Morgan Stanley has plans to store the financial documents of more than 1 million clients — wills, deeds, estate plans, financial statements and the like — in a cloud-based vault run by Box.
The new document portal, which Morgan Stanley calls its Digital Vault, will allow 15,600 Morgan Stanley advisers and support staff to share encrypted documents with clients.
Many financial services firms, including USAA, State Street and S&P Global, store documents with Box. Morgan Stanley is one of the first to use Box as a platform to lets clients share documents with financial advisers.
Box is used by 95,000 companies to store documents in the cloud, including General Electric, NASA and 70% of the Fortune 500. It’s used by legal teams to share documents in M&A transactions. Sometimes it’s used for loan documents or for client onboarding.
“People want to be able to move off of paper-based processes,” said Aaron Levie, CEO of Box. “They don't want to have to fax in information. They don't want to have to FedEx documents. They want to be able to do the client interaction in an entirely digital form.”
Morgan Stanley built an application for uploading and sharing documents that sits in front of the Box platform.
Box encrypts the documents at rest and in transfer. It handles access permissions and provides an audit trail that shows who has looked at what. Box’s solution includes content management, data security, collaboration, workflow automation and data governance.
