Financial Data Storage FAQ
Financial Services Data Storage FAQ
What are some of the biggest data storage challenges facing the financial services industry today?
Online banking and mobile apps are no longer optional—these services are mandatory for financial service providers who want to stay in business. Bank customers demand increased data storage and constant access to data so that they can complete banking operations anywhere that they have an internet connection. On top of that, banks must focus on keeping highly sensitive data secure and analyzing their data in order to improve operations and customer service.
How can financial institutes scale their data storage in a cost-effective manner?
Adding new high-performance servers might seem like the most straightforward way for institutions to scale up their financial data storage, but this is not always feasible due to the high cost. It is more cost-effective to scale horizontally by distributing data across lower-energy hardware. This strategy saves you money without compromising performance.
How can financial institutes keep their data secure?
All banks, no matter what the size, should be carefully tracking their data to identify how it is collected, stored, and accessed. Sensitive data can be breached more easily when it is stored in the cloud, so it is best for banks to store this type of data on servers in their own facilities and to limit who can access the data room.
How can banks access their data more quickly?
Thanks to online banking, financial institutes need to be able to access their data instantaneously to keep customers satisfied. Banks that are struggling with lag time when trying to access data should consider an Nfina solution that includes SSD caching (see the 612i22s SAN, for example), which allows for faster transfer and access to data than you get from a conventional hard drive.
Can Nfina products be integrated with existing storage systems?
Yes. Nfina offers open systems components, including servers that can be integrated with existing bank infrastructures or used for redundant backup and secondary storage. Because all our products are based on an open systems model, they work with components from multiple vendors, which means that you will be able to easily upgrade when your current system becomes outdated.
How can Nfina help banks protect their data in the event of a system crash?
Banks cannot afford to have slow data recovery or permanently lost data after unscheduled downtime. To prevent banks from having a single point of failure, Nfina offers a number of backup data storage solutions, such as NAS block storage appliances that can be used to offload non-critical data (while still allowing critical data to be backed up nightly) and RAID hardware that allows for redundant (but still affordable) storage.
Have any questions you’d like us to answer? Let us know and we will add them to our financial services data storage FAQ!