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Barclays Puts the Safety Deposit Box in the Cloud

Barclays online banking customers will now be able to scan and upload important documents a cloud-based document storage system.

Barclays released a new cloud-based document management system for its online banking customers today called Cloud IT. Users will be able to scan, upload and save personal documents such as drivers licenses or passports to the system for safekeeping, Barclays said.

Cloud IT will be accessible through Barclays online banking homepage when users log in. Business banking clients of Barclays will also be able to use the service to upload business documents.

[See Related: 3 Ways Cloud-Based Document Management Can Relieve Banking Pain Points]

The service is being made available to online banking automatically and has been pre-populated with customers’ bank statements and other banking correspondence.

All documents uploaded to the system appear in a “document stream,” which shows all of a user’s activity in the system in chronological order. Users can also set up email and text alerts for documents uploaded to the system such as payment deadlines for bills, or renewal dates for insurance policies. Barclays said that it plans to integrate the service with its mobile banking offering as well in the near future.

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

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Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
9/23/2013 | 10:21:54 AM
re: Barclays Puts the Safety Deposit Box in the Cloud
The cloud is great for document back up and record keeping, but customers will still need a physical safety deposit box for 'hard' assets ... jewelry and such. It would be interesting to see a study of how many 'paper' documents are kept in safety deposit boxes. If a lot of people use safety deposit boxes just to keep copies of wills and important records, the cloud version might be a great option. There is also the legal question: will a court accept a cloud version of a will or other important document?
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
9/18/2013 | 4:20:03 PM
re: Barclays Puts the Safety Deposit Box in the Cloud
What kind of adoption rates are they seeing? This seems like a pretty new concept for customers, to put their important docs in the cloud. I wonder how comfortable they are with it.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
9/18/2013 | 4:19:00 PM
re: Barclays Puts the Safety Deposit Box in the Cloud
I think it will also be interesting to see what effect this has on the branch. The safety deposit box is yet one more service traditionally provided the branch that now is being digitized.
GregC849
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GregC849,
User Rank: Apprentice
9/17/2013 | 6:07:39 PM
re: Barclays Puts the Safety Deposit Box in the Cloud
I know of at least 7 multi-billion dollar credit unions offering a similar service provided to them via my company, DigitalMailer Inc. We demonstrated the service at Fall Finovate 2012.
Byurcan
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Byurcan,
User Rank: Author
9/10/2013 | 11:01:05 PM
re: Barclays Puts the Safety Deposit Box in the Cloud
It will be interesting to see how many others banks will pursue (or already do have) cloud-based document management systems.
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