Amazon FinSpace offers a purpose-built analytics service that streamlines the process of finding, preparing and analyzing financial information “from months to minutes.” By aggregating, cataloging and tagging data, FinSpace makes data searchable for anyone in an FSI organization, according to the release.
“FSI organizations generate and purchase massive amounts of data, but using this data is very difficult because of the time and effort it takes to collect and prepare data for analysis,” said Saman Michael Far, VP of financial services technology, AWS. Far added that FinSpace is a “game-changer” that makes analyzing “petabytes of data” faster, easier and more relevant and actionable.
The FinSpace service was built on Apache Spark, an open-source analytics engine that facilitates the processing of big data. It supports data analysis used in capital markets and for governance policies.
“Many of the data analytics tools available to analysts today were built to run on a single computer and were not designed to take advantage of the cloud’s scale and the ability to compute heavy analysis on-demand,” Amazon said in the release.
Because financial institutions (FIs) have information in different silos across various departments, finding and analyzing data is often an arduous, time-consuming process. FinSpace aims to make it easier for FSI organizations to leverage the data to generate new revenue streams and attract new customers.
“In working with financial services industry clients, we have found that cloud-based analytics and AI/ML allow us to answer questions that we couldn’t answer several years ago and drive value in new ways. Data, analytics and AI/ML will continue to be key and become even more important to financial institutions’ decision-making and business outcomes over the next decade,” said Jojy Mathew, principal, Deloitte Consulting LLP, and Deloitte’s financial services data and analytics leader.
It’s also important for organizations to analyze social data when it comes to creating customer-specific offers, Tony Hildesheim, chief information officer at Redwood Credit Union, said in a PYMNTS interview.
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