Offsite File Storage for Financial Institutions
Banks and credit unions have various challenges when it comes to document management. Offsite file storage can help alleviate those challenges, especially when it comes to security, improving workflow, and maintaining regulatory compliance.
Banks, credit unions, and other financial institutions handle many documents each day, many of which deal with sensitive financial information. Keeping this data secure is of tantamount importance, especially since a breach in security could result in massive losses in the form of lawsuits and lost reputation.
Unfortunately, keeping physical files well protected on site can get expensive, and often, it’s less than perfect. This means that even if sensitive files are not breached, the bank is still putting a fortune into making sure their data is secure.
Offsite storage helps solve this problem in that it is a cost-effective way to securely store documents. The storage company absorbs the costs of security, and keeping data offsite places a barrier between the data and those who might try to access it for nefarious purposes.
Workflow and Accessibility
Another challenge of document management for banks and credit unions is the need to store and access information quickly. The flow of paperwork including applications, financial forms, and statements can be overwhelming, and making sure it’s all accounted for and properly filed can be an astronomical undertaking each and every day.
Often with offsite storage, speed is an issue, but if it’s well designed—such as with Armstrong Archives’ scan-on-demand services—important documents are available in an instant.
Another important component of offsite file storage for financial institutions is regulatory compliance. Banks, credit unions and other financial institutions have many federal regulations to follow when it comes to records management. Some of these regulations include:+
- Office of the Comptroller of the Currency (OCC) guidelines
- Securities and Exchange Commission (SEC) regulations
- Commodity Futures Trading Commission (CFTC) regulations, including Dodd Frank
These regulations influence the way institutions handle their financial documents, so it is crucial that any document management solutions they employ be in full compliance with those standards. Reliable offsite storage can help with those regulations by providing encryption for digital documents and secure document destruction for paper files.
Armstrong Archives provides offsite storage solutions for banks and credit unions that help them meet the challenges of document management. To learn more about secure offsite storage for financial institutions, contact us today.