The financial industry is one of the most regulated sectors in business. With recent scandals in finance, there is a greater concern about electronic records and communications. Because of this, FinTech companies are turning to solutions that will keep their data not only secure but also undisputed.
With the vast majority of correspondences taking place via email, the amount of sensitive information being carried here is something that would fall under financial regulation. That is predominantly why FinTech organisations are turning to email archiving solutions; however, email archiving also has other practical benefits.
Confidence in Email Content
Emails have a vast amount of information that would fall under the FCA Handbook of record-keeping in the UK. With such sensitive data being passed between users, copies of emails are likely to be kept for reference. There is always the risk of accidental or malicious alterations of records for personal gains for any copies and records kept within the company.
To be compliant, an organisation must be able to present evidence that is 100% true with absolute certainty of what you said, when you said it and that numbers or figures have been committed to your clients and stakeholders, and vice versa. An email archiving solution such as Cryoserver with a tamper-evident log that records who reads what and when they read it will ensure this complete confidence in the information presented.
Not only do FinTech businesses have to pass email compliance with financial regulators, but also the EU’s GDPR. As Subject Access Requests (SAR) can happen, being able to turnaround and respond to them quickly and to ensure you’re being compliant. With an email archiving solution, all your information is in one place, allowing you to to search and draw out what is needed quickly, ready for action.
Better Search Capability
In finance, there will be specific industry terms and phrases used that may be hard to search, especially if there are spelling errors are in the email. Also, as numbers and figures change all the time, finding information from a specific date and time period is difficult in a standard email inbox search tool. With a better search capability that email archiving offers, you can search for:
- Email addresses
- Date and time ranges
- Attachment names
- Keywords in emails and documents, including:
- Similar sounding words
- Spelling stems
- Proximity words
- Phrases (combinations of terms)
While a standard email inbox can search these, it’s usually slow and inaccurate, offering only a basic search function. With a UX-centric and specialised email archiving solution such as Cryoserver, you can do all the above to help with compliance and manage your email information better.
Every industry experiences high staff turnover from time to time, FinTech is no exception. This presents a problem when accessing ex-employee inbox after they’ve left. The information found in their inbox needs to be stored but also accessed by management if requests are made. As an email archive automatically captures communications and stores them in its database, key information can be easily accessed even when staff members have left.
Reduce Human Error
Human error has a big impact on data retention. There are accidental actions such as deleting emails inadvertently which can happen daily. Conversely, there are deliberate human actions such as malicious tampering either by a member of staff or a hacker who has gained access to the information. Both events are damaging to businesses but can be prevented.
Email archiving captures all incoming and outgoing communications, ensuring a copy is securely placed no matter what happens. Any changes that are made will be logged, allowing managers to monitor the authenticity of emails and also find the original copy if/when needed. All emails archived will be protected from outside interference in a secure location separate from the mail client, this way even if an unfortunate hack was to occur, FinTech companies can swiftly restore mailboxes and therefore, email archiving is also a business continuity tool.
Save Money on Storage
With the huge number of emails sent on a daily basis in a FinTech company, the amount of server space you need quickly accelerates. Having a reduced server space means increased costs (as you must upgrade your storage) or poorer performance. As your emails are crucial records of communication between staff, customers and prospects that can’t be deleted, with an email archiving system in place, you reduce the amount of amount of email storage, while improving the efficiency of servers.
Test Cryoserver email archiving for free
FinTech businesses need to be FCA/GDPR compliant, email archiving will help you achieve compliance and run your operations smoothly. It’s time to make the necessary steps to keep all critical information from being lost. Whether you’re looking for your own onsite archiving system or a cloud based solution, Cryoserver has the right tool and the most flexible deployment method for your business. Get in touch with us today to get started.