Box lands big financial services company with Morgan Stanley digital vault win
For many years, the argument went that it would be hard to get large enterprises to move to the cloud, then that it would be impossible to get regulated industries like healthcare and financial services. Yet in recent years, Box and other cloud companies have shown that's just not true, crafting solutions for even the most regulated industries. Today, Box announced a new partnership with Morgan Stanley on a digital vault.
The new tool takes advantage of Box's storage and collaboration strengths to enable customers to store key life documents like wills, deeds and tax documents digitally in an encrypted Box storage repository on the Morgan Stanley wealth management platform.
The solution relies on the Box API to upload documents. Either Morgan Stanley or the client can add documents to the vault, and both parties receive a notification when new documents are added. It also includes the ability to comment, so the client and financial advisor can communicate about the documents if there are any questions or issues.
Naureen Hassan, chief digital officer at Morgan Stanley Wealth Management says that the company chose Box because of security on the back end and ease of use on the front. "Box was selected because it provides the comprehensive capabilities needed to deliver a rich client experience and meet the strict security standards for cloud based solutions," she said.
Box CEO Aaron Levie saw the deal in digital transformation terms. Companies like Morgan Stanley, regardless of their business vertical, need to transform and provide better customer experiences online.
"In financial services today, companies need to reimagine how they connect and engage with their customers and how they empower their people. It's a race to transform critical processes like loan origination and wealth management with digital technology. Many of these workflows center on content, and Morgan Stanley is a great example of how cloud content management from Box enables seamless new digital experiences," Levie explained.