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Introduction

Box, a public cloud provider targeting the enterprise sector with file sync and share and content collaboration products, has announced a “Box for Financial Services” initiative. This research note looks at the challenges for the public cloud model in this sector and the steps taken by Box to tackle them, and examines the need for institutions to provide this type of service to employees.

Highlights

  • Box for Financial Services is its core platform enhanced with new capabilities based around retention management, FINRA compliance for non-rewriteable/erasable record-keeping, and watermarking to improve audit traceability for shared documents, as well as its Enterprise Key Management service.

Features and Benefits

  • Assesses the need for enterprise file sync and share and content collaboration platforms, and the advantages of a cloud approach.
  • Considers why financial institutions should look at providing enterprise content collaboration.

Key questions answered

  • How is Box developing its service to meet needs of the financial serivces sector?
  • What measures need to be considered in using public cloud in financial services?

Table of contents

Ovum view

  • Summary
  • Compliance, risk, and audit concerns have driven institutions’ private/hybrid cloud approach to file sync and share
  • Box addresses compliance and audit requirements to facilitate institutions’ adoption of its public cloud service
  • Institutions need to tackle compliance risk by providing enterprise-class content collaboration capabilities

Appendix

  • Further reading
  • Author

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