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February 27, 2015

Financial services tick the Box for cloud

Box aiming to provide secure and compliant cloud sharing.

By James Nunns

Box has announced the Box for Financial Services solution which aims to provide a content collaboration platform for the sharing of sensitive data for banks and insurance companies.

Currently more than 44,000 businesses use the Box platform and the launch of Box for Financial Services aims to meet the needs of the business in the financial industry.

Aaron Levie, co-founder and CEO, Box, said: "Because of the highly sensitive nature of the data it deals with and the strict compliance standards it’s held to, the Financial Services industry has been slow to embrace cloud and mobile technologies."

"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."

The offering looks to accelerate mobile productivity through portfolio and document management as well as providing access to virtual data rooms.

By providing full data control in the cloud, the aim is to better manage risk and compliance.

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Ed Brandman, chief information officer at KKR & Co. L.P. said: "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."

"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."

Box has also unveiled several new product enhancements aimed at financial services and providing secure collaboration on sensitive data including: retention management, watermarking and Box Enterprise Key Management.

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