Top 10 US Bank Saves $39M+ with Archive360 legacy system decommissioning & data governance

Financial services conglomerate seeks to retire 250+ apps, automate centralized retention of data; Archive360 Unified Data Governance Platform helps identify data in business apps and file shares, ensure all records are compliantly classified and secured

NEW YORK, January 31, 2024 -- Archive360™️, the unified data governance leader trusted by enterprises and government agencies worldwide, today announced that one of the nation’s largest banks is implementing the Archive360 Unified Data Governance Platform in a significant move to decommission legacy systems, mitigate risk, centralize the management of data resources and save nearly $40 million. The sweeping project involves migrating up to 2 petabytes of legacy application data to the A360 platform in just the first three years. The scale of the undertaking is intended to ensure superior records management and compliance, faster access to relevant data, and complete control over all types of data.

“Every major organization is hampered by the technical debt associated with hundreds of legacy applications. The best of them, like this institution, make bold moves to ensure that compliant capture, management and access to data within those systems is a fundamental requirement of their application decommissioning plan,” said Robert DeSteno, co-founder and CEO of Archive360. “It’s our mission to help leaders in heavily regulated industries achieve significant cost savings while negotiating complex issues around data retention requirements, operational resilience tied to emerging mandates, and the evolving cybersecurity environment. We are honored that an organization of this stature has selected Archive360 as the foundation for this critical initiative, and we believe our technology and services will play a key role in driving this transformation.”

Business Challenges:

Thanks in part to robust growth, the bank has faced challenges related to operational shifts, changing business requirements and cloud migration. For these and other reasons, it has opted to sunset nearly 100 applications annually, many of which were affected by record retention mandates. Even though it has a company-wide record governance program, responsibility for implementing record management policies is assigned to the owner of each business application. As a result, legacy systems with data subject to retention requirements were kept running in the background for the duration of the requirement (up to seven years).

The key problems included unnecessary legacy application expenditures; excessive data storage and processing costs; slower search and reporting performance; greater risk of sensitive data modification, deletion or exposure; and the rising cost of data discovery. As the need for a centralized data governance solution became clear, the company developed a business case to meet this goal.

This search led to the Archive360 platform. The innovative technology reduces the traditional reliance on data creators, shifts the dynamic from app- to data-centric management and fundamentally enables data management based on its value and risk.

By implementing the Archive360 Unified Data Governance Platform, the bank will:  

• Know exactly what data resides in its business apps and file shares, and how it should be managed
• Enhance data management by centralizing and automating data governance throughout the enterprise
• Ensure that records are consistently and compliantly managed (classified, secured, accessed, retained, legally held, disposed, reported) across all business applications and file shares
• Slash legacy application licensing, administrative and maintenance costs
• Save active application data storage and processing costs by moving inactive data from Tier 1 production environment to less costly cloud archives
• Retain complete control over all types of data (storage, processing speed/ costs, encryption keys, security protocols)
• Provide new data sources for analytics, machine learning (ML) and Artificial Intelligence (AI); and
• Accelerate cloud adoption by leveraging Archive360’s cloud expertise.

About Archive360

Archive360 is the unified data governance company transforming how organizations identify, collect, manage and act on their data. Businesses and government agencies worldwide rely on the security, scalability and scope of our cloud-native platform to address their increasing data governance obligations across growing volumes of disparate data. With Archive360, our customers are eliminating data silos, securing data access, increasing data insights, while reducing cost and risk. Archive360 is a global organization that delivers its solutions both directly and through a worldwide network of partners. To learn more, please visit www.archive360.com.