Banking · Cloud Services

I have a client who is creating a digital safety vault / box and curious what features would be needed?

Anonymous

Last updated on April 13th, 2020

I am doing research about the product and curious as to what you would store in the digital safety deposit box.

Thinking along the lines of banking/investment, wealth management, insurance or legal. What features would be useful in a platform such as this?


*Curious as to what features would be useful to the markets above.

Palash Khandale Product Manager, RTL Design Engineer, Developing future technologies.

April 13th, 2020

Govt of India has DigiLocker Microsoft has OneDrive - Personal Vault And there are tons of other locker apps. Google also saves passwords and cards. Why do want to enter into competitive market where encryption required huge infra where?

Jim Chappell Executive, Advisor, Board Member

April 13th, 2020

There are a few well established products in the market, for example, LifeSite. So competition exists, if you feel you can build a better version of this and others, by all means. Could be there are other use cases you might pursue, though?

Dane Madsen Organizational and Operational Strategy Consultant

April 15th, 2020

A friend is the CEO of a similar service - they are partnered with several major companies and financial institutions - this is an interesting space.


What I see missing is a "dead man's switch" where a repository does not become accessible until/unless that person has died or is incapacitated, where a successor is given all passwords and access to the person's digital life. In that, you could have a full and complete digital access key that would cover all sites defined by the user. I would like my executor to have this access in a single place, but have not been able to find such.

Vikram S Business Analyst

April 13th, 2020

Hi, If it's a safety vault then the major feature has to be guaranteeing security features like biometrics, OTP's, end to end encryption between the client and the server, a good firewall for the server and of course password protected. These are the features that are necessary in case your client is developing a safety vault giving access from any device. End to end encryption and the firewall needs to be constantly updated and monitored by experts inorder to keep the hackers away and this would be the toughest part in maintaining the vault's security..

Joshua Heeley Entrepreneur & Owner at Orcasphere Innovations

April 13th, 2020

Hi Thank you for the question. That’s a good and a valid one. I’ve thought for a while now that people’s lives are all going digital, so too their valuables and things they care about, which lead me to considering a digital time capsule idea a while ago. It’s a well known fact that SD cards are the safest storage devices for data, they don’t have components that can fail and once disconnected they can’t get hacked. For this reason I’ve been using it back up my laptop, from work files to photos and all the in between, if I had investments or portfolios then I would more than likely back up the data for them on SD cards as well. As far as digital safety vault boxes (providing you are talking about physical locations where you could store digital media) I would say this would be that would be the reason people would use it. For me the biggest thing would be to fill an SD card with all the information that I would like to pass onto my children, their photos, videos from me, passwords to email address I’ve set up for them and of course passwords to investments etc etc. It’s a great idea and definitely something worth perusing.

Najib Momin Investor, thought leadership, innovation, consulting, sales

April 13th, 2020

I would say: confidential documents, A will, 401k, medical documents to name a few.

Devlend Maul Experienced Project Manager and Business and Systems Analyst specializing in applications

April 13th, 2020

Dual factor authentication with fingerprint

Sridhar GS A entrepreneur who plan to fly high, stay grounded. Seeking Co-Founder for a Social Banking Platform

April 13th, 2020

Honestly, I was not aware of DigiLocker. Interesting service/initiative by Indian government. It seems centralized repository for documents or certificates issued by the government of India departments are integrated with DigiLocker. Citizen/user should have explicit consent to receive data through DigiLocker. I am sure in the USA we don’t have anything similar offered by a federal government.

Coming to question by our anonymous friend, assuming he/she is trying to build commercial digital vault product similar to Google drive and OneDrive as couple of you mentioned. As far I know these latter mentioned products are used by regular individual for saving their personal files not exclusively used for commercial purpose.

Coming from FinTech area I foresee an opportunity as long we see end to end file/data encryption including data loss protection (DLP), seamless Integration with existing cloud repository, ability to keep the data in one region/Country (data jurisdiction), file and folder classification , ability to shar with team/ client, audit and security logs and some hardware integration for multiple scanning, Indexing. I hope that help!

Marc Butler Former Chief Operating Officer - BNY Mellon | Albridge | Fintech Board Member and Advisor

April 15th, 2020

There are great examples of mature solutions for this in the wealthtech space. The most notable and mature from my perspective is the eMoney vault to store financial plans and other client documents related to creating or supporting a financial plan. While it has not been important in the past, one feature that is increasingly important is the ability for the digital safety deposit box or client vault to be SEC 17a-4 compliant. Please feel free to reach out to me if you want to discuss further. Thanks!

RamOnRails.in CTO, SaaS expert, Product development, Listener, Learner, Architect

April 13th, 2020

Why not ask your customer?