What is board portal software?
A board portal is a cloud workspace where board directors store board materials, manage agendas, and run meetings. The key functions of board portal software include:
- Cloud storage
- Document management
- Meeting management
- Remote and live meetings
- Board packs management
- Motions and votes
- Board succession
- Compliance management
Board portal software for credit unions, banks, and other financial services simplifies governance and improves compliance:
- Data security. Board portals encrypt data at rest and in transit and employ access permissions and authentication security, all crucial elements of GDPR and ISO 27001 compliance.
- Corporate reporting. Board portals facilitate annual, quarterly, board, financial, and other reports with audit trails, easy document retrieval, and unlimited storage.
- Audit and due diligence readiness. Like board management software for corporations, a financial board portal makes it easier for banks, financial services, and due diligence teams to collect data, conduct audits, and prepare for sell-side due diligence.
| Explore a comprehensive whitepaper answering the question: “What is board portal?” Learn about board portal features, pricing structures, security options, and more. |
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Meetings
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Collaboration
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Details
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Why do banks and financial services need specialized board portals?
Financial compliance standards, like ISO 27001, FISMA, and PCI DSS, impose strict requirements on board portal software for financial services.
| Requirements for banking board management software | Board management features that support compliance |
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Top 3 board portal software options for financial services
Compare the three best board portals for financial services and banks.
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Exploring board management software for financial services: Top 8 picks
Let’s explore popular board portals for banks and financial services:
iDeals Board
iDeals Board empowers over 1 million professionals across 175,000 boards & organizations. Powered by iDeals Virtual Data Room, iDeals Board offers cutting-edge collaboration and security technology for banks, financial services, credit unions, and community banking services.
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OnBoard
OnBoard supports over 172,000 users across 30,000 boards and organizations. OnBoard offers robust document management and security tools for banks and credit unions.
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Aprio
Aprio is board management software for government agencies that also offers competitive features for board members on financial boards. A bank, credit union, or financial service can benefit from Aprio’s flat-rate, all-inclusive pricing without tiered feature-based plans.
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Govenda
Govenda offers private, public, and pre-IPO companies collaborative features and AI capabilities. It empowers over 44,000 users and emphasizes quick deployment and a friendly user experience. Govenda has officially been acquired by OnBoard.
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Our Cat Herder
While being board management software for nonprofits, Our Cat Herder also supports small businesses across many industries, including banking and financials. Our Cat Herder offers a balanced combination of collaborative and security features.
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Azeus Convene
Azeus Convene is board management software for crown corporations and the public market that empowers over 100,000 boards, including banks and credit unions. Azeus Convene facilitates virtual meetings, including scheduling, video conferencing, and live presentations.
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BoardEffect
BoardEffect supports over 200,000 users and 14,000 organizations, mainly nonprofits, healthcare, and educational institutions. Still, BoardEffect has several capabilities that make it suitable for banks and financial services.
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My Board Packet
My Board Packet is a dedicated board portal for banks, credit unions, and hospitals. It offers simple yet effective solutions for board communications and meetings.
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How to choose the best board portal for financial services and banking
Check out a few helpful tips for choosing software for your board of directors.
1. Prioritize financial compliance
Unlike board management software for health services or government, portals for banks require specialized financial compliance certificates:
- SOC 1 — to maintain financial reporting controls
- PCI DSS Level 1 — to safeguard card information
- GDPR — to deal with EU clients
- FISMA — to deal with federal contracts
2. Check security posture alongside features
Check media for security breaches related to your target board portal. It’s advisable to avoid board portals that were compromised in the past.
3. Check support channels
Aim at a combination of 24/7 human support via live chat, email, phone, and help centers with admin and user guides.