Snowflake announced the Financial Services Data Cloud, which unites Snowflake’s platform governance capabilities, Snowflake- and partner-delivered solutions, and industry-critical datasets, to help Financial Services organizations revolutionize how they use data to drive business growth and deliver better customer experiences.
As customer expectations, regulatory requirements, and data volumes rise, Snowflake’s Data Cloud helps organizations accelerate their top-line growth and innovation while mitigating risk. Banking, insurance, fintech, and investment management customers, and others in the financial services industry, can utilize Snowflake’s Financial Services Data Cloud to launch new customer-centric products and services, build fintech platforms of the future, and accelerate their compliance and regulatory compliance. Customers like Allianz, AXA, BlackRock, Capital One, NYSE, Refinitiv, Square, State Street, Western Union, and Wise, are already part of the Financial Services Data Cloud.
“As a trusted global brand with millions of customers around the world, our priority has always been to focus on what our customers need today and tomorrow, and keep innovating to exceed these needs,” said Western Union Chief Data Officer, Tom Mazzaferro. “The Financial Services Data Cloud’s industry-tailored capabilities along with the Snowflake platform’s best-in-class data security and governance are key to Western Union’s technology modernization program and to our vision of building our new ecosystem connecting millions of people living across the globe.”
Snowflake’s platform governance capabilities have been crafted to support the stringent requirements of today’s financial services organizations.
Snowflake Financial Services Data Cloud enables customers to:
- Securely collaborate on data across the enterprise, while efficiently meeting regulatory requirements, using Snowflake’s powerful security and governance capabilities, including: private connectivity for multiple public clouds, enhanced encryption with bring your own key (BYOK), built-in classification and anonymization of sensitive data, and integration with 3rd party tokenization providers, all 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 unique global and cross-cloud data sharing capabilities to connect customers across the financial services ecosystem. Solutions include:
- The Alation Data Catalog 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 Snowflake’s 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 seamless 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 normalization 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: 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 to:
- Support collaboration between customers, allowing industry players to securely collaborate on live data with partners, and leave behind outdated processes of duplicating data and passing files back-and-forth.
- Access and leverage a growing number of datasets from leading traditional and alternative data providers for the financial industry led by Acxiom, S&P Global and FactSet via Snowflake Data Marketplace.
“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,” said Snowflake VP and Global Head of Financial Services, Matt Glickman. “With more than half of Fortune 500 financial services organizations 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 Finserv even further.”