide compliance and governance capabilities. This empowers firms to achieve their business needs of cohesive collaboration and improve the way content is shared and managed, all while never losing insight into their ‘dark data’ that naturally grows over time.”
Additionally, Box and Capgemini, one of the world’s foremost providers of consulting, technology and outsourcing services, are partnering to integrate the Box platform into their Omni-channel Insurance Solution that will bring custom app development, cloud integration, user adoption best practices and implementation services to the insurance industry. This solution allows the most complex IT environments to have the support and services they need for highly successful deployments.
Pricing and Availability
Retention Management and Box EKM are available in beta today and will be generally available Spring 2015. Watermarking and FINRA compliance will be available Spring 2015.