In 2019 researchers uncovered a massive “trove” of more than 20 million sensitive banking and financial documents associated with mortgages – not from the banks or originators who actually received the data from consumers – but rather a third party “data and analytics company” who provides various services such as converting paper documents and handwritten notes into computer-readable format.
How much did the banks save, not processing that paper in-house? How much does the embarrassment of having customer data breached, or the potential fines, offset the business case for such a relationship?
The answer is that in the large, it does not. The use of Business Process Outsourcing (BPO) firms is a standard part of most modern businesses. The question is, how to respond to almost daily breaches as we try to enable vendors, partners, and even joint ventures to share information?
In the case of mortgage, the most common use case for a BPO is to do data entry: literally reading the various scanned forms, and typing them into a loan origination system. Do they need a copy of the document that they can save on disk?
The answer is simple: they do not.
You can protect your data and still let them use it by deploying e-Share Trusted Sharing to deliver that BPO a read/edit-only link that expires automatically after you reach the end of your service level with them:
This way you protect your data and still enable the partner or vendor to provide you with the value you hired them to create. It’s a win/win!