Digital Banking Summit | June 2-4, 2014 | Los Angeles

Take a Look Inside This Credit Union’s Digital Vault

Oregon Employees FCU now offers a secure, digital filing cabinet members can use for long-term online document storage. The new service is designed to help members organize their important documents digitally.

Users can upload important documents to their personal online filing cabinet that they would normally keep in an traditional safe or safety deposit box, such as tax documents, insurance policies, social security cards, home/car titles, warranties, wills, trusts, medical receipts, mortgage paperwork, birth- and marriage certificates. Documents can be stored indefinitely.

To upload a document, a user can either drag-and-drop a digital file onto a desktop upload tool (available for both Windows and Mac), or take a picture of it using a special iPhone app.

Through doxo, the company that developed the digital vault, financial institutions like OEFCU can deliver any type of document directly into each person’s digital file cabinet — account statements, credit card bills, mortgage statements, loan statements, regulatory and privacy notices, and more. eStatements and other vital communications from the credit union are filed under a dedicated tab.

OEFCU is using the online storage service as part of a wider strategy to get members to go paperless and receive their statements digitally. The credit union recently held a big shred event to promote its paperless solutions.

“[Digital vaults] enable financial institutions to drive much higher adoption rates of paperless solutions,” said Steve Shivers, CEO of doxo. “They can save more than 80% on the current expense of printing and mailing documents.”

Kiosk & Display | 2014 NEFMA Spring Conference

OEFCU’S DIGITAL VAULT
An example of what the online filing cabinet looks like from the member’s view.
Everything is hosted on doxo.com, but partners like OEFCU get a personalized URL
so members can access their accounts from the credit union’s website.

But aren’t consumers worried about storing all their most valuable documents in one spot online? Especially when stories in the press tell people that 77 million Sony Playstation users had their private information compromised.

doxo says its network is secure.

“We utilize security and encryption methods that meet or exceed the standards used by most banks and financial institutions,” Shivers said.

For online security, the company utilizes independent verification services and is verified secure by McAfee and TrustE. Critical data and documents are stored and encrypted securely.

“In general, consumer adoption of online storage solutions has increased exponentially over the past few years,” Shivers said. “Consumers are increasingly looking for convenient and secure ways to keep track of key information, have it accessible whenever and wherever they need it, and reduce the hassle of interacting with providers.”

“We tell people that if you had a fire or a break-in at your home, which documents would you want to be sure you had a secure copy of?”

doxo says its digital filing cabinet is perfect for vacationers and other travelers who can upload copies of their passports, birth certificates, plane tickets, itineraries, credit card info and other vital travel documents. With the doxo’s mobile app, user’s digital file cabinet can travel with them anywhere they go, all the time.

Kiosk & Display | 2014 NEFMA Spring Conference

The service is free to Oregon Employees FCU members. doxo, receives a small transactional fee each time the credit union delivers a document to a member.

OEFCU is the first credit union client doxo has formally announced. The company says it will be announcing more retail bank and credit union deals in the next few months.

“Launching on doxo was very easy,” said Otto Radke, OEFCU VP Information Technology. “We were integrated and live on the network in less than a month.”

Financial institutions can get more information about doxo and take a free, private test trial at the company’s website.

Another startup called My Peace of Mind has a similar offering. Its patented, web-based lockbox costs $48 per year, and will be marketed through insurance firms and HR companies.

Search For More: Online/Digital, Retail Banking Strategies, Technology Strategies,

All content © 2014 by The Financial Brand and may not be reproduced by any means without permission.

CUNA | Youth Week 2014

Comments

  1. Bellco Credit Union in Colorado launched EstateLogic in May 2011. It provides members the opportunity to organize and store their important estate and legacy information online in a digital vault. Please visit http://www.bellco.org or http://www.estatelogic.com for more information.

  2. Ronnie Rainey says:

    I am a sales rep for Chubb Fire and Security out of Memphis Tennessee. I have a bank that is interested in the Teller Pods like what is used in this Credit Union. Can you tell me how I can get more information on the pods? They want to use the two teller pod with a TCR in the middle. They also like the round shade of the pod.
    Please e-mail me or call me at 901-871-4640

Speak Your Mind

*

Next article recommended for you