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Sensitive Data Management: Data Intake, Processing, and Storing

Digitalization and automation of business funding processes
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Customer

  • A business funding institution based in Europe

  • Investigates and evaluates funding options for starting businesses and businesses in the growth stage
Powerful quantum-safe security solutions

Challenge: Automating and securing the funding application process

The existing operating model was to accept applications in paper format with printed attachments. It required many manual steps and was time-consuming.

The company was looking for a way to automate its funding application process – with special attention paid to data protection, as the data handled during the process is highly confidential. 

 

During the entire process, communications with applicants were done via regular email, and the decision itself was also communicated via regular email.

All reporting and performance monitoring were done in paper format too.

The correspondence and documentation resulted in a process that gathered thousands of files in paper archives. Access to the confidential material was hard to manage and control – it required a physical key to a storage room. Also, no personal identification was performed or access monitoring was in place at the storage door. 

Solution: Streamlined, secured, and automated digital application

With SalaX Secure Collaboration, the application process is streamlined and secured, and many tasks are now automated. SalaX Secure Collaboration helps with the following processes:

Secure data collection via a digital form

A secure pre-structured application form is accessible from the institution’s application portal via a web browser, with all needed information available online. Applicants can fill in the form digitally and attach the necessary documentation via the form.

 

Secure encrypted email communications

The applicants receive an automatic confirmation message via secure encrypted email after submitting the application through the e-form. All communications between the company and applicants are done via a secure encrypted email tool, which ensures that sensitive business data is protected while in transit. The tool is integrated within the existing email system and does not require the applicants to create end-user accounts.

Digital e-signature

The solution also includes a secure e-signature option for digital signatures, so the company's board of directors can easily approve funding offers digitally with an e-signature.

Secure digital storage and access management

The application information is now stored in a digital storage system that stores data in an encrypted format with strict access management and user authentication. The digital storage tracks all access information for easy monitoring and provides various audit trail options to ensure the company’s compliance with data privacy regulations.

Benefits
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Application processing time reduced by weeks

The customer was able to dramatically reduce the number of manual steps involved in the application process, which led to the overall speed of the application processing being reduced by weeks.

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Improved security

The risk of data mismanagement and compromise was minimized thanks to MFA, which protects the data storage from any unauthorized access. Storing and sharing data in an encrypted format reduced the possibility of data compromise even further.

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Compliance

A software-based solution makes it easy to build compliance protocols to ensure adherence to security standards, data privacy laws, regulatory policies, and other industry requirements.

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Lower number of human errors 

As data and files are submitted in a pre-formatted form, the review process is much faster. Additionally, it is easier to immediately reject incomplete applications and applications with inconsistent information or errors. Like this, the staff reviews only relevant, complete applications.

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Improved reporting and monitoring

Reporting and monitoring functionalities are built into the application portal for further data protection. Choosing automation over paper and spreadsheets improves data protection immensely.

 

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Improved customer service

Applicants can access real-time information on application status, memos, and deadlines. This also reduces the chance of errors and miscommunication.

This all helps build a positive relationship with applicants and makes it easier to communicate with them throughout the process, no matter how sensitive the topic.

Learn more about securing communications and human-to-human collaboration