At Siftsort.com, we private-label solutions to institutional clients such as retail banks, trust companies and private wealth management firms to securely allow clients to store important documents and share with their professionals directly from their existing institutional portal or website.
Sounds simple and not really sexy in the Fintech world, but remember the financial services sector is a highly regulated environment, so getting simple things done takes a bit of time. Most banks have large technology departments but that doesn’t always mean that they are able to develop a solution, when one is needed. Legal and Compliance rules usually prohibit ‘risky’ technology from being developed internally. Generally firms hire vendors with expertise in a specific area to integrate a solution into the firm so they can demonstrate to regulators that a controlled approach is being adhered to, reducing the risk to the firm.
It also is a very competitive industry. It’s very easy for a client to simply take their money and move it to another bank. So firms have to offer their customers more convenient services and rewards to help retain that loyalty. But creating the new app that is ‘highly-sticky’ is always a challenge. Here at Siftsort, we take a different approach to help out.
We aim to solve a very simple problem that helps create loyalty and stickiness. By helping clients securely view and share documents with their financial advisor, we in-turn, help the bank to service their clients in a compliant way. Ultimately helping the firm create ‘stickiness’ and build a deeper relationship between the client and the organization.
Siftsort.com Solves a SIMPLE Use Case But Creates HUGE Value: How does a client send a 75-page document (or numerous ones) to a Financial Advisor when the firm restricts clients from emailing it and the client doesn’t want to send it in the mail? Not an easy answer in a regulated industry. Popular file-sharing platforms are not permitted inside big banks (most blocked at the firewall) and the technology departments do a good job at restricting the employees desktop capabilities to only what is needed and approved by the bank.
By allowing clients a secure portal to store whatever is important to them, with the option to securely share it with their financial profession when needed, you now create a platform of convenience that goes a long way with your client-base.
We do just that. We take our retail platform and customize it according to the institutional needs so that it is fully-integrated and seamless to the end users. Having years of experience with Legal and Compliance allows us to bring a compliant solution to the table and not just a typical cloud solution.
Generally speaking, banks don’t have storage problems, they have compliance problems. Having worked at Goldman Sachs and other financial service companies for nearly 20 years, we realize what’s needed to help solve technology challenges within a regulated industry.