Overview

Banks, brokerages and other financial institutions are looking to leverage online customer communications, but know they need to protect the privacy of their customer information.

Solution Scenarios

Send customers electronic statements and investment account updates securely. Solution: Encrypted Document Presentment

Allow customers to fill in HTML or PDF application forms for mortgages, bank accounts, loans, credit card and send them to their bank securely. Solution: Encrypted Document Presentment

Allow brokerage customers to send their brokers transaction details and account queries securely using email. Solution: Encrypted Message eXchange

Protect customer information that is stored on hard drives, laptops and portable devices. Solution: Encrypted Documents

Create a secure collaborative community for brokerages to communicate with high net worth clients. Solution: Encrypted Message eXchange

Why Encrypt?

Banks, brokerages and other financial institutions are looking to leverage online customer communications, but know they need to protect the privacy of their customer information. Electronic statements and Smart Reply Forms are replacing paper statements and forms. Sending application forms, invoices, and notices electronically not only provides significant ROI, but also sends a positive message to customers by improving response time, and reinforcing a commitment to ensuring customer privacy.

The growing demand for instant, secure communications is causing financial institutions to take action.

Compliance and Risk

• Security rules created under GLBA require all financial institutions design, implement and maintain safeguards to protect customer information
• Sarbanes-Oxley Act (SOX) governs integrity of financial operations of publicly traded companies
• California Security Breach Notification Act (CB 1386) requires disclosure when private personal information of a California resident has been compromised
• Banking security breaches include over 10 security breaches occurred per month in 2005 – with average of 610,000 records leaked in each security event (American Banker “Putting Data Breaches into Perspective”)
• An estimated 57 million Americans think they have receive a phishing email (Gartner Group)

Customer Service and Value

• Meets compliance regulations and corporate privacy policies
• Speed-to-market for customers to apply online with account, credit card, mortgages and loan applications, and money transfer instructions
• Is ubiquitous for both banks and their customers
• Banks promote a concern about the environment by promoting “paperless” communications
• Improve customer response times with automatic secure reply
• Non-compliance can have a negative impact on brand image
• Customer and partner communications always remain protected
• Reinforces concern about customer privacy (e.g. identity theft) from password intercept and theft

Key Benefits

Encryption for banks, brokerages and other financial services companies provides:

• Improved customer service and response times with customers
• Secure reply with application forms delivers secure two-way communication for faster turn- around time for new business
• Faster response time to open issues
• Secure automated distribution of new products and services updates using Encrypted Document Presentment
• Efficient delivery of broker commission communication
• Quick corporate wide deployment
• Cost effective per user pricing
• A simple user experience - no end user training required
• Minimal IT support required to manage users
• Significant ROI by decreasing courier costs and replacing paper based communication with email
• Reinforces your company’s commitment to being environmentally conscience

Technology

The Echoworx Secure Services (ESS) platform is based on industry trusted standard PKI (Public Key Infrastructure) and S/MIME technologies for strong encryption and digital signatures, relying on standard X.509 certificates that are issued and managed for Echoworx’s data privacy applications, which include: Encrypted Mail, Encrypted Documents, Encrypted Document Presentment, and Encrypted Message eXchange.

The ESS platform is hosted in high-availability data centers operated by world class Application Service Providers. These data centers optimize data communications, message processing and storage of large volumes of data and offer fully redundant and uninterrupted service levels. The ESS platform provides a security framework that simplifies the end user experience of sending, receiving and storing encrypted documents by automating the management and use of digital credentials.

• Carrier Grade Architecture
  Unlimited scalability and high availability service.
• Standards Based Solution
  Industry-trusted PKI, X.509 certificates and cryptographic standards.
• Messages integrity
  Ensures message integrity through the application based digital signatures.
• Certification Authority Included
  No need to deploy and maintain expensive third party Certificate Authorities.
• Simple Deployment
  Fully hosted solution requires no end user administration.
• Simple Administration
  Intuitive and easy to use administration console for enrolling/disabling end users and resetting passwords.
• Industry Standard Encryption
  PKI, X.509, S/MIME, 3DES. AES, 128-bit SSL, 1024 bit RSA keys with MDS and SHA-1.