As banks and credit unions continue to respond to the immediate challenges brought on by the global health crisis, they are also being forced to reassess their operating models to ensure they are fit for the future of banking. A future that almost certainly will place a greater emphasis on digital interactions and the customer experience.
Of those financial institutions, more than 1,100 will further expand their digital transformations on nCino, a comprehensive banking solution built on the Salesforce platform. One of those customers, Navy Federal Credit Union, recently used the platform to prepare for the Paycheck Protection Program (PPP) and the corresponding influx of loan applications they were receiving. Not only did nCino help Navy Federal build out the new PPP loans product, they also helped enable the different integrations that were needed as well.
In addition to customer relationship management (CRM), nCino combines customer onboarding, account opening, loan origination, deposit accounts, workflow, credit analysis, enterprise content management, and instant reporting capabilities into a single platform.
With all of that critical data in one place, the impact of a user-inflicted data loss or corruption could be significant. How can financial services and banking organizations ensure that their data stays safe if one of these events were to occur?
In this post, we’ll outline why it’s so important for financial services companies using nCino to have a backup and recovery solution, and what that solution should include.
You are responsible for your data, not nCino. nCino is built on Salesforce, the most secure and available platform in the industry. Still, it’s the company that controls the data, not the cloud provider processing it, who is ultimately responsible for the protection of the data from user-inflicted data loss or corruption. That’s why Salesforce recommends using a partner backup solution on the AppExchange, a recommendation they further emphasized when they announced the retirement of their data recovery service on July 31, 2020.
Access critical data even if nCino becomes temporarily unavailable. Banks of all sizes use nCino to manage and store critical data like loans, accounts, treasury management. Without a backup solution, this data could be difficult to recover in the event of a loss or corruption.
Conduct digital banking without disruption. The nCino platform can be accessed anytime, anywhere, from any device, enabling digital engagement between bankers and their customers. By having a backup and recovery plan in place, organizations can ensure that they provide a seamless experience for all users.
Comply with various regulations. Most financial institutions, including those using nCino, must maintain compliance with GLBA, GDPR, PCI, CCPA, and other related regulations. These regulations dictate things like where customer data is stored, what types of data must be kept, and how long that data should be saved.
Financial services and banking organizations have unique challenges when it comes to SaaS data protection. Here are the five things that these organizations must consider when it comes to protecting their nCino data.
1. Recovery Point Objective (RPO) and Recovery Time Objective (RTO)
Because of the sensitive nature of personal financial information, it’s critical for this data to be available 24/7. That’s why financial institutions must put a strict limit on how much data they can afford to lose and the amount of time it will take to recover after a data loss or corruption. But to do this, you need to define your Recovery Point Objective (RPO) and Recovery Time Objective (RTO).
Your RPO represents how much data your organization is willing to lose. For example, with the Salesforce Weekly Export, your organization should expect to have an RPO of one week, potentially losing a week’s worth of data.
Your RTO measures how long it will take your organization to recover lost or corrupted data. This time frame includes steps like identifying the lost data, finding the lost data, preparing to restore, and actually restoring the data.
2. Data Integrity
When an nCino user discovers a data loss or corruption, administrators can’t always be sure what specific data was lost. nCino is built on the Salesforce platform, which is a relational database. That means the ability to maintain data hierarchies is a crucial element of a backup and recovery solution. Without this, you’ll only have partial restore capabilities. Specificity of restore is also important for being able to ensure you’re putting the right data back into your environment.
Financial institutions have stringent security requirements that must comply with both internal and external regulations. When considering the security of your data, you should rely on a solution that has passed Salesforce security reviews and has built-in platform security features, including data encryption in transit and at rest, and role-based access controls.
Most compliance regulations require organizations to keep track of whenever data is changed, deleted, or corrupted. A reliable backup and recovery plan should include automated change identification, scheduled backups, proactive data change monitoring, and the ability to contact technical support if needed.
Storing data backups outside of nCino and Salesforce is a critical component of a data backup and recovery plan and considered a best practice for all companies using a SaaS platform. In the rare occurrence that nCino becomes temporarily unavailable, you would still be able to access your backups through an independent application.
Losing data can impact your entire company with increased labor costs, data recovery fees, lost reputation, revenue impact, compliance fines, and loss in productivity. If you’ve identified nCino as a critical component of your business, then it’s important to have a backup and recovery strategy to account for any data loss or corruption.
With OwnBackup, you can protect your investment in nCino, and in the event of a user-inflicted loss or corruption, minimize the impact to the business. OwnBackup brings ROI to its customers every day by helping them protect their Salesforce data. OwnBackup customers are almost 3x more likely to notice a data loss or corruption and they feel 3x more prepared to recover. Watch the video below to see how OwnBackup helped Navy Federal Credit Union protect their critical data needed to support small business loans.