Digital Vaults Have Materially Evolved - Operational and Compliance Efficiencies for Front and Back Office Teams

Digital Vaults Have Materially Evolved—Is Yours Doing Enough for Your Firm?

Digital Vaults have become increasingly popular all thanks to their document management efficacy and the security they offer.

At their core, Digital Vaults enable firms to securely store and organize documents containing confidential corporate and client information.

For Digital Vaults built as a feature or an “add-on”, that’s exactly where the functionality and use case starts and ends—document management with an additional layer of security built-in.

On the other hand, Digital Vaults built as a platform have materially evolved into must-have compliance and operations tools—so how might this impact your organization? Well, it means there’s a good chance the Digital Vault your organization is currently using, if any at all, isn’t providing you with benefits beyond simple document storage. Plain and simple.

Your Digital Vault should be helping your organization scale and improve productivity across all levels of the organization.  

This is where Multi-Tier Digital Vault solutions like FutureVault stand out from the crowd—all constituents involved—front, middle, and back-office teams, along with clients and households, gain tremendous value.

Keep reading to learn more about the materially differentiated benefits that drive operational efficiencies, improve compliance across all levels of your organization, and provide significant value for your clients.

Purposely built for multiple levels of your organization and multiple stakeholders

In our words, multi-tiering.

It’s a game-changer to how firms are defining the way information assets and documents are managed across the many levels of their organization.

Each level and each role within distinct levels have a specific set of permissions and features that they can utilize to help streamline daily workflows, saving significant time and improving productivity.

Imagine the power this affords your organization—from your back-office to front office advisors, relationship managers, office managers, to your clients, their network, and their families—everyone has a unique “role” and plays by their own set of rules within the Vault.

The concept moves away from a one-way document feed to a secure, collaborative, multi-way document exchange platform.

The question you should be asking yourself is this; does your Digital Vault provide this level of flexibility, structure, and connectivity?

Secure access to back office, front office, and client documents in one convenient location

Having centralized governance of information assets and documents ensures compliance and document management efficiency at scale across your firm—a direct result of multi-tiering.

From both a compliance and operational lens, having every piece of information accessible within one secure environment addresses several workflow challenges.

Importantly, securing your information assets within one location provides compliance teams with “evidence” that policies and procedures are adhered to across the entire organization and that all documents are “discoverable” for internal or external audits.

By consolidating multi-source document access into one single, centralized “Golden Source”, your entire organization will reap the benefits.

Does your Digital Vault provide you with access to all back office, front office, and client documents within one secure, centralized, convenient location?

Eliminate insecure, noncompliant, and inefficient ways of sharing and collecting information

Slow, insecure, and non-compliant—despite these three concerns, far too many firms and advisors rely on email as their primary method to distribute and receive sensitive corporate and client information.

The problem is exacerbated by legacy systems that make it easy for physical paper to find its way into internal and external processes—from new client onboarding and account transfers to training materials and policies.

Email and physical paper are not just a major cause for concern when it comes to cybersecurity and compliance, they’re inefficiencies might just be preventing your firm from scaling.

If your Digital Vault is nothing more than a “dumping ground” for corporate and client documents, then we caution you to pump the brakes. Your Digital Vault should enable your firm to move away from insecure, noncompliant, inefficient legacy systems and processes to secure, compliant, and efficient processes that can be standardized and scaled.

Here are a few, of many, ways a multi-tiered Digital Vault like FutureVault’s platform streamlines the ability to distribute and receive documents instantaneously across all levels of your organization.

Global Folders

Allow teams to populate, replace, and update documents within folders that are universally available across your organization and with clients.

Document Distribution

An easy, effective, and secure way to share resources and materials on a 1-to-1, 1-to-many, or even many-to-1 basis in real-time.

Custom Document Checklists

Streamline existing processes to significantly improve the way documents and information are collected and stored from internal and external sources.

How secure and efficient are your document exchange workflows?

Streamline audit readiness cycles and resources

Digital Vaults completely transform audit readiness cycles by reducing the time, effort, and resources required to prepare for and execute an audit.

This is a direct result of establishing a secure centralized repository where information assets and documents are readily available and discoverable.

With FutureVault, additional enriched features such as the ability to tag documents along with Optical Character Recognition (OCR), streamline searching for and locating specific documents.

What if you could eliminate the time-consuming back and forth audit requests for “evidence”? Well, there’s good news—you can.

In particular, FutureVault’s patented permissioning technology enables compliance teams to provide regulators and third-party auditors with direct access to their centralized repository. For auditors, this provides them with secure access to the necessary and required information needed to perform an audit—a win-win for everyone involved. Auditors also gain access to a Fiduciary Audit Trail, showing them a detailed history of all activities that take place in the Vault down to a specific document.

How comfortable and confident are you with your current audit preparation processes and the average time it takes to complete an audit?

Securely manage documents, including client statements, in bulk

If your firm is spending countless hours and resources dedicated to managing the mass number of documents, files, and client statements, just know that you’re not alone.

Managing all sorts of documents from client statements to historical corporate documents is a necessary evil from an operations and compliance lens. Unfortunately, the current methods being utilized are inefficient and result in firms not only spending far too much time managing documents but requiring them to hire roles to backfill document management capabilities.  

Having a solution to help your organization manage critical data and documents in bulk isn’t just a nice tool to have, it’s an absolute must-have from a productivity and profit perspective.

Bulk upload

Save days, if not weeks of work, by automatically delivering statements to your clients in bulk. When you spend less time sending statements to your clients, you can spend more time with your clients.


Bulk download

Quickly and easily download all corporate, advisor, and client documents within Vaults for safe record-keeping to manage compliance requirements and fulfill audit needs in just one simple click.

Streamline and automate new client onboarding processes

Streamlining the paperwork involved in new client processing benefits everyone—your back office, your advisors, and importantly, your clients.

The typical workflow of new client onboarding and processing involves several back-and-forth document exchanges, manually creating new accounts, and manually depositing documents on a one-by-one basis.   

FutureVault’s integrated client processing workflow enables advisors to automatically create new client Vault accounts the moment a new client agreement form (NCAF) is signed, while also automatically depositing eSigned documents directly into the correct folder within a Vault account—making it instantaneously accessible for clients, advisors, and back office.

This alone saves several hours of the manual administrative work involved with new client processing.

Additionally, advisors and front office admins, often spend additional hours providing new clients with sufficient materials and resources as part of the onboarding experience. Global Folders, mentioned above, make it easy for firms and advisors to standardize this part of the onboarding flow by pre-populating new client Vaults with additional materials and resources that show your clients you have their best interest in mind.

Make it easy for clients to securely manage their personal documents

A secure Digital Vault should allow individual end-users, your clients, to be issued accounts that are specifically for their own personal use, such as saving eye-glass prescriptions, family health records, legal documents, and of course their financial documents, naturally through their relationship with your firm.

In addition to simply storing documents, clients Vaults have the inherent capability of making the information within the Vault accessible from anywhere, anytime. Imagine the power this affords your clients—they can easily get a copy of their passport during your business trip, details about their health insurance while they are on vacation, or information about their bank account and legal matters, all with a few simple clicks.

Clients can easily set reminders for documents with expiry or renewal dates – think driver’s licenses, insurance policies, mortgage agreements, you name it.

Taking it a step further, FutureVault can be utilized as a personal CRM for individuals by allowing them to create and associate contacts to different documents and pieces of information within their Vault. Insurance policy? Create and associate a contact for who was involved during that process. Eyeglass prescription? Create and associate a contact for who was involved. Kitchen renovations? Create and associate a contact for who was involved at all stages of the renovation. 

Your clients can have this level of structure, organization, and peace of mind all thanks to you providing them with a branded Vault, making for a smooth and seamless experience that extends beyond the immediate financial management relationship. As a result, the personal connection with your firm increases exponentially.

Does your Digital Vault enable your clients to better manage their personal lives outside of your relationship? Probably not, but it can.

Establish your competitive edge by improving compliance and operational efficiencies with FutureVault

Digital Vaults are evolving into more than a document storage interface—they’re becoming operations and compliance tool that can help financial service organizations scale and improve productivity.

If your Digital Vault does not offer your back office, front office, or your clients the material benefits listed above, then it’s time to re-evaluate the way you’re using it or the solution you’re using.

There is no time like the present to power your back, middle, and front office teams with a Digital Vault to drastically improve compliance, drive operational efficiencies, and win the hearts, minds, and wallets of your clients.

In the words of FutureVault’s trusted partners and clients; not all Digital Vaults are created equally.

How Digital Vaults Are Enabling Compliance Teams to Win - FutureVault

How Digital Vaults Are Enabling Compliance Teams To Win

With great power comes great responsibility—this could not be more evident in financial services and especially for compliance teams.

Financial services organizations remain responsible for managing and protecting not only customers’ money but their most sensitive financial and personal information as well.

Constant changes to regulation, growing practice management concerns around insecure document exchanges, data breaches, fines, and costs associated with non-compliance, all add to the complexity and challenges compliance teams, and in particular compliance officers, are faced with.

When you consider the impact and significance the above has on your daily operations and client relationships, there is no wonder why spending on compliance programs and technology remains one of the largest investments that financial firms will make in any given year.

Turning a blind eye to compliance is not only bad practice, but also detrimental to your firm’s ability to build relationships, scale operations, and focus on core strategic outcomes for your clients.

We can show you exactly how having the right systems, processes, and technologies, such as a Multi-Tier Digital Vault platform like FutureVault, can enable compliance teams, and entire organizations, to not only adopt best-practices but also unlock massive operational efficiencies and win the hearts, minds, and wallets of consumers.

Multi-Tiered Digital Vaults provide a secure, centralized repository for all Enterprise, Back Office, Front Office, and Client documents

Digital Vaults provide access to all enterprise, back office, front office, and client documents within one secure, centralized, and convenient location.

In other words, Digital Vaults facilitate the centralized governance of information assets and documents to ensure compliance at scale across the entire organization – across all lines of business and jurisdictions.

From both a compliance and operational perspective, having every piece of information accessible within one secure environment solves several business challenges including: knowing exactly where corporate and client information exists, when documents were deposited, who deposited them, and knowing exactly who has had access to them over time.

This is incredibly powerful when considering the importance of having a secure repository for documents such as new client agreements, account transfer forms, KYC, and AML documents—all critical pieces of information that compliance teams absolutely must have access to when needed.

For complex institutions with multiple support departments and lines of business, having secured and centralized governance of information alleviates not only a considerable amount of professional time, but is indicative of whether or not organizations can scale without comprising compliance.

By consolidating multi-source document and information access into one single, centralized “Golden Source”, your entire organization will reap the benefits.

Securing your information assets within one location provides compliance teams with “evidence” that policies and procedures are adhered to across the entire organization and are “discoverable” for internal or external audits.

Digital Vaults bolster corporate governance and improve organizational standards

By having a secure and centralized multi-tiered repository, firms can confidently demonstrate corporate governance across multiple departments and their own internal committees.

From board meetings to enterprise risk management or departmental committees, each unit has its own unique set of responsibilities, “internalized” documents, policies, procedures, and meetings. When aggregating this across the entire organization, this complexity alone stresses the importance of having standardized corporate governance.

While corporate governance is one of the most fundamental risk management pillars, it is an area where many firms and compliance teams struggle to manage—and not because it is neglected, but often because of complexities and legacy information practices.

Multi-Tiered Digital Vaults provide compliance teams with the power they need to effectively test and demonstrate that corporate governance is in place, and ensure that head office, back office, and frontline staff are following compliance policies holistically across the entire organization.

Digital Vaults streamline audit readiness cycles and resources

One of the most significant benefits Digital Vaults materialize for compliance teams is the ability to completely transform audit readiness cycles by reducing the time, effort, and resources required to prepare for and execute an audit.

This is a direct result of establishing a secure centralized repository where information assets and documents are readily available and discoverable.

With FutureVault, additional features such as the ability to tag documents with customized meta-data, Optical Character Recognition (OCR) for scanned documents, entity relationships, and audit trails, all contribute toward streamlining the search for and locating of specific documents.

There is more good news. Digital Vaults can eliminate the time-consuming back and forth exchange with auditors requesting “evidence”.

How?

FutureVault’s patented permissioning technology enables compliance teams to provide regulators and third-party auditors with direct access to their centralized repository. For auditors, this provides them with secure access to the necessary and required information needed to perform a “real-time” audit—a win-win for everyone involved. Auditors also gain access to a Fiduciary Audit Trail, showing them a detailed history of all activities that take place in a Vault down to a specific document.

Add to your toolkit the ability to create custom audit preparation checklists for your internal teams and it is clear to see how the FutureVault platform significantly reduces the time and resources required to complete an audit.

Digital Vaults eliminate insecure, noncompliant, and inefficient ways of sharing and collecting information

Despite being slow, insecure, and noncompliant, email remains one of the most prevalent communication methods to send and receive sensitive corporate and client information.

The problem is exacerbated by legacy systems that make it easy for physical paper to still find its way into internal and external processes—from new client onboarding and account transfers to training materials and corporate notices.

These two drivers—email and physical paper—are a major cause for concern when it comes to cybersecurity and compliance.

The answer? Digital Vaults.

FutureVault’s SOC 2 Type II Multi-Tiered Digital Vault Platform enables your firm to move away from insecure, noncompliant, inefficient legacy systems and processes to secure, compliant, and efficient processes that can be standardized and scaled.

By securely automating internal and external processes, Digital Vaults equip modern firms by speeding up back and front office processes and improving daily workflow, saving your firm time, money, and human capital.

Are you ready to level up your document-related workflows and processes?

Digital Vaults make it easy to securely distribute updated policies, procedures, and corporate documents

The ever-evolving regulatory landscape requires compliance teams to keep their finger on the pulse of rules and regulations. This means that Compliance teams are constantly updating corporate policies, governance documents, and training materials.

The flow works as follows:

Regulatory Change ➜ Update Policies ➜ Update Procedures ➜ Notify/Train Staff of Changes ➜ Embed into “Business As Usual” practices ➜ Test and demonstrate your firm is Compliant on demand.

A Multi-Tiered Digital Vault platform like FutureVault streamlines the ability to distribute any type of document instantaneously and securely across your front, middle, and back-office teams and even with your clients, where applicable.

FutureVault’s unique Global Folder functionality allows teams to populate, replace, and update documents within folders that are universally available to your team.

Additional Document Distribution tools make it easy to share resources and materials securely on a 1-to-1, 1-to-many, or even many-to-1 basis in real-time.

FutureVault’s Audit Trail allows Compliance teams to evidence that changes in regulations have been institutionalized across the enterprise.

Digital Vaults allow you to provide key stakeholders with specific access and permissions

Sharing corporate and client information is always a major consideration for compliance teams. Fortunately, FutureVault’s patented Trusted Advisor permissioning model eliminates access concerns.

Only those that you grant access (internal or external) to will be able to view, manage and collaborate with your organization and with specific documents.

For your compliance team, it affords you the ability to grant access to corporate and client documents directly to third-party auditors or regulators.

For your front office, it provides them with the ability to provide access to other third-party professionals involved in key areas of wealth and estate planning without compromising security.

For your clients, it means they can now easily provide access to their family members or network of Trusted Advisors (lawyers, accountants, wealth advisors) without compromising the security of their documents.

This degree of precision permissioning down to a specific document or set of documents within a folder ensures that important activities take place while adhering to information security and compliance standards.

Digital Vaults provide you with a birds-eye view of every action at all times, in real-time

Transparency, accountability, and 24×7 peace of mind. Fiduciary audit trails provide your team with exactly that by easily (and in real-time) tracking any and every activity that takes place within a Vault and to individual documents.

Internally, audit trails can provide compliance teams with the insight to know exactly who has viewed new policies or training documents as an example. This can provide significant transparency and accountability for internal process changes that take place.

Externally, audit trails can provide regulators or auditors with the precise information they need to understand who has viewed, accessed, downloaded, shared, etc., critical documents.

Ultimately, having a fiduciary audit trail allows your team to keep a historical record on all activity that takes place within Vaults at all times—meaning that you can rest easy at night knowing your information has 24×7 surveillance.

Digital Vaults provide you with confidence to operate compliance effectively and efficiently

Last but certainly not least, Digital Vaults provide compliance teams with the confidence and assurance they need to proactively manage the constantly evolving regulatory landscape, mitigate any mismanagement of corporate and client information, avoid insecure communication and document delivery methods, enable audit preparation, and more.

When your compliance team is operating efficiently and sleeping better at night, the rest of your business can follow suit. When the rest of your business follows suit, your firm can focus more time and resources on growth, acquisition, client relationships, and innovating their service offerings.

Establish your competitive edge and improve your compliance with FutureVault

Compliance teams are faced with what seems like an insurmountable responsibility at times. Multi-Tiered Digital Vaults like FutureVault enable compliance teams to continuously raise the bar and exceed expectations of Regulators or Auditors.

It is important to remember that compliance is not relegated to one division, department, or team. Compliance and noncompliance ripples throughout an entire organization and everyone has a role to play. The bottom line is this; when your compliance team wins, everyone wins. Your operations team wins, your business wins, and most importantly, your clients win.