Piql Book of References

Banking and finance

HISTORICAL BANK ARCHIVES | CONTEMPORARY BANKING | INSURANCE

Financial institutions have unique archival challenges managing both contemporary and historical content, in a variety of mediums and archival management systems. Collating, managing and accessing information can prove challenging over time, balancing the needs of historical content with contemporary digital records. Banks and financial institutions also have mandatory retention periods for transaction data. Collections can also be held in different systems, rather than one cohesive archival management tool. Time is often the greatest risk to archives with decay and wear inevitable for physical items, and technology and software obsolescence for digital content.

Many digital preservation technologies available are de signed to keep the data alive through a data migration or active online management strategy, however these can be risky (with potential data loss), expensive and time consuming. An effective digital preservation strategy must address these issues, with a sustainable solution both for now and the future of the archive.