TIPP is the security measure that sets Virtual StrongBox apart from every other provider. Our platform, with its Total Information Privacy & Protection (TIPP), protects confidential data in the cloud the “Financial Institution” way. The Virtual StrongBox platform and it’s six patents make data security our #1 priority. We knew that the only thing holding highly regulated financial service firms back from leveraging the power of cloud for business process transformation was the lack of a data security focused platform. Who is your competition and how do you distinguish your company? These two things inspired us to create our secure, customer engagement platform – Virtual StrongBox. Sure, there were non-secure options available at the time but most of my documents were just too important to store in a stranger’s “garage.” In addition, my financial service customers were telling me that they could NEVER use the cloud when it comes to storing and exchanging their customers personal data. Cloud storage didn’t provide the level of security that I needed or protect personal information the way Fintech, RegTech & InsurTech regulations required. As the owner of a growing company, I had piles of personal and business documents and files. The Virtual StrongBox journey started when I was trying to solve a personal pain point. What is the inspiration for your company? ![]() In RegTech the platform is transforming compliance, secure file exchange and innovating around regulatory exams and audits. The digital transformation in these clients include transforming consumer, small business & commercial lending processes, new account opening processes and compliance and mortgage lending compliance in FinTech. Our Software-as-a-Service offering is deployed at over 250 financial service providers and our Platform-as-a-Service has been integrated into six FinTech offerings. Virtual StrongBox’s secure customer engagement platform and APIs coupled with our deep security, API first strategy and financial industry expertise, empower our FinTech partners and clients to innovate around old, expensive to replace, lagging technology to achieve consumer-driven innovation without sacrificing security or convenience. How do you collaborate with existing FinTech applications? In fact, in many instances we are reducing operational costs by 70% to 80% in the efficiencies that are created. The benefit to the organization is that they don’t need to spend tons of money to bring their core systems up to date just to meet digital transformation pressures. To the organization, our secure platform uses our patented technology to collect or exchange sensitive information required in the business process and then uses our API library to deliver it to the old legacy system workflow. Take a picture of your drivers license and it’s instantly delivered to the organization. No more fax, scan, email, mail or bring it to us in any process. To the end user this is exactly what they demand – convenience, mobile, easy to use and a simple way to interact and exchange information with the company they are doing business. Think of the secure platform as a translator that speaks digital consumer and old technology. Our platform is a key part of the digital transformation fabric that bridges the gap between legacy systems and the digital consumer’s real-time expectations. We have built the bridge to bring security and convenience together.Ĭan you explain what that looks like for the end user? Others focus solely on consumer convenience. Some companies focus solely on data security. The security/convenience balance requires a lot of careful planning, design, and a secure platform designed for that balance. Virtual StrongBox knows the stakes are high. To thrive and survive, financial institutions need to make it easy and hassle-free for the consumer to do business with them. Financial institutions are faced with the challenge of ensuring the security of customers’ information and at the same time providing the ability for customers to do business when, where and how they want. Balancing security and convenience while attempting to digitally transform is tough in any industry. Virtual StrongBox addresses one of the biggest innovation challenges in Fintech – the balance of security and convenience. ![]() Lenny Giambalvo (Chief Technology and Product Responses below are by Ron Daly.
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