“Keep your data on lockdown – but be ready to open it up to third party players”.

The age of Open Banking is here, while GDPR’s newly enshrined Right to Data Portability looks set to add further fuel to the already buoyant switching economy. But at the same time, the reputational, organisational and financial risks linked to failure to safeguard that data have never been greater.

So increasingly for FSIs, data management means getting a handle on what can seem like competing priorities.

But then there are the opportunities. The financial services winners, whether emergent Fintech or incumbent will be those companies who put data to work to offer the services and experiences customers actually need.

Data should always be an asset. Never a liability.

But it doesn’t always seem that way. Here’s why…

A challenging financial landscape

Legacy systems

Decades-old data protection systems can be expensive to keep running. The same goes for sprawling data estates (especially where a firm has been involved in M&A activity). Migration makes sense in theory. But without the certainty of a flawless switch-over, the risk of IT chaos and angry customers means that the migration project is subject to eternal pushback.

An inability to compete

We want to be more like Monzo or Lemonade – so what’s stopping us? Fintechs are unencumbered by legacy systems. They are starting from scratch with the type of architecture capable of warehousing the vast quantities of structured and unstructured data needed to build innovative, personalised customer offerings.

If your data protection and management systems are shaping your business model (and not the other way round), that’s a real problem.

Compliance obligations

Firms are grappling with the combined effect of PCI DSS, GDPR, MIFID obligations for the retention of communications and other niche-specific requirements. From KYC through to mandatory breach notification, the ability to manage and protect data in a compliant manner has never been more important.

How Silverstring can help

We design

Putting together the most cost effective storage architecture to meet your specific needs. This is built for scale; precisely what you need as a bedrock to support data-driven new product offerings.

We simplify

And consolidate across legacy and cloud platforms. The aim is to make data management and protection less of a burden - and also helps give you a holistic view of data across your organisation for better-informed decision making.

We automate

In areas such as backup and recovery, helping you to make best use of existing resources.

We give you control

With flexible service offerings, enabling you to match your preferences in terms of self-service or managed protection.

Our solutions - built for your business

1

FSI-focused, innovation-enabled backup

We go beyond mere backup to offer agile data management. When new services are on the development table, your engineers have the ability to re-use and put your existing data to work through secure copy data management.

2

Self-Service with Role Based Access Controls

Recover data for analysis and create copies for testing in a secure manner.

3

Smarter automation

Faster and much less resource-hungry, automated recovery testing gives you peace of mind that you will be able to recover data in the event of an incident.

4

Reducing your compliance burden

An enterprise-grade independent data warehouse provides a full historical audit trail, while end-to-end encryption provides data protection in flight and at rest.

Silverstring

Sleep Easy Study

True peace of mind comes with knowing where your vulnerabilities are, and taking steps to fix them. Discover the Silverstring Sleep Easy Study and safeguard your financial services brand.

Book Your Study

Further Reading

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Outcome

Prudential PLC

As well as delivering on the objective to save time for engineers thanks to timely alerts and automation of key tasks, Silverstring…

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