Box's CEO Aaron Levie believes that the financial industry (its latest vertical) requires a lot of collaboration. However, regulatory requirements have slowed the adoption of cloud/sharing technologies. To tackle this, Box has put together a solution that includes encryption and retention management features. It has also enlisted the help of partners such as Bloomberg and Vault.
CEO Aaron Levie said that this is a project Box has been working toward for some time. “Financial Services companies are at the center of the tension between productivity and innovation and security and compliance,” he said. Banks and other large financial services entities like insurance companies are under the same pressure to transform and take advantage of cloud and mobile technologies as other industries, but they face a much more difficult challenge because of the intense regulatory pressure they are under with stiff penalties if they fail to stay compliant, Levie explained. What’s more, financial services, perhaps more than other verticals, require an intense amount of collaboration inside and outside the organization involving substantial amounts of content and intricate regulatory rules around sharing.