The GRaaS is always greener when your information is safe, secure – and compliant
These days, it doesn’t take much for a customer to switch financial institutions. In fact, 50 percent of consumers swap simply because they like another bank’s online experience better, according to NTT Data Consulting, PWC, Statista, and FinancialBrand.com. Meanwhile, more than half of customers expect banks to reward them for maintaining a loyal relationship with the institution. And even though they only stop in once or twice a year, they want the option of a brick and mortar branch.
It’s all evidence that customer experience is the new competitive differentiator in the financial industry. So imagine what a customer might do if they learned their financial information wasn’t compliant with state and federal regulations. Not impossible, either, as only 66 percent of banks report meeting regulatory compliance and reporting standards, according to an EYGM Limited Global Banking Outlook Report.
That keeps bankers up at night.
It’s why 64 percent of financial organizations are actively working to enhance physical, data and cyber security to protect consumer information and bank assets, according to the report. And more than half are working to improve risk management processes.
Under pressure
Make no mistake, banks are doing everything they can to manage ever-changing, ever-expanding regulations. Combined, they are investing around 22 percent of net income – more than $4.5 billion annually – on compliance, even while efforts are made to impose some deregulation in the industry.
What likely won’t change, however, is increased regulation around cybersecurity. Will the New York State Department of Financial Services’ requirement for banks, insurance companies and other entities to adopt a cybersecurity program to operate in the state become a federal regulation? Only time will tell.
What it all really means is that financial institutions are under constant pressure to meet stringent regulations while also ensuring customers enjoy the experience they expect. It is necessary – and daunting – work, to say the least.
Daunting because of everything else that’s going on, from digital transformation efforts to managing the budget that drives those efforts, all while attracting new customers, retaining share of wallet and being at-the-ready when the auditor comes knocking.
Easing the burden
Put simply, wherever information lies in a financial institution, regulators are holding banks accountable for the security of that data. That security requires a robust document retention strategy, which can be costly and time-consuming.
But there are options for financial institutions to ease that burden. One way is through a cloud-based retention and privacy policy management platform, like the Iron Mountain Policy Center solution, that provides a user-friendly way for banks to understand what their obligations are and to show compliance.
When integrated with a content services platform like OnBase, retention policies are applied to relevant content in the repository. The content services platform then automatically disposes of content according to those policies, empowering your organization to stay compliant, reduce content storage and limit risk with little manual work and management.
The benefits of GRaaS
Together we refer to this as our Governance Rules as a Service (GRaaS) solution.
Other benefits of GRaaS include:
- The ability to support compliance and easily understand relevant policies.
The Iron Mountain Policy Center solution aggregates and regularly updates all information governance policies with simple descriptions of why they are important and how you need to execute them.
- Increase the effectiveness of document retention.
Because this end-to-end solution addresses both the aggregation of relevant policies and the management and execution of the document retention schedule, you can be sure your organization is compliant – with minimal manual work.
- Reduce risk with document destruction.
Information destroyed by OnBase is information that no one can access – which means it cannot fall into the wrong hands. Automated document destruction also means less content to pull for audits, reduced database bloat and a lowered risk of fines.
With the right strategy, financial institutions can ease the burden of compliance and regulation and spend more time building the experience customers desire.
Want to learn more about GRaaS? Register for our webinar today!
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