Digital collaboration is a new trend that also seems to expand into the world of financial services FutureVault, one of the companies active in this space, lets users digitally deposit, store, and manage important documents. These can range from personal to financial and even legal files. Everything is kept secure thanks to a cloud-based SaaS white-label platform.

Obtaining valuable information on consumers has been priority number one for financial service providers. However, most of their data storage solutions are not optimal or secure. Over recent years, there have been many hacking attempts and data breaches, which exposed sensitive user information. FutureVault wants to address that problem with their new digital vault solution.

FutureVault Checks A Lot Of The Right Boxes

While this concept is designed to keep digital records safe, it can do much more than that. Customers will receive valuable data and analytics from their users, and everything can be shared in a secure environment. Connecting with clients is a top priority for the financial sector right now, as trust needs to be maintained.

FutureVault is created by G. Scott Paterson, a renowned VC and technology entrepreneur. When it comes to document organisation, there is much that leaves to be desired in the financial world today. Moreover, hardly any of the existing solutions is easy or convenient to manage.

Scott Paterson explained the brief history of FutureVault as follows:

“Within five years, every financial services organization in the world — banks, credit unions, mutual funds, unions, pension funds, accountants, law firms — will need to build or buy a FutureVault-type solution to engage and collaborate with customers– initially as a competitive advantage; later, so as not to be left behind, Within 15 years, it will be unheard of not to have all of one’s personal, financial and legal documents deposited in a product like FutureVault.”

To make this service robust yet user-friendly, FutureVault uses a highly structured taxonomy. Files and information can be filtered based on an unlimited number of entities. For example, looking up that one invoice sent to a Hong Kong-based company? Check. With this new environment, an additional trust factor is created. Moreover, the Vault will keep a record of who accessed specific files stored digitally, and when they did so.

Adding such a Trusted Advisors feature is quite an intriguing concept. FutureVault outsources their activities from client to service provider. In doing so, the company helps save their customers endless hours of managing documents. In this day and age of growing mountains of paperwork, a digital collaboration-oriented vault for documents is direly needed.

Header image courtesy of Shutterstock

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About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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