Why financial institutions should be using a secure online fax solution

Posted: Sep 12, 2013
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Financial institutions constantly deal with a high volume of sensitive information, from individual client accounts to mutual funds, stock brokerage and investment banking. As a result, there are multiple challenges which come with protecting the highly confidential data processed at each level.

There have been numerous instances of financial institutions neglecting to encrypt or properly secure client details and financial data on laptops, computers and CDs, and then losing, misplacing or having those items stolen – usually in transit – leaving hundreds of thousands of people’s data at risk.

Evidently, the challenges faced by senior management in protecting this data should not be underestimated; highly confidential and sensitive information needs to be accessible to numerous people in numerous different geographic locations, yet at the same time sharing processes must adhere to stringent controls so that data leakage, whether intentional or a result of human error, is avoided at all costs.

One of the largest challenges facing the financial industry is a lack of flexibility caused by legacy systems. Whilst these usually support traditional methods of document sharing, such as manual fax or email, these methods lack the appropriate security controls. However, Sfax is a solution which combines the best of both worlds; it can be used alongside existing legacy systems, and enables easy and highly secure transfer of documents.

Operating via the cloud, Sfax encrypts data using AES secure encryption, and delivers it electronically directly to the recipient. Access can be protected through 2-factor authentication, and users can create cover pages that conceal private information from public viewing. Available anywhere with internet access, Sfax also enables users to access documents on the go, making processes paperless, streamlined and overall much more efficient.

Along with the ability to set up notifications for deliveries and receipts for additional peace of mind that no fax has gone astray, a complete audit trail of fax activity is also provided – highly important for financial institutions.

For example, mortgage and insurance claim processing, brokerage paperwork, and consumer credit applications all require a large amount of paperwork to be processed by multiple individuals and institutions. The ability to trace documents is imperative, both for collaborators on a project, and in order to comply with legal requirements.

Using Sfax, high volumes of documents can be dealt with in a much shorter time. For instance when insurance claims are being processed Sfax can provide automated data extraction and bar code reading of form-based documents to remove the manual element which slows the process down. Documents such as confirmations of insurance eligibility and policies, analyst and credit reports can all be distributed securely, too. For individual clients, account statements and confirmation documents can be sent automatically and confidentially.

Using the cloud is also faster, more flexible and economical than manual fax or email, and with the amount of data processed and saved by financial institutions, it is evident that by using Sfax they can make a considerable saving in a variety of ways.

Find out more about Sfax for financial services.