50 eye opening statistics financial services executives need to know

50 Eye-Opening Statistics All Financial Services Executives Need to Know

As the saying goes, “information is power” and we believe that invaluable statistics can provide the power every firm needs to succeed. 

To help you gain qualitative insights and make better business decisions, our team here at FutureVault has compiled a list of 50 of our favorite (and important) statistics ranging from regulatory compliance and security to digital transformation, document management, and paper usage that all financial service firms should be aware of.

Regulatory Compliance

Companies are facing intense regulatory pressure from both domestic and foreign regulators, enforcement authorities, and others, resulting in increased efforts to button up internal policies and procedures while responding to extensive inquiries and investigations. Below are several interesting and significant figures showcasing the importance of maintaining compliance for any type of business, especially within financial services. 

  1. Globally, businesses spend nearly $436 billion on compliance.
  2. There has been a 45% increase in the cost of non-compliance since 2011.
  3. The average cost of compliance is $5.5 million versus an average of $14.8 million for non-compliance, showing that it is 2.7 times more costly for an organization to not comply with regulatory mandates.
  4. Having a dedicated incident response team can save businesses an average of $14 per record lost or stolen.
  5. 40% of organizations rated their compliance training programs as basic or reactive while 47% claimed that keeping policies current with changing regulations was their number one challenge.
  6. On average, businesses in the U.S. spent $10,000 per employee on regulatory costs, regardless of size.
  7. Having a compliance leader in the C-suite saves businesses $1.25 million on average.
  8. A corporate data security training program can reduce total compliance costs by an average of $2.5 million.
  9. Regulatory change has increased 500% since the 2008 global financial crisis and has heightened regulatory costs in the process.
  10. Only 18% of organizations have automated processes for IT risk data collection and reporting, despite it being the most effective way to mitigate risk.

Digital Transformation

For years, digital technology has provided business leaders with powerful tools to increase efficiencies and deliver growth. New innovations and disruptions have driven digital transformation across the entire global economy, driving digital adoption trends. Here are a few key statistics that show why digital transformation matters and where it is headed.

  1. Digital-first companies are 64% more likely to achieve their business goals.
  2. 56% of CEOs say digital improvements have led to increased revenue for their company.
  3. By 2025, 3 out of every 4 business leaders will leverage digital platforms to adapt to new markets and industries.
  4. 58% of businesses that had not yet begun a digital transformation program said that COVID-19 has accelerated their digital plans.
  5. 91% of businesses are now involved in digital transformation, with 87% of management prioritizing digitalization.
  6. The implementation of digital technologies can help accelerate progress towards enterprise goals such as financial returns, workforce diversity, and environmental targets by 22%.
  7. 76% of financial service executives state investing in customers during digital transformation projects is a top priority.
  8. 84% of business executives say that new business opportunities have emerged as their companies make digital transformations.
  9. 85% of financial institution executives acknowledge their middle and back offices do not support the front office in meeting customer expectations.
  10. Since the start of COVID-19, 85% of executives said their businesses have accelerated the implementation of technologies that digitally enables employee collaboration.

Document Management

Managing documents, information, and knowledge can contribute to business efficiency and effectiveness for organizational competitiveness. Here are some important statistics that will likely make you rethink your document management strategy.

  1. Professionals spend nearly 50% of their time searching for information and take an average of 18 minutes to locate each paper document.
  2. The average worker shares 6 documents as email attachments each day.
  3. 86% of employees say that they usually experience difficulty searching for office files when they need to.
  4. 8 in 10 workers have to recreate documents that already exist because they’re unable to find them.
  5. Document issues account for more than 21% of daily productivity loss.
  6. Document management software lets companies save as much as $1 to $5 per document.
  7. Using document management solutions allows companies to reduce errors by up to 30%.
  8. Businesses spend 5% of their budgets on filing, approximately $25,000 to fill a typical four-drawer file cabinet and an additional $2,000 to maintain it every year.
  9. Integrating e-signatures into your workflow can save an estimated $20 per document and reduce turnaround times by 80%.
  10. In the finance industry, using e-signatures will allow companies to hamper file mishandling by 66% and lessen scanning mistakes by 92%.

Data Security

During the last decade, businesses have experienced an increase in data hacks—and this is making information security more important than ever. Our digital information should be treated with the same level of focus, expertise, and fiduciary considerations as are one’s financial assets. In order to give you a better idea of the current state of overall security, we’ve compiled a list of 10 important data security statistics that your organization needs to pay close attention to.

  1. 60% of small firms go out of business within 6 months of a serious data hack.
  2. The average cost per lost or stolen record in a data breach is $148.
  3. Nearly half of organizations leave 1,000+ files with sensitive data open to all employees, whether the employees actually need access to the data or not.
  4. Average damages from a data breach for small businesses are approximately $690,000, and for middle market companies, it’s over $1 million.
  5. 95% of cyber-security breaches are caused by human error.
  6. $2.4 million is the average cost of malware attack spending and the top cost to companies.
  7. The average time to identify a breach in 2020 was 207 days and the average lifecycle of a breach was 280 days from identification to containment.
  8. The financial services industry takes in the highest cost from cybercrime at an average of $18.3 million per company surveyed.
  9. On average, a financial services employee has access to nearly 11 million files the day they walk in the door. For large organizations, this number goes up to 20 million files.
  10. Financial services have the highest percent of exposed sensitive files at 21%.

Paper Usage

Financial service providers generally incur significant costs within the end-to-end value chain of their records management system. Paper-based processes waste time and money, increase security risks, and raise employee turnover rates. Below are a few interesting statistics regarding the true cost of having inefficient paper processes.

  1. On an enterprise level, 15% percent of an organization’s revenue is spent creating, managing, and distributing documents.
  2. Companies in the U.S. spend over $120 billion on printed forms, most of which become outdated within 3 months.
  3. Paper use in an average business grows by 22% a year, meaning paper costs double every 3.3 years.
  4. 46% of employees of small- and medium-sized businesses still waste time on inefficient, paper-related workflows daily.
  5. Scanning, tagging, and filing a single page of records can take up to 5 minutes.
  6. The average employee prints out nearly 10,000 sheets of paper per year.
  7. Approximately 45% of all pages printed in the offices eventually end up in the trash by the end of the same day.
  8. On average, the cost in labor to file one document is $20 and to find one misfiled document is $120.
  9. It is estimated that the number of documents printed each year stands at 7.5 billion with 15 trillion copies of originals being photocopiers annually.
  10. More than 70% of today’s businesses would fail within 3 weeks if they suffered a loss of paper-based records due to fire or flood.

People Process Technology - How RIAs Can Improve Operational Efficiencies - FutureVault

People, Process, and Technology – How RIAs and Financial Advisors Can Improve Their Operating Efficiencies

Financial institutions and advisors everywhere share the common goal of improving operational efficiencies in their day-to-day workflow so that they are able to spend more time with their clients and continue building their book of business.

We’re fortunate enough to be in a position here at FutureVault where we regularly talk with several organizations and industry leaders, equipping us with a solid understanding of what efficient operations look like in financial services, and really any industry for that matter.

From what we’ve heard and witnessed first-hand, we know that overall operational efficiencies and effective practice management boil down to three primary drivers: people, process, technology.

For firms looking to stand out from the crowd and continue making an impact, it’s incredibly important to pay attention to these three factors.

Let’s dive into each one of these to learn more about how firms can improve their operating efficiencies and net positive returns on their business investments.

Your people are everything and they always will be.

First and foremost, it always has and always will start with people. Specifically, having the right people behind your organization in front, middle, and back-office functions, driving forward with the goal of creating a better experience internally and externally for your clients.

For financial services organizations to win, it’s all about being able to attract the next generation of financial advisors and service professionals. But attracting them is only one small piece to the puzzle, firms need to make sure they’re providing the right type of value internally to retain advisors, and better yet all employees for that sake.

In fact, this is one of the major challenges that CEOs in wealth and finance are feeling the pressure on. According to PwC’s 20th CEO Survey, 72% of CEOs in financial services say that the limited availability of skills is a threat to organizational growth. In other words, attracting and retaining the right people is something that organizations cannot simply afford to overlook.

So, the question remains—how exactly can firms attract and retain the right people?

While there are several ways for firms to navigate this, three core solutions, in particular, stand out as clear winners:

  1. Corporate governance. Your values, policies, and overall practices as a firm set the stage for your reputation internally as well as externally to potential new hires and clients. Creating an environment that maintains a high set of standards across the organization as well as the service offering for clients is one of the major keys to success.
     
  2. Tools and technology. Advisors and service professionals are always inclined to have an understanding of the tools and technology available to them. Equipping your front office with the tools and features they need to streamline daily workflow and confidently improve the relationship they have with their clients is an absolute must for firms. Not to mention that powering your front office(s) with a standardized tech stack alleviates a ton of work and stress for compliance teams.
  3. Middle and back-office support. Last is ensuring that your back office is providing your front office with the right level of support, in addition to technology, they need to continue building their book of business and satisfying clients.

It’s imperative that firms lead by example and practice what they preach if they’re serious about retaining top-level talent that can help bring in new clients and grow the business, together.

Really, it’s all about creating a win-win-win environment.  

Building systems and processes to scale.

Next, is all about building systems and processes across your front, middle, and back-office functions to support growth and scale your organization. This heavily revolves around daily workflow and the systems in place to manage advisor-client relationships.

From client communications and advice to managing security and compliance with regards to managing, storing, and sharing information and documents, there’s a lot that takes place behind the scenes.

In fact, we know that wealth managers, financial advisors, insurance agents, you name it, struggle on a daily basis because they are constantly bogged down with administrative tasks and regulatory requirements they’re obligated to fill. Something that a combination of well-defined systems and a strong investment in technology, which we’ll get to later, can and will solve for.

Examples of workflow and processes that take place day-in and day-out include:

  • Collecting, organizing and storing client documents
  • Sharing new resources and materials with advisors and clients
  • Creating and maintaining security and compliance checklists
  • New client onboarding and processing 

Successful systems and processes clearly define the who, what, where, when, why, and how. It’s about clearly identifying ownership and accountability, with the right people to execute, as well as understanding which processes can help you achieve that.

Having the right people in place, as we discussed above, can lead to sound and smooth systems and as we’ll soon see below, technology proves to be a critical role in augmenting the speed, delivery, and impact of those processes through automation amongst other factors.

At the end of the day, having the right processes and systems are what ultimately lead to an enriched client experience which ultimately leads to growing the share of wallet.  

Investing in leading technology is an absolute must.

Last, but certainly not least, technology continues to be the primary driver for operational efficiencies while acting as the connective tissue between being able to attract the right type of people, namely professional service providers, and scaling systems and processes.

Long gone are the days when an investment in technology was considered a “nice to have” for firms. Nowadays, technology is fundamental to the way business is being conducted in addition to managing client expectations. In other words — it’s an absolute must.

This is clearly evident in the market today. There is a steadily growing trend that shows advisors, and their firms, who invest in and embrace technology are the ones that reap the benefits — they are the ones who scale, grow, and ultimately win at the end of the day.

Yet despite the above, somewhere around 6 out of every 10 advisors are not using technology to the fullest — meaning that there are significant areas of operations in which technology can fill the void. Contrarily, advisors and firms using technology in all areas of their business have reported 42% higher AUM in their books relative to those who do not.

To further paint the picture, in a study with more than 1,000 asset management professionals across a range of sizes, J.P. Morgan Chase & Co found that clients who work with technology-oriented advisors see their fund operating costs fall 39 percent and their average dollar target for return increase by 19 percent versus tech-neutral actors.

While the industry has begun to shift towards adopting new technologies, there still remains a lag in adoption. This lag in adoption is less about the lack of appetite for technology and rather more so about not fully knowing or understanding exactly where to begin — and rightfully so.

With the abundance of technology offerings solving for different operational challenges, knowing where to start is certainly overwhelming. However, advisors who are able to visualize what their clients’ end experience will look like, and map technology from there, will achieve the deepest and most tangible business results.

Michael Kitces’ Financial AdvisorTech Solutions map provides a good starting point for firms and advisors looking for industry-leading technology.

Focusing on tangible use-cases and business results should always be at the forefront of decision-making when assessing the implementation of new advisor technology. The right technology can help firms successfully:

  • Improve advisor-client relationships with connected experiences and modern collaboration tools
  • Strengthen relationships and productivity across front, middle and back-office functions
  • Optimize data and business results by utilizing powerful analytics and AI-fueled predictions to drive actionable insights
  • Improve document management workflows and processes, along with document retention with respect to corporate and client information
  • Streamline compliance management activities and reduce audit readiness cycles across the organization

Firms that transform their business models and reimagine the role technology plays to personalize client engagement at scale are the ones that will be best positioned to capture a meaningful market opportunity.

This article was originally written for and appeared on Wealthtender.

Three Ways FutureVault Reduces Cybersecurity Risk and Protects Documents

3 Ways FutureVault Helps Reduce Cybersecurity Risk

In the wake of COVID-19, businesses worldwide have shifted their focus to digital platforms that help to carry out day-to-day business as usual. This rapid digital shift has expedited the importance of data privacy and security. With rising internet usage, an increase in cloud technologies, and the growing reliance on digital devices, the importance of cybersecurity continues to grow exponentially. 

This rings especially true for financial institutions and wealth management firms along with other highly regulated industries where compliance and security are an absolute must. Thankfully, businesses can reduce their organizational and cybersecurity risks while protecting important documents and data with a Digital Vault Platform.

In this article, we’ll break down three significant ways FutureVault’s Digital Vault Platform helps financial service providers improve compliance regimes while reducing cybersecurity risks across all levels of the organization.  

1. Tackle Technology Risks With Active Cybersecurity Oversight

If your organization had no choice but to make a sudden shift to digital document management (and remote working) due to the pandemic, your current technology stack and the processes built around it might not be as secure as you may think. Be sure to be aware of any potential security gaps in your workflow, especially where critical information and data are required to be migrated manually between various online applications.  

A Digital Vault Platform can build the foundation for your business plan to protect against cybersecurity threats and ensure that you’re satisfying the compliance requirements of regulators in several ways. With enterprise-grade security, your teams can confidently request, receive, store, and manage critical documents and important files across all stakeholders from the back office to advisors and third-party service providers to your clients.

FutureVault’s platform equips you with the ability to distribute information on a 1-to-1, 1-to-many, or many-to-1 basis all while ensuring information assets containing sensitive corporate and client data are kept safe and secure. When it comes to protecting information and documents, few platforms, if any, come close to the capabilities of what secure Digital Vault Platforms have to offer.

2. Reduce the Impact and Risks of Human Error 

Basic human error is often the driver behind successful cybercrimes and data breaches. Commonly, the perpetrators of these fraudulent attempts leverage their victims’ trust—and ignorance—to their advantage. Many of these attacks come as phishing attempts—a seemingly innocent email from a familiar but fraudulent sender asking internal staff to hand over classified information or click on malicious links.

This highlights the importance of training teams on spotting and avoiding online scams and having the right processes and platforms in place for securely storing and sharing information.

It’s especially important to note that regulators, such as the Securities and Exchange Commission (SEC), are enforcing fines on organizations and firms that do not have active policies in place to protect against cybersecurity risks. These prosecutions include punishments for non-compliant standings dealing with data breaches over email.

By implementing a Digital Vault Platform as a core part of operationalizing back and front office document management workflows, organizations gain clarity and confidence in knowing that only individuals with granted permissions can access and view information; no one else. FutureVault’s platform in particular also provides organizations with a real-time audit trail of account and user activity that tracks and records every click, open, share, you name it, taking place in user Vaults so that every action is held accountable for audit readiness purposes. Having this type of functionality is a game-changer for managing compliance and reporting requirements.

FutureVault’s platform ensures good compliance standards across an entire organization by enabling institutions—and its professional service providers—to share, review, and manage critical documents directly within the Vault instead of a less secure and less efficient platform such as a personal email. 

For safe record-keeping and your firm’s document retention policy requirements, FutureVault’s digital vault platform provides the assurance that documents are being handled correctly, filed where they should be through automation and structured taxonomies, and that information is easily accessible when and where it should be.

3. Protect Member Data with Advanced Security Protocols

With cybercrimes becoming more and more prevalent in our digital world, your business must take the proper action now to protect itself—and clients—from cybersecurity threats. FutureVault’s Digital Vault Platform provides your organization with the right technology necessary to proactively manage potential risks while building the foundation for your company to grow its protective processes and compliance protocols for the future. 

As a SOC 2 Type II certified organization, we remain committed to providing our partners, customers, and their clients with best-in-class security and compliance policies to store, manage and protect their information. 

Especially when it comes to compliance for financial service organizations, companies need to start thinking about it holistically. Compliance extends across all areas of the business and involves every employee — it’s not relegated to just one committee, group, or department. Because of this, your business needs secure solutions that help multiple aspects of your business when it comes to client data protection.

FutureVault’s security and privacy standards go above and beyond the requirements needed to prevent data loss and interruption. To make sure that all your compliance requirements are met, all Vault data is encrypted and backed up in different regions.

In addition to making sure that all your data is kept safe to meet any and all compliance frameworks, our security protocol adherence also includes advanced features such as vulnerability scanning, penetration testing, patch management, access controls, and secure around-the-clock monitoring, ensuring that your client’s data and information remain safe, secure, and accessible.

What Happens in the Vault, Stays in the Vault

At FutureVault, we believe that information is the ultimate asset class, which is why we incorporate the best security and privacy standards to safeguard important corporate and client data now and well into the future. By leveraging our industry-leading platform, we’re helping financial service providers everywhere significantly improve compliance across their organization while streamlining and improving audit readiness cycles.

Financial Services Need a Digital Strategy

5 Reasons Why Financial Services Need a Digital Strategy

Financial services firms are facing their greatest technological change in a generation, with emerging technologies such as blockchain and artificial intelligence holding the promise of reimagining the banking experience. Other challenges and factors such as changing customer expectations, increasing competition and regulatory oversight, and the pressure to streamline operations are driving the push for innovation. […]

5 challenges financial services companies can overcome with FutureVault

5 Challenges Financial Service Organizations Need to Overcome to Stay Competitive

The financial services industry has been and continues to be going through a radical shift as it heads towards true digital transformation.

As we survey the industry, it’s clear to see that there are several reasons and factors influencing this rapid wave of change: new entrants, disruptive innovation and technologies, changing business models, increasing regulation and compliance, as well as a change in your own customers’ expectations.

What we witnessed at the beginning of 2020 up until now as a result of the global impact of COVID-19 was like nothing else we’ve ever seen before. Once the pandemic hit and face-to-face interaction became nearly impossible for institutions, service professionals, and clients everywhere, the reliance on digital technologies became even more paramount. Needless to say, the pandemic was the catalyst for a very much-needed push and acceleration towards digitization and digital transformation for all stakeholders in the industry.  

While the above is seemingly all too good, it does come with the cost of posing several critical challenges for organizations and advisors. Keeping the above factors in mind, here are five major challenges financial firms will need to face and overcome in order to win the minds, hearts, and wallets of new and existing clients everywhere.

1. Keeping up with technology & innovation

Implementing the latest and greatest technology is arguably one of the most important keys to meeting long-term business goals such as providing a seamless customer experience and staying competitive. In a PwC Global FinTech Survey, 70% of the leaders said the speed of change in technology was a concern. When the systems and tools in place, as well as the client-facing technology lag behind the curve, it can complicate the customer experience.

Sustainable success in business requires insight, agility, and continuous innovation. To stay cost-competitive, and to have the flexibility that innovation requires, financial institutions will need to update their infrastructure to make it more agile and responsive. A successful business transformation requires buy-in across an organization from well-before technology is implemented to well-after technology is distributed across the organization. When it comes to adoption, you’re only as strong as your weakest link. We’ve seen this time and time again from organizations where departments and key stakeholders are not quite fully bought-in, slowing the overall movement of the organization.

Solution: To have the flexibility that innovation requires, financial institutions must consider consolidating platforms and investing in automation, AI, and cloud-based technologies to deliver on ever-more demanding customer expectations, manage data and information, as well as improve their ability to manage compliance requirements.

2. Limited workforce training

Most financial firms understand the need to be flexible and responsive in this highly competitive and constantly changing landscape. Team members, particularly in client-facing roles, must be properly trained on handling client interactions smoothly and efficiently. Acquiring and retaining talent is critical for the implementation of strategic initiatives, however, according to PwC’s 20th CEO Survey, 72% of CEOs in financial services say that the limited availability of skills is a threat to growth. Along with cyber threats, financial services CEOs’ concerns over technology and skills top their list of business threats.

Solution: Focus on building a successful upskilling strategy, with attention paid to implementing digital tools and new ways of working to build long-term talent for the organization.

3. Increased regulatory obligations

It seems like almost every other week we hear about regulators like the SEC penalizing and cracking down on companies with heavy fines for sensitive corporate and client data being exposed over email. With data breaches becoming more prevalent, both consumer and corporate concerns for data privacy and integrity has skyrocketed, resulting in ever-changing, more restrictive, compliance requirements and policies that soon form.

As regulations in the financial services industry continue to escalate, organizations are required to spend a large part of their budgets on meeting strict compliance standards. Building systems and processes that keep up with regulations and industry standards require resources on every level. Overcoming regulatory compliance challenges requires financial firms to foster a culture of compliance within the organization. Companies need to constantly evaluate and improve their operations to keep up with fast-changing consumer expectations, technology, and industry regulations.

Solution: Investing in the latest digital technology is a critical component in creating a culture of compliance. Technology can help standardize processes, ensure procedures are followed correctly, and enables firms to keep up with new policy changes, among several other benefits.

Note: If you’re still sending critical corporate and client documents back and forth over email, FutureVault’s digital vault and document management solutions can help by providing a much better, more secure alternative to email.  

4. Legacy systems & processes

Most of the existing challenges are struggles financial services organizations are faced with are a result of legacy systems and processes, directly impeding their ability to focus on clients and scale. Such systems have been used for so long that they are usually ingrained into a business’ processes making it difficult to move away from, however, absolutely necessary to do so.

According to Business Systems, maintaining legacy systems can be extremely costly with more than 80% of the IT budget often being consumed by it.

Similarly, paper-driven processes for things such as account transfers, new client onboarding, and just about everything else not only costs a considerable amount of money but also constitute a resource drain from a time perspective. This results in companies dedicating FTE capacities to handle the burden of manual, paper-driven administrative tasks, taking away from their ability to spend time on client engagement and interaction.

Solution:  Financial service and wealth management organizations that leverage the latest business technology like secure digital vault technology and digital onboarding solutions will have the key advantage of innovating faster in the digital transformation race.

5.  Optimizing customer experience

Your customers crave relationships and being understood. Ensuring that your customers feel valued and are receiving great customer service is essential to developing long-term customer relationships. In the Accenture Global Financial Services Consumer Study of nearly 33,000 banking customers spanning 18 markets, 49% of respondents indicated that customer service drives loyalty.

As such, client experience initiatives need to be prioritized and vocalized across all levels of the organization. If departments are misaligned, the client experience will suffer and as a result, so will your business.

To top it off, we continue to observe the constantly ever-evolving customer expectations as consumers gravitate towards firms and financial services professionals that are able to provide them with 24/7 personalized service. According to a study by Accenture, 79% of consumers viewed their relationships with financial service institutions as largely transactional., institutions and advisors simply need to do better.

Solution:  To effectively deal with this requires a new covenant between front-office and people leadership, connecting the worlds of customer, HR, and general management to provide a seamless customer experience across the face of the organization.

Solutions & opportunities to automate, improve, transform

The financial sector is constantly evolving, and today’s challenges are guaranteed to evolve with them. The more steps organizations take now to stay up-to-speed, the better off they’ll be when it comes to inevitable changes in the future. It’s mission-critical for firms and their advisors to secure a controlled strategy to innovate and help refine the consumer engagement model in a digitally native world.

The first step involves keeping up with the newest trends in FinTech and seeing which ones could directly impact and improve client experience. Financial firms must also consider consolidating different platforms and providing a more consistent, customer-friendly experience across internet, mobile and physical locations.

Another important factor is the need of having an agile and diverse workforce, as greater diversity allows financial service organizations to better reflect, understand, and engage with the increasingly diverse set of clients they serve.

Organizations leveraging the latest business technology, particularly around cloud applications, have a key advantage in the race to digital transformation. Without system hardware limiting flexibility, the agility and scalability of cloud technology enable systems to evolve along with your business. Lastly, for any major business decision you make, be sure to surface plans with department heads and especially with client-facing teams. That includes sharing client feedback widely, whether it’s through shared tools or in all-hands meetings.

Winning the minds, hearts, and wallets of consumers

For organizations to remain competitive in the financial services landscape, they require new ideas and innovative methods of accomplishing tasks on a greater scale with faster speeds. More significantly, the customer will always be at the forefront of the future. Today’s modern consumers expect more personalized experiences, demands faster access, and expects better results from all of their providers, financial institutions included. And it seems that firms that are unable to compete with these higher expectations will likely struggle to maintain viability in the long run.

What we’ve seen and learned is that an investment in technology is no longer a “nice” to have, it’s an absolute must. To say the least, technology is fundamental to success. And that’s where FutureVault comes in. As an industry-leading Digital Vault Platform, FutureVault works closely with financial service organizations to help them successfully overcome all these challenges through a digital transformation that focuses on people, processes, and technology.

By helping organizations transform the way they’re managing and securely storing documents, onboarding advisors and new clients, and improving compliance and audit readiness, we’re able to help them significantly improve operational efficiencies, save time and money, and focus more on what matters most, their clients.