When Credit Suisse (Switzerland), the leading bank and one of the world’s largest financial services companies in Switzerland, works with an external asset manager to create an endowment fund, the fund manager needs to be able to work with data that includes customer information. In addition, this data must be managed in a secure and efficient way. This was the reason why Credit Suisse decided to look for a secure solution that was both simple to implement and easy to use. Not least because of the large volume of data, email wasn’t an option.
“Working with encrypted emails would have been too complicated – and using encryption is not secure because we would have had a lack of control over the data.”
Thomas Grünenfelder, project manager, Credit Suisse (Switzerland)
Simple yet highly secure
Credit Suisse evaluated several collaboration solutions to comply with the highest security standards and selected Brainloop CollaborationRoom. The main reason for its choice was the solution is easy to use while still meeting the bank’s security guidelines as well as regulatory requirements. Unlike solutions from other providers, Brainloop does not require any installation on a PC. The solution can be implemented quickly and easily and enables third parties to work with it too. In addition, the system is easy to manage and intuitive to use, minimising the need for training.
Another selection criteria was that access to confidential documents needed to be restricted to authorised users. With Brainloop, the administration of user permissions is simple and access to the datarooms is straightforward yet secure, as it includes two-factor authentication via a password plus a PIN sent to the user’s smartphone or by email.
Ensuring data security when communicating with third parties
The Credit Suisse team responsible for each transaction now uses the Brainloop CollaborationRoom to provide external asset managers with the information they need. In addition, specialists from other bank departments have access to specific documents in the Brainloop CollaborationRoom. They provide support for the transactions and work with the platform as part of their control function. Each transaction has its own dataroom with its own set of user permissions. This ensures that the only people with access to customer data are those who need the information to do their work.
With Brainloop, Credit Suisse has an adequate solution to communicate with external partners as well as internal employees who are involved in such transactions: Brainloop CollaborationRoom is user friendly, while meeting the bank’s stringent requirements for safeguarding customer information and for compliance with information security and data protection policies.