How Banks Archive Data effectively as Regulations Tighten?
Updated On : September 2021
What is Data Archiving in Banks?
Archiving mass historical data of the banks helps the banks to make informed decisions, for the analysis, when the bank is migrating from one core banking system to another core banking system, data retention, etc.
Why do banks need to archive the data?
- Transactional and business data is archived because of the mandates and non-compliance rules by banks
- For avoiding the data leakage of the bank's data, customer data, transactional information, and confidential information
- To protect the bank from insider training, inappropriate financial advice, employee communication data
- To prevent inappropriate, sensitive, proprietary content from being accessed, shared, or modified
- To improve system performance, reduce downtime
- By archiving the data, the data can be easily accessible and data retention can be done
Key Components to look for in Data Archival Software for effective archiving:
- Automatic updating
Use technology for monitoring incoming, outgoing transactions in the banks, pick up keywords and phrases and automatically archive the details within the archive. By using data archival software’s for banks, the software can automatically update the information.
- Sophisticated e-discovery
The software’s should be able to extract the bank’s data and show the information that is desired. The sophisticated e-discovery tools help in the segmentation, bifurcation of the bank’s information.
- Data Fluency
The software’s should be able to capture the bank's data from the source and should be stored in the format set by the bank fluently. This helps the banks to leverage the data for better decision making, improve the processes and gain a competitive edge.
- Cloud basis
Storing the data on the cloud helps the banks to be flexible and scalable. The banks can access the data whenever they want. The data is secured, the cloud archives help to eliminate maintenance issues, in better disk space management and be compliant.
- RBI (Central governance)
The software’s should comply with the rules of the Reserve Bank of India (RBI). It should be able to capture the data and store the data in that format and reports should be extracted as per the RBI guidelines of submission of the reports. This helps banks to remain compliant.
Benefits of using Data Archival Software:
- Helps in increasing the life of data
- Helps banks to be complaint
- Helps to be quicker TAT for generating reports
- Help in reducing the ICT costs
- Helps in seamlessly archiving the bank's data
Nelito’s FincraftTM Data Archival and Retrieval Software helps the banks in archiving data seamlessly, helps to deliver quicker ROI, reduce dependence on legacy IT systems and improves customer experience.