Eliminate Data Leaks and Paper Waste with Cloud Fax for Financial Firms

5 minute read

Effective, secure communication methods optimize the client experience. Integration is critical as the right tools can streamline your processes, while the wrong ones can break down systems and create barriers. Several tools that don’t work together result in a breakdown in systems and confusion for both your staff and your clients. Upland InterFAX is a safe online cloud fax service that is the most trusted means of communicating confidential information within the financial industry. 

In 2019, 85% of survey respondents said they would consider the methods a financial advisor uses to communicate when deciding whether or not to retain their services. 

There are various communications tools that are essential to the financial sector, including: 

  • Messaging apps 
  • Softphones 
  • Document storage solutions 
  • Webinar systems 
  • Calendar schedulers 
  • CRMs 

However, the most important device in any communications toolkit for financial professionals is secure web-based faxing capabilities. With cloud fax, you don’t have to bother with hardware installation, software licensing, maintenance and upkeep, or additional phone lines. Upland InterFAX allows you to get rid of bulky machines, decreasing the need for constant maintenance. 

Freedom from Data Leaks 

Secure and reliable fax services are crucial to maintaining workflow. However, traditional fax servers, standalone devices, and plug-in apps often lead to security concerns, delayed delivery, and inefficient data management. 

Even with a cover sheet, traditional fax is highly risky when it comes to private data. As soon as you send it, it’s out of your control. The receiving machine will spit out confidential information that may or may not be picked up by the correct person in a timely manner.  

There were more than 950 financial data breaches between 2018 and 2022. Insurance companies saw the highest rate, followed closely by banks and investment firms. These data breaches accounted for over 150 million leaked records, half of which were caused by hacking. 

Cloud fax is a vital function for finance—it is so secure that courts recognize faxes and signatures as legally binding documents. InterFAX meets the world’s most stringent security standards, including PCI DSS, Sarbanes-Oxley, ISO 27001, the Gramm-Leach-Bliley Act, and GDPR conditions to safeguard private data.  

When financial data security, compliance, and reliability hang in the balance, web-based fax meets all safety and privacy requirements while reducing the burden of upkeep and hardware maintenance for your IT team. 

With InterFAX’s secure, compliant cloud fax services and powerful workflow tools, you can automate fax routing, reception, and delivery while you rest easy knowing your financial communications are secure. We automatically store every fax sent in our secure servers to create a fully compliant audit trail. 

Freedom from Paper Waste 

Transitioning from on-site fax machines to web-based fax is not only more secure, but it also eliminates unnecessary paper waste and hardware upkeep, which is better for your team, your clients, and the environment. 

With InterFAX, you can instantly transmit documents when they’re received and send them exactly where they need to go without wasting time, money, or paper. 

Historically, financial institutions have been paper-heavy businesses. Signing a typical 30-year mortgage can have your clients feeling like Taylor Swift signing autographs. Because they handle countless documents each day, financial firms need to easily access and manage confidential customer information, so they can accelerate workflows and provide fast, reliable services.  

Throughout the life of a loan, multiple documents are tracked, managed, and re-entered into varying systems, leading to increased human error. As more and more organizations move to cut down on unnecessary waste or even go paperless, cloud fax is a crucial piece of the puzzle for the future of finance.  

Wrap Up 

There are countless ways that excessive paperwork and unsecure communication methods can lead to disastrous data breaches. Whether you’re an independent financial advisor, Certified Public Accountant, large banking chain, cash handling escort, Insurance salesperson, estate attorney, or a broker on Wall Street, your priority is always safeguarding sensitive material, such as:  

  • User account details 
  • Private client information 
  • Loan documents 
  • Estate management 
  • Federal Reserve transfers 
  • Cash exchanges 
  • New registrations 
  • Personal-identifying data 
  • HIPAA-protected information (health and life insurance) 
  • Estate and legacy planning 
  • Charitable donations 
  • Trade data (stocks, bonds, and mutual funds) 
  • Rate change notices 
  • Wire transfer directives 

Boston Consulting Group research shows that the financial services sector is over 300 times more likely to be targeted by hackers than other industries. Whether it’s protecting a customer’s financial privacy or ensuring personal identifying information doesn’t wind up in the wrong hands, cloud fax has you covered. 

InterFAX meets the world’s most rigorous safety standards, ensuring the security of confidential document transmissions. Online cloud fax offers a solution to protect financial organizations against vulnerabilities and potential security breaches caused by cyberattacks. Get rid of the paper and get secure digital workflows in place with InterFAX to accelerate your workday and get more done. 

Have questions about data security? Check out our datasheet. 

Check out our blog about the safety of online faxing services. 

Just ready to see how cloud fax works? Book a brief product demonstration today! 

InterFAX Cloud Fax Service Promotion - Secure cloud fax solutions for financial firms, book a demo today.

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