Financial Institutions (Banks, Credit Unions, Thrifts)
The necessity of creating proofs that can be validated is felt the most in Financial Institutions, like Banks, Credit Unions, Thrifts (savings and loan associations, and savings banks) because it is here that most data frauds and unethical activities take place. In present times, all parties functioning in the financial sector are trying to develop ways in which the documentation process can be tamper-proof and hassle-free for both the client and the industry side. Currently, Financial Institutions are plagued with complications, like forgery, duplication, verification, data tampering, and security breaches.
How can ProofEasy help?
- Hassle-free upload of sensitive documents, and quick generation of a unique QR code
- Immutable documents, making the documents insusceptible to data theft
- Easily scannable QR code, making the authentication process straightforward
- Blockchain technology that provides end-to-end encryption of documents, and decentralized storage of files and blockchain file sharing
- Only authorized users are given access to the secured documents
- Documents can be shared from the portal itself, or you can copy links and share the link through email, WhatsApp, etc.
Financial Institutions’ operations are complex and challenging by nature. When we take into account the security and other issues faced by them, the overall picture becomes very grim.
ProofEasy can help Financial Institutions by:
Forgery & Duplication
ProofEasy’s unhackable blockchain technology will make document forgery and duplication a thing of the past. It also helps in tracking the changes made to the secured documents.
Breachable Data Security Measures
ProofEasy’s decentralized blockchain technology makes hacking and stealing of sensitive information impossible.
Complex Authentication
ProofEasy’s patented qr code security helps in validation of sensitive documents painlessly. Users can secure financial transaction using QR code that is backed by blockchain technology. Also, only authorized personnel have access to the secured documents, providing another layer of security to Financial Institution documents (loan documents, bank guarantees, confidential contracts, regulatory reporting papers, etc.)
To know more about how ProofEasy can help you safeguard account statements, click to know about financial institute
Challenges
The problem of intermediaries
Financial institutions that deal with a bulk of monetary exchanges often feel the need to rely on mediators to get some of the job done since owners of the businesses and clients are often too busy to do a lot of technical work themselves. The issues with employing too many intermediaries are the slowing down of the entire enterprise and the possibility of fraud.
The need to move beyond paper-based documentation
Looking at the global economy’s present scenario, there is an increasing need to be digitized and go paperless. The physical storing of sensitive documents is viewed with suspicion, and justifiably so. With the chances of leaks and simple thievery, it is becoming imperative to digitize one’s database to gain clients’ trust.
Solutions
Using "smart contracts" to remove middlemen
The question which has been asked is whether the same blockchain technology can be trusted for financial documents as well? With the presence of “smart contracts” already in place in the financial industry, the use of blockchain technology is already in practice to ensure transparent and quick transactions and exchanges in money, shares, and property. This has helped the financial institutions remove the need for go-betweens, which avoids unnecessary third-party involvement.
Creating a paperless environment with blockchain technology
The shift towards an environment of paperless documentation requires the institutions concerned to be adept to technological advances which make such documentation and validation possible. Blockchain technology is not an entirely new player in this game- a significant number of industries have been adopting this method of securing documents to meet their business’s latest demands.
In Conclusion
The kind of unified platforms like ProofEasy uses patented QR codes and blockchain technology to provide safe and secure access to documents to tackle several challenges like project management, reporting to stakeholders, financing and compliance. By making validation easy and achievable for all the parties involved, technologies like this not only deal with business challenges in a satisfactory manner but also help maintain smooth client-service provider relations in all financial industries.
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