Finance is a highly regulated industry. There are a lot of moving parts and data that must be monitored and reported to stay protected and compliant with regulations. One of the most important aspects of regulatory compliance for banks and financial organisations is record keeping and archiving electronic communication data.

With the growth of business, the amount of data has also been growing continuously over time. In addition, databases expand when new functionalities are introduced, mergers and acquisitions take place or when upgrades are made to a newer version of software. In certain situations, the system becomes redundant, and a backup of all data needs to be taken. This can result in the need for additional hardware or the slowdown of systems, which is a further consequence of large volumes of data.

An archival solution is a great first step. Data archival and retrieval solutions automatically help prepare responses to any compliance audit, litigation, or information request for business communication data.

Due to the critical needs of data retention, compliance, and regulatory requirements, J&K Bank, a private sector bank headquartered in Srinagar, India, functioning as a universal bank in Jammu & Kashmir and as a specialised bank in the rest of the country, needed a comprehensive Data Archival and Retrieval solution that could facilitate smooth operations, maintain quality of data, and eliminate costs for maintaining the data in its legacy software.

This is where Nelito’s solution FinDART stepped in by providing the right solution to the bank to archive all communication data in one central location for easy search, eDiscovery, and exporting needs. Nelito Systems Ltd. provides software products & services for Banking, Financial Services, Micro-Finance and Government verticals globally.

Project and Solution Details

FinDART is a top-of-the-line digital archiving solution with easy-to-use menus, processes and configurations. It has in-depth role-based access privileges and permissions to ensure full control on operations & security.

J&K Bank approached Nelito with the following key requirements for this project:

• To reduce storage and backup management costs by leveraging on the bank’s existing data.
• To manage storage investments more efficiently and minimise costly upgrades of legacy software.
• To achieve space efficient backups by using archival and data deduplication technologies.
• To ensure regulatory compliance and regulation, policies for data retention on disk / tapes.
• To provide MIS and reports for internal purpose and regulatory reporting.

With a team of five members, Nelito completed this project in eight months. The solution archived four legacy systems, which meant the bank would have to maintain only two servers (FinDART Database and Application Servers) in comparison to 10 – 12 B2K servers earlier. This saved a good amount of money, time, and other resources for the bank.

The following are the implementation highlights with single point responsibility:

• The Archival solution was delivered for legacies that enabled to reduce the load on production servers (B2K, Nelco, Kale, IBR) and was able to develop reports as requested by the bank.
• Training provided to the bank’s project team & user team was both classroom and hands on.

 Benefits Achieved

Nelito was able to deliver the following benefits to J&K Bank:

• Increased performance and efficiency and achievement of space efficient backups by using archival and data de-duplication technologies.
• Enabling of rapid information retrieval with an automated archiving process.
• Lower cost of IT spending.
• Preservation of critical data in “Ready to Refer” stage as per bank policy and banking regulations.
• Extraction of MIS and reports for internal purposes and regulatory reporting.
• Provision of a search feature for records.

Conclusion

FinCraft Data Archival and Retrieval Solution (FinDART) is a cutting-edge archival and reporting solution proven to deliver quick ROI to customers, improve customer service, reduce dependence on legacy IT systems, and ensure full security of valuable customer data. Based on Nelito’s rich experience

of implementing FinDART in leading banks, its capabilities have added significant value to the project and enabled the bank to achieve its objectives of seamless retention of banking data – to not only meet the statutory and legal compliances, but also to improve the customer service.

Key Facts

Supplier: Nelito Systems Ltd
Headquarters: India
Founded: 1995
Client: Jammu & Kashmir Bank Ltd
Solution: Fincraft Data Archival and Retrieval Solution (FinDART)
Timeline: Go-live in September 2021