Increasing demands are pushing those in legacy systems to rethink the customer experience and, as a result, are integrating cloud solutions that facilitate encrypted document sharing between clients, advisors, and other professionals.
Digital Vaults are a cloud-based platform that provides an encrypted repository for users to store, share and collaborate important business and personal documents, such as wills, deeds, estate plans, financial statements, and tax filings with their Financial Advisers, Lawyers, Accountants, and other trusted professionals. These centralized cloud-based solutions offer not only additional layers of safety for relevant information but a way to reduce costs while increasing communication channels with clients.
A recent report by PwC’s Retail Banking indicates a growing awareness in the need to develop a more customer-centric business model, but an incredibly large gap in preparedness remains.
61% of bank executives say that a customer-centric model is “very important”
75% of banks are making investments in this area
Only 17% feel “very prepared”
*Source: PwC Retail Banking 2020 Survey
Collaboration is Key
Global online collaboration market is expected to increase by 9% in 2019 to go beyond US$45 billion. (Synergy Research Group)
Collaboration technology in business is rapidly changing how we work and how we communicate with clients. A report by McKinsey points to a 20–30% increase in productivity occurs with online collaboration tools and digital workplaces (McKinsey). Yet according to another report, 83% of workers depend on technology to collaborate, but 59% face challenges with their organization’s current tools (Alfresco).
Industry leaders like FutureVault realized they could help financial institutions and professional services substantially increase collaboration and accelerate document-heavy processes that require many steps and include several stakeholder touchpoints all from one platform.
Key features and benefits of FutureVault’s encrypted collaboration platform include:
- Accelerate KYC, client onboarding, and account opening processes and procedures
- Drive productivity by introducing new, secure, and innovative ways for businesses to collaborate with their customers, and trusted advisers
- Improve the customer experience by offering them the ability to manage their personal and business information in one secure digital vault accessible to them anytime, anywhere across multiple devices
- Document upload and access across various digital assets, including mobile or web including upload via mobile phone photo
- Fiduciary Audit trails and permissioning capabilities to monitor, control and adhere to critical compliance requirements
- Real-time notifications when content is uploaded for both clients and advisers
- Smart, suggestive auto-filing of digital documents to drive operational efficiency
- Interactive commentary to enhance client and adviser document collaboration
- Bulk physical digitization of documents leveraging physical document management with digital
- Workflow accelerators like checklists to enhance customer experiences and drive productivity
Why Are Banks Leveraging Digital Vaults?
One in three millennials in the United States are open to switching banks in the next 90 days and a similar proportion believe they will not even need a bank in the future. Source: Viacom Media Networks — The Millennial Disruption Index
Focusing on the customer experience may be the single most critical investment, a financial institution or professional business can make in today’s competitive climate. Integrating a client-facing digital collaborative vault will keep their brand front of mind with their clients and set a new standard for delivering client excellence.
Banks Are A Natural Fit For Digital Vaults
Jim Marous, co-publisher of The Financial Brand and publisher of the Digital Banking Report, in the article The Bank of the Future Will Have Data Vaults and Money Vaults, interviews Hossein Rahnama, CEO and Co-Founder of Flybits, on the role banks will play with big data. Banks are in the best position to be the data vaults of the future. There is a deep trust there that does not exist elsewhere among large corporations.
“ I definitely see that banks are in a perfect position, if they innovate right, to be the perfect data vaults for the future — managing the privacy and also the data of their customers,” says Hossein Rahnama, CEO and Co-Founder of Flybits
“The Open Banking Revolution is upon us. Financial services firms are adopting and delivering new, and innovative digital technologies to meet the complex, contextual, and real time needs of their customers. Digital Identity, Blockchain, IoT, and Robotic Process Automation lie at the heart of Open Banking to drive better customer experiences, improve productivity, and address ever changing compliance, security , and privacy requirements. FutureVault built a digital vault platform that aligns with these transformational drivers — delivering secure, intelligent information management, workflow, and collaboration capabilities to help build the bank of tomorrow.” — Greg Elliot, Vice President, Sales & Business Development, Financial Services at FutureVault
FutureVault is a global leader in the cloud document management, workflow, and collaboration space. To learn more about how FutureVault is helping financial institutions and other industries achieve digital transformation with its Digital Vault platform, please visit: www.futurevault.com