Meeting the Demanding Data Storage Needs of the Financial Services Industry
With users now able to do most anything online from paying bills to buying stocks and using multiple devices, the need for secure and efficient network storage is more essential than ever for financial institutions. Excluding IT itself, the banking and financial services industry spends more on IT than any other industry and a large chunk of this spending is dedicated to data storage and analysis in order to maintain high security standards and the speed that consumers demand.
Changing Consumer Behavior
Analysts estimate that between 80% and 90% of bank data is unstructured data, most of which comes from various types of customer interactions from call centers, email, social media, ATMs and more. Banks must process and analyze this data in order to remain competitive and provide adequate customer service. Because the consumer no longer uses one bank to conduct all financial activities, banks must increasingly rely on Big Data to get an accurate picture of the consumer’s needs.
Not only does the consumer raise the bar for financial institutions and financial services data storage, but the government does as well. Dodd-Frank regulations impose an even greater demand on major financial institutions, requiring them to take a horizontal view of trading risk. Obtaining these analyses requires the integration of financial data from various silos across the institution from different capture systems, several times a day. Per these regulations, financial institutions are also required to store at least ten years of data. Data must be stored for backup, disaster recovery and archiving, all while keeping redundant copies to a minimum for purposes of efficiency and cost-effectiveness.
Hybrid Storage Solutions
In order to keep costs down, several financial institutions are turning to cloud storage solutions. Cloud storage is in many ways synonymous with outsourcing, which comes with its own set of problems, not to mention security issues. For these reasons, hybrid storage solutions are a win-win for many banks. These solutions are both efficient and cost-effective and help financial institutions meet the demands of an increasingly challenging industry.
By hybrid storage, we mean both hybrid in the sense of combining hard disks and SSD caching as well as in the sense of storing bank data both onsite and in the cloud. This allows banks and other financial institutions to back up data efficiently and store the most sensitive data in more secure locations. In light of rising IT costs, ripping out and replacing an organization’s current storage system to keep up with industry demands with regard to financial data is the least desirable solution. This is why Nfina offers banks and financial institutions a flexible, low-cost approach to meeting changing network storage needs. Nfina’s open storage products allow banks to scale out and boost efficiency without unnecessarily ripping out any current storage devices.
Nfina’s products are high-speed, flexible, and reliable with the option of built in SSD caching. Our products can be incorporated into most any storage system regardless of brand. Have a look at our servers, NAS and SAN products or give us a call to see what kind of custom storage solution we can provide for your institution without maxing out your financial services data budget.