Snowflake rolls out data cloud for financial services market
Snowflake has launched its Financial Services Data Cloud. This brings together Snowflake's platform governance capabilities, as well as Snowflake and partner delivered solutions and datasets.
Essentially, it's designed to help financial services organisations improve how they use data to drive business growth and deliver better customer experiences, according to the company.
Banking, insurance, fintech, and investment management customers, and others in the financial services industry, can now utilise Snowflake's Financial Services Data Cloud to launch customer-centric products and services, build fintech platforms, and accelerate their compliance and regulatory compliance, Snowflake states.
Top benefits of Snowflake's Financial Services Data Cloud are the ability to:
- Securely collaborate on data across the enterprise, while meeting regulatory requirements with Snowflake's security and governance capabilities, including: private connectivity for multiple public clouds, enhanced encryption with bring your own key (BYOK), built-in classification and anonymisation of sensitive data, and integration with 3rd party tokenisation providers, offered in compliance with SOX standards.
- Securely share data across multiple public clouds with support for sharing from multi-tenant environments to Virtual Private Snowflake (VPS) environments coming in a future release.
- Leverage Snowflake as the first company achieving the new Cloud Data Management Capabilities (CDMC) financial industry standard, which is sponsored by the EDM Council and verified by KPMG.
Within the Financial Services Data Cloud, Snowflake also announced partner-delivered solutions. These end-to-end solutions take advantage of Snowflake's cross-cloud data sharing capabilities to connect customers across the financial services ecosystem.
Solutions include the following:
- The Alation Data Catalogue and new Data Governance App to help drive data governance and help increase the transparency of data controls in the Financial Services Data Cloud.
- Amazon FinSpace, a data management and analytics service purpose-built for the financial services industry, will provide analysts access to data they have in Snowflake.
- BlackRock launched the Aladdin Data Cloud, a solution for investment managers to expand the utility of data, powered by Snowflakes platform.
- Cognizant's Quick Start Third Party Insurance Data Exchange Solution enables insurers to integrate policy and claims data with both 3rd party datasets, and those available on Snowflake's marketplace, to improve risk evaluation and expedite underwriting.
- Dataiku's integration with Snowflake for AI/ML-focused customers, enabling the use of training models directly within Snowflake.
- Deloitte's HUX for Financial Services offers retail banks a customer 360 acquisition solution, enabled by Snowflake.
- EY Comply, the EY managed service for asset management regulatory reporting built on Snowflake.
- EY ESG Arena, the EY Environmental and Social Governance data normalisation platform built on Snowflake.
- The State Street AlphaSM Data Platform, powered by Snowflake, speeds time to insight for institutional investment and wealth managers with secure and governed data access.
In addition, Snowflake announced Solution Accelerators, that is resources designed to accelerate customers' time to value, including open data models, solution reference architectures, and related professional services offerings.
The Financial Services Data Cloud also includes datasets from industry partners and data providers that can be natively accessed through Snowflake.
This supports collaboration between customers, allowing industry players to securely collaborate on live data with partners, and access a growing number of datasets from traditional and alternative data providers for the financial industry led by Acxiom, S-P Global and FactSet via Snowflake Data Marketplace.
Snowflake VP and global head of financial services Matt Glickman says, “The Financial Services Data Cloud will enable leaders in the space to create new revenue streams through future-forward products, collaborate within and across the new data economy for competitive advantage, while continuously maintaining security and governance standards.
"With more than half of Fortune 500 financial services organisations using Snowflake, it's clear that customers are leaning in with the Data Cloud, and the Financial Services Data Cloud's capabilities and content ecosystem can help customers drive the future of financial services even further.