Lakehouse for Financial Services offers affiliate solutions, usage accelerators and data monetization capabilities designed to meet the unique requirements of financial institutions
The company is also appointing former Salesforce CEO Michael Hartman as the new senior vice president of regulated industries to drive customer acceptance in tightly regulated areas of banking, insurance and payments
SAN FRANCISCO, February 15, 2022 / PRNewswire / – Databricks, a data and artificial intelligence company and pioneer of data lakehouse architecture, today announced Databricks Lakehouse for Financial Services, an open state-of-the-art data platform tailored to customer use in the banking, insurance and capital markets sectors. As the financial sector shifts to using open source and cloud technologies to drive innovation, Databricks customers and industry partners such as Avanade, Deloitte, FINOS, Gemini, Nasdaq and TD Bank are accelerating time to value their data assets with Lakehouse for Financial Services.
Databricks ’Lakehouse for Financial Services is designed to offer customers solutions to meet their unique technical and business needs. With the support of real-time analytics, business intelligence (BI) and powerful AI capabilities for all types of data, Databricks enables customers by providing a cloud-based environment to mitigate regulatory risks associated with vendor blocking. Lakehouse for Financial Services includes data solutions and usage accelerators for important industrial use cases such as compliance and regulatory reporting, risk management, fraud and open banking.
TD Bank recently announced an acceleration of its initiative to upgrade a data platform that uses Databricks on Microsoft Azure to improve analytics and help new customers. Senior Vice President, Corporate Platforms, TD Bank, Jeff Martinshared: “At TD, our data capabilities and analytics are central to innovation for our customers in new and meaningful ways. By consolidating our data on the Microsoft Azure cloud platform and using Databricks, we further improve and develop the user experience and support new product development.”
“For financial service organizations around the world seeking to modernize and innovate, the two most important assets are no longer capital or large-scale, but data and people,” said Junta Nakai, RVP, world industry leader. financial services at Databricks. “Databricks Lakehouse for Financial Services combines these two important resources on a secure, open-source data platform that enables FSI to use data in the cloud and drive innovation through AI.”
In addition, Delta Sharing enables standardized real-time data exchange with leading financial data providers such as Nasdaq, Factset and the Intercontinental Exchange, which facilitates the consumption, exchange and monetization of data through the Lakehouse platform. In keeping with the roots of the open source Databricks, Lakehouse for Financial Services too integrated with Legendcornerstone project FINASFintech Open Source Foundation and the financial sector project The Linux Foundation to create an open ecosystem based on common standards for financial data throughout the banking ecosystem.
Industry-leading consulting partners like Avanada and Deloitte Collaborate with Databricks to further accelerate the adoption of the Lakehouse platform in financial services by developing new services and data transfer solutions based on Databricks. Recommended partnership solutions for financial services use options include:
Risk Management Avanade: Allows financial institutions to quickly deploy data in a value-at-risk model to keep up with emerging risks and threats. By moving to the cloud and upgrading data-driven risk models, financial institutions can reduce regulatory, operational compliance risks, and scale to meet increased bandwidth while adopting a unified approach to data analytics.
Deloitte FinServ regulated data platform: A cloud-compliant, supervised regulatory data platform that creates a single source of truth for financial institutions to intelligently organize data domains and approved security points, enabling activation of business intelligence, visualization, forecasting analytics, AI / ML, NLP and RPA.
An ecosystem of solutions for data set up for financial services
Customers also benefit from proven data model structures, affiliate solutions, and accelerator usage options that are designed to quickly launch process analytics and address industry-specific challenges, including:
Post-trade analysis and market monitoring: High-scale time series processing mechanism for market data. This library brings together key market data and a variety of alternative data sources, allowing asset managers to test investment strategies on a large scale and effectively report transaction cost analysis.
Enrichment of transactions: A scalable library of geospatial analytics created for credit card transactions and open banking analytics. This library allows hyperpersonalization in retail banking to better understand the customer behavior needed to segment next-generation customers and current fraud prevention strategies.
Detect and prevent fraud with predictive analytics: Use data and machine learning to help prevent fraud and improve KYC / AML practices to respond quickly to malicious activity and deter financial fraud on a scale ranging from securities trading fraud to money laundering.
Regulatory reporting: Simplify the complexity of regulatory reporting and compliance in streamlining the acquisition, processing and transmission of regulatory data in accordance with open data standards and open data exchange protocols.
Finally, Databricks recently added a chapter that will drive global expansion and growth in financial services, among other regulated sectors, such as the public sector and healthcare, with the appointment Michael Hartman as Senior Vice President for Regulated Areas. He joins Salesforce, where he recently served as EVP North American Financial Services, and has spent the last decade helping build strategy and financial services teams.
Earlier this year, Databricks Ventures announced a high-growth vertical investment. TickSmiththe B2B SaaS platform and early partner of Delta Sharing, which provides data monetization solutions based on Lakehouse for Financial Services.
Visit the page for more information Databricks home page for financial services.
Databricks is a company that deals with data and artificial intelligence. More than 5,000 organizations around the world – including Comcast, Condé Nast, H&M and more than 40% of the Fortune 500 – rely on the Databricks Lakehouse platform to combine their data, analytics and artificial intelligence. Databricks is headquartered in San Francisco, with offices around the world. Founded by the original creators of Apache Spark ™, Lake Delta and MLflow, Databricks is on a mission to help data groups solve the world’s most complex problems. To learn more, follow Databricks TwitterLinkedIn and Facebook.
See original multimedia download content: https://www.prnewswire.com/news-releases/databricks-launches-lakehouse-for-financial-services-to-accelerate-data-driven-innovation-across-the-industry-301482715 .html