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Oregon Employees FCU Offers Innovative Option For Online Document Storage From Doxo

Most banks have struggled with convincing customers to accept paperless delivery of account statements, although the huge potential for savings to the bank makes this a universal goal. OEFCU has adopted a third party solution from doxo to enable customers to store important personal documents, including bank-generated documents such as account statements and privacy notices, outside the bank systems. The doxo solution is offered free of charge to credit union customers. It not only enables customers to save their documents as long as they might want (versus the typical bank offering of seven years) but also serves as a centralized, personal digital filing cabinet.

According to Steve Shivers, CEO of doxo, as quoted in The Financial Brand:

“[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.”

Any additional means of assisting banks to achieve these savings is worth a serious look. The Financial Brand writer does not miss the key potential problem, privacy and data security, but does fall victim to a common misconception. They quote Shivers again:
“We utilize security and encryption methods that meet or exceed the standards used by most banks and financial institutions.”

This may well be true; we have no reason to doubt this assertion. However, The Financial Brand continues:

“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.”

Readers should be alerted to the (common) misinterpretations of the certifications offered by McAfee and TrustE. Neither McAfee nor TrustE is certifying the safety or security of applications downloaded from a website, nor of off-premise data storage and transmission of data to or from such storage. Check their respective websites for actual requirements for certifications.

Click here for more: http://thefinancialbrand.com/18614/oefcu-doxo-online-lockbox/  

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