My colleague Diane Saucier recently discussed what a digital asset vault is and how it can be useful for financial institutions to leverage one to store, manage, and secure the avalanche of customer digital communication, from instant messages and emails to audio recordings and more.
The Need for a Digital Asset Vault
To move from data-access as a simple regulatory requirement for storage to making it accessible, actionable and creating data that has monetary value for a bank or financial institution is one of the key value propositions of a digital asset vault. The sheer volume of customer and organizational data that financial institutions need to keep tabs on is staggering. A number of estimates and projections show that the explosion of digital data of all types is translating into ballooning storage costs and increasingly complex methods needed to secure, track, organize, and effectively search through that data. Factor in the host of regulatory and compliance requirements under which financial services organizations must operate, and you have a prescription for a massive data management headache.
Building a Digital Asset Vault
There are a number of solutions available that can help financial services firms manage their digital data more effectively, including scalable object storage – both in the cloud and on-premise – as well as improve data availability, backup, and recovery services. Sophisticated metadata tagging will help with quickly sorting through terabytes of images and documents, and policy-driven controls will help ensure that firms are compliant across regulatory regimes.
A digital asset vault is made up of several components which, taken together, provide support for all data governance imperatives, from data awareness up to complete and timely responses to investigations. Hitachi Vantara has found success working with customers using a combination of our products and services for this purpose.
Hitachi Content Platform (HCP), the core of the digital asset vault, provides a number of intelligent data management services, including private, public, and hybrid cloud object storage options, as well as a powerful metadata management system that can be driven by user-defined policies that combine data management with control and visibility.
As the “single source of trust,” HCP delivers built-in data protection and data governance, with features such as self-protecting storage, encryption, data integrity checks, authentication, audit trails, legal hold, secure shredding, and more.
Hitachi Content Intelligence (HCI) helps you obtain more actionable insights from your data, with automated cataloguing and other powerful data exploration and content analytics features. HCI’s secure data enrichment and extraction can help you find and identify the most relevant content, regardless of the type of asset or where in your company it is located.
HCP Anywhere is a powerful, flexible, cloud-based file storage service that allows you to share, secure, and sync your data across disparate devices and locations. HCP Anywhere streamlines mobile collaboration, improving productivity with secure digital workplace mobility. We’ve deployed HCP Anywhere-based solutions with banking customers, and it can be a key element of many digital asset vault approaches.
Pentaho products and services allow you to integrate, oversee, and gain insight from many types from data from disparate sources. Pentaho can work with and take advantage of Hadoop, NoSQL, and other big data platforms and technologies, so no data management task is too big (or too small). And Pentaho Analytics can be used to accelerate time to value by instantly analyzing and visualizing data across multiple dimensions, without reliance on IT.
While every financial institution must effectively manage, secure and gain insight from its organizational and customer data, each has different needs, goals, and objectives. Customize YOUR digital asset vault for YOUR specific needs.
If you’d like to learn more about what a digital asset vault brings to the table, you can check out our one-pager on the elements of a digital asset vault, or visit the Hitachi Vantara website for a number of resources that you might find useful.