Data archiving in banking increases operational efficiency
Data archiving is the process of identifying and moving the data that is no longer actively used to a different low-cost storage system for long term or policy-based retention.Banking being aheavilyregulated industry, needsto becompliant with all the regulations at any point oftime. One of the most vitalaspects of regulatory compliance for BankingInstitutions is record keeping and archiving electronic data.Regulations for banking and financial organizations such asFINRA 10-06, FINRA 11-39, Sarbanes-Oxley Act, Dodd-Frank Act, Graham-Leach-Bliley Act, SEC Rule 17a-3 and17a-4,and NASD 3010/3110 demand banks to go for archiving different content type.Apart from this, rich customer experience being the focus areafor banks, long term retention of data willbe helpfulforvarious analytical purposes such as real-time analytics, customer analytics, predictive analyticsandfraud analyticsfor superior service delivery.With the right archiving tools in place, the task will not be daunting.
The global market for Data Archiving Services in 2016 is worth $4.6 billion and is expected to reach over $6.7 billion by 2020 at a CAGR of 10percent.Demand for cost-effective storage solutions for inactive enterprise data, need for long term data retention to meet the legal and corporate governance requirements, and demand for high performing business processes are key drivers forthe growth of archiving revenue.On-premises data archiving deployments are increasingly losing ground to cloud-based archiving. Manyvendors offeringon-premises archiving solutions have includeda cloud and/or a hybrid deployment option to their product-line.
What is data archiving and why it is used?
Data archivingis identifying, migrating and protecting the data that is no longer actively used from current system to a different low-cost storage system such as secondary databases or flat files forlong term or policy-based retention. Archived data is generally the obsolete data that is still vital for the organization and may be required for future reference and regulatory compliance purpose. Archiving inactive data out of the production systemshelps in optimizingthe resource performance, is cost effectiveand makes data available in contextor in-case of audit or any litigation. Usually, the storage process will have some policies applied to it such as retention timeframeandsecurity sensitivity.
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