Trust and security are key in any industry. Within the financial services industry, trust and security play an even more significant role as highly confidential information like customers’ personal and financial details are managed.

Financial organisations are increasingly subject to more data security and sovereignty regulations, meaning the industry needs to ensure its trust and security are flawless, especially when dealing with sensitive documents. 

Documents hold valuable information, and in the wrong hands, it can be detrimental to partnerships, profits and stability. Several documents often move across multiple financial institutions to execute transfers, agreements and contracts. This creates unnecessarily long chains of actions and processes, multiplying risks of document interference. In addition, as documents increasingly digitise, risks  of document tampering, fraud and theft increase exponentially. Financial services institutions who strengthen the trust and security of their digital documents will in turn, strengthen the foundation of their organisation’s security and compliance.

Digital document solutions such as Dedoco enable the financial services industry to create legally binding agreements  with advanced signature verification, and authenticated credentials. Financial services institutions need to ensure they are implementing a document security solution that is flexible, compatible with existing business applications and robust against all kinds of potential document threats. Documents required to execute account openings, transfers of assets and credit reports are able to remain secure and verifiable when the solutions are: 

• Tamper proof: Document platforms that are powered by the blockchain ensure that all changes are tracked and can only be authenticated if all parties approve. This makes the documents tamper-proof across the document chain. 

• Verifiability: When document solutions verify the provenance of the document through the audit trail and chain of custody, the risk of interference and disputes over document versioning is vastly reduced.

• Third party storage: When dealing with sensitive information, it is imperative for organisations to control data residency of their documents. Documents should not be stored on third-party servers as it increases the chance of data exploitation and manipulation. Dedoco ensures that the documents reside securely with customers, facilitating regulatory compliance.

Contracts and agreements are the very foundations of the financial services industry. Documents hold critical customer and business information and such sensitive information must be kept safe and secure at all costs. With next-gen technology, Dedoco can help financial services organisations to implement document workflow solutions that are secure, verifiable and tamper-proof. 

‍Contact us here to know more. We look forward to working with you to make your documents Dedoco-secure.