Fidelity Officially Launches FidSafe, an Innovative Document Management Platform

by on May 26, 2016


fidsafeYesterday’s Boston Business Journal featured an article discussing the official launch of FidSafe, Fidelity Investments’ new cloud-based “digital safe deposit box” that houses users’ sensitive personal and financial documents. Fidelity launched the service in 2015 but has thus far done relatively little to promote it. This will change next month, when Fidelity begins to email its vast client base to publicize this unique and valuable service.

FidSafe came on to our radar screen late last year as we were beginning preliminary research for our newest study, The Innovation Advantage. We were interested in finding apps and websites that offered innovative and relevant functionality that financial institutions could adapt to their own platform. FidSafe fits that bill for a host of reasons. One of FidSafe’s most noteworthy features is the ability to share documents with other individuals, such as a lawyer or a family member. Users can add multiple contacts and create groups to send documents to several individuals at once. FidSafe also uniquely offers a Sharing After Death feature, which allows users to designate an individual to automatically receive access to their FidSafe documents in the event of their passing.

According to Dan Brownell, president and CEO of Fidelity subsidiary XTRAC Solutions, FidSafe was created in response to customer demand. In the same Boston Business Journal article mentioned above, a Fidelity survey indicated that clients’ important documents tended to be disorganized and often solely in paper form, and that few clients had talked with family members about critical issues such as estate planning. This last issue makes FidSafe especially useful for older individuals. Storing important personal and financial documents with FidSafe would give loved ones easy access in the event of an older individual’s passing. That said, the platform’s strong document management capabilities and user-friendly interface make it a powerful resource for any financial services customer, regardless of life stage.

Few financial services firms currently offer comparable online document management functionality, despite all the benefits of services like FidSafe. In contrast, several innovators outside the financial services industry, most notably Google, Dropbox and Apple, offer similar document management platforms, each with their own set of unique features. Financial services firms should look to FidSafe and these other innovators—all reviewed in detail in The Innovation Advantage—to draw inspiration for how to implement a more modern, streamlined document management experience.

For more information on The Innovation Advantage or to order the full study, please contact Craig Sherter at 646-929-5149 or