Modernizing Financial Institution Interaction Data Retention: 4 Compliance Risks & How to Avoid Them
How are leading organizations solving their financial institution interaction data? Understand the four biggest risks and their solutions.
What happens when financial institutions fail to meet retention requirements?
The answer is: billions in fines. To successfully manage financial data retention, institutions must address four primary challenges:
- Retention Regulations & Compliance Audits: Keeping up with evolving requirements across various jurisdictions and data types is complex and resource intensive.
- Proprietary & Encrypted Formats: Legacy systems and encrypted data formats limit accessibility, transferability, and integration, especially when responding to regulatory requests.
- Siloed Data Across Multiple Systems: Fragmented data storage across different platforms prevents organizations from achieving unified oversight and comprehensive compliance reporting.
- Data Still Residing in Legacy Systems: Outdated systems increase operational costs and limit scalability, making compliance efforts inefficient and error prone.
Top-performing banks have started addressing these challenges through cloud migration, data standardization, and automation of compliance workflows. However, many still lag behind, risking substantial penalties and reputational harm.
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