Snowflake helps financial services organizations leverage data to drive business growth

Snowflake introduced the Financial Services Data Cloud, which unites Snowflake’s platform governance capabilities, Snowflake- and partner-delivered options, and industry-critical datasets, to assist Financial Services organizations revolutionize how they use data to drive business growth and ship higher buyer experiences.

As buyer expectations, regulatory necessities, and data volumes rise, Snowflake’s Data Cloud helps organizations speed up their top-line growth and innovation whereas mitigating threat. Banking, insurance coverage, fintech, and funding administration prospects, and others within the financial services {industry}, can make the most of Snowflake’s Financial Services Data Cloud to launch new customer-centric merchandise and services, construct fintech platforms of the long run, and speed up their compliance and regulatory compliance. Customers like Allianz, AXA, BlackRock, Capital One, NYSE, Refinitiv, Square, State Street, Western Union, and Wise, are already a part of the Financial Services Data Cloud.

“As a trusted international model with tens of millions of consumers all over the world, our precedence has all the time been to give attention to what our prospects want right this moment and tomorrow, and hold innovating to exceed these wants,” stated Western Union Chief Data Officer, Tom Mazzaferro. “The Financial Services Data Cloud’s industry-tailored capabilities together with the Snowflake platform’s best-in-class data safety and governance are key to Western Union’s know-how modernization program and to our imaginative and prescient of constructing our new ecosystem connecting tens of millions of individuals residing throughout the globe.”

Snowflake’s platform governance capabilities have been crafted to help the stringent necessities of right this moment’s financial services organizations.

Snowflake Financial Services Data Cloud allows prospects to:

• Securely collaborate on data throughout the enterprise, whereas effectively assembly regulatory necessities, utilizing Snowflake’s highly effective safety and governance capabilities, together with: personal connectivity for a number of public clouds, enhanced encryption with carry your personal key (BYOK), built-in classification and anonymization of delicate data, and integration with third occasion tokenization suppliers, all provided in compliance with SOX requirements.
• Securely share data throughout a number of public clouds with help for sharing from multi-tenant environments to Virtual Private Snowflake (VPS) environments coming in a future launch.
• Leverage Snowflake as the primary firm reaching the brand new Cloud Data Management Capabilities (CDMC) financial {industry} commonplace, which is sponsored by the EDM Council and verified by KPMG.

Within the Financial Services Data Cloud, Snowflake additionally introduced partner-delivered options. These end-to-end options benefit from Snowflake’s distinctive international and cross-cloud data sharing capabilities to join prospects throughout the financial services ecosystem. Solutions embrace:

• The Alation Data Catalog and new Data Governance App to assist drive data governance and assist improve the transparency of data controls within the Financial Services Data Cloud.
• Amazon FinSpace, a data administration and analytics service purpose-built for the financial services {industry}, will present analysts entry to data they’ve in Snowflake.
• BlackRock launched the Aladdin Data Cloud, an answer for funding managers to broaden the utility of data, powered by Snowflake’s platform.
• Cognizant’s Quick Start Third Party Insurance Data Exchange Solution allows insurers to combine coverage and claims data with each third occasion datasets, and people accessible on Snowflake’s market, to enhance threat analysis and expedite underwriting.
• Dataiku’s seamless integration with Snowflake for AI/ML-focused prospects, enabling the usage of coaching fashions straight inside Snowflake.
• Deloitte’s HUX for Financial Services gives retail banks a buyer 360 acquisition resolution, enabled by Snowflake.
• EY Comply, the EY managed service for asset administration regulatory reporting constructed on Snowflake.
• EY ESG Arena, the EY Environmental and Social Governance data normalization platform constructed on Snowflake.
• The State Street AlphaSM Data Platform, powered by Snowflake, speeds time to perception for institutional funding and wealth managers with safe and ruled data entry.

In addition, Snowflake introduced Solution Accelerators: sources designed to speed up prospects’ time to worth, together with open data fashions, resolution reference architectures, and associated skilled services choices.

The Financial Services Data Cloud additionally contains datasets from {industry} companions and data suppliers that may be natively accessed by Snowflake to:

• Support collaboration between prospects, permitting {industry} gamers to securely collaborate on dwell data with companions, and depart behind outdated processes of duplicating data and passing recordsdata back-and-forth.
• Access and leverage a rising variety of datasets from main conventional and various data suppliers for the financial {industry} led by Acxiom, S&P Global and FactSet through Snowflake Data Marketplace.

“The Financial Services Data Cloud will allow leaders within the house to create new income streams by future-forward merchandise, collaborate inside and throughout the brand new data financial system for aggressive benefit, whereas constantly sustaining safety and governance requirements,” stated Snowflake VP and Global Head of Financial Services, Matt Glickman. “With greater than half of Fortune 500 financial services organizations utilizing Snowflake, it’s clear that prospects are leaning in with the Data Cloud, and the Financial Services Data Cloud’s capabilities and content material ecosystem can assist prospects drive the way forward for Finserv even additional.”