4 Benefits of Email Archive for Financial Institutions
Communication in Corporate World
Most of the communication in corporate world takes place in the form of emails. On the importance of emails research says that employees spend most of their time working with emails. Moreover, 75% of the emails contain intellectual property of a company. There are some regulations which require businesses to comply with certain acts e.g., Health Insurance Portability Accountability Act (HIPAA) and Food and Drug Administration (FDA). In this scenario, financial institutions are no exception and these institutions are highly regulated.
Besides Bankruptcy, Email can also trouble Financial Institutions
These regulatory acts require the financial institutions to maintain good email archive in order to achieve compliance with the regulatory bodies. It is a compliance requirement for these institutions retain and produce records when asked by the regulator. In addition, there is a need of proper and reliable disaster recovery solution and business continuity. Banks, insurance companies, and hedge funds must guarantee the protection of their customers’ account information.
Regulatory compliance, disaster recovery, business continuity and some other benefits can be achieved by subscribing to a proper email archive solution. Other benefits of archiving your emails include:
- Accessibility – With Email Archiving Solution, company stores all of the emails in cloud in a central place. Last one year’s history of the company emails is accessible 24/7. It means that email archive can store company’s email for up to 1 year. It also includes attachments.
- Compliance – It is a requirement for financial institutions to safeguard customer account and transaction information. They need to have a proper disaster recovery and compliance solution in order to meet strict regulations. Email Archiving provides these institutions with the feature to retain historical email data and efficiency for eDiscovery.
- Managing Storage – Placing emails in a centralized location minimizes the risk of loss of data. It ensures that emails are not stored on theft-prone or failure-prone local systems. Collecting your company’s emails in archives also moves the burden of maintaining primary server’s data centers. Less strain on email servers will also ensure the improved performance.
- Minimum Investment – With Email Archiving Solution, companies place emails on cloud which requires minimum or zero infrastructure costs. There are other alternatives available for archiving emails which require companies to bear infrastructure and maintenance costs.