SAN FRANCISCO, February 15, 2022 /PRNewswire/ — Databricks, the data and AI company and pioneer of the Data Lakehouse architecture, today announced Databricks Lakehouse for Financial Services, an open and modern data platform tailored to business use cases. clients in the banking, insurance and capital markets sectors. As the financial industry moves toward open source and cloud technology to drive innovation, Databricks customers and industry partners such as Avanade, Deloitte, FINOS, Gemini, Nasdaq, and TD Bank are accelerating the time to leverage their data assets with the Lakehouse for Financial Services.
Lakehouse for Databricks Financial Services is designed to provide customers with solutions that meet their unique technical and business needs. With support for real-time analytics, Business Intelligence (BI), and powerful AI capabilities across all data types, Databricks enables customers to deliver a multi-cloud environment to mitigate risk regulation associated with supplier lock-in. The Lakehouse for Financial Services integrates data solutions and use case accelerators for critical industry use cases such as regulatory compliance and reporting, risk management, fraud and open banking .
TD Bank recently announced the acceleration of its data platform modernization initiative that leverages Databricks on Microsoft Azure to improve analytics capabilities and help power new customer experiences. TD Bank SVP Business Platforms, Jeff Martinshared, “At TD, our data and analytics capabilities are critical to innovating in new and meaningful ways for our customers. By consolidating our data on the Microsoft Azure cloud platform and leveraging Databricks, we are improving and evolving the customer experience and supporting new product development.”
“For financial services institutions around the world looking to modernize and innovate, the two most important assets are no longer capital or size, but data and people,” said Junta Nakai, RVP, Financial Services Global Industry Leader at Databricks. “The Databricks Lakehouse for Financial Services brings these two essential resources together in a secure, collaborative, and open-source data platform that enables ISPs to harness data across clouds and drive innovation with AI.
Additionally, Databricks Delta Sharing enables standardized real-time data sharing with major financial data providers such as Nasdaq, Factset, and Intercontinental Exchange, making it easy to consume, share, and monetize data through the Lakehouse platform. . True to Databricks’ open source roots, the Lakehouse for Financial Services is also integrated with Legenda flagship project of FINOSthe Fintech Open Source Foundation and the Linux Foundation Financial Industry Project, to create an open ecosystem based on common standards for financial data across the banking ecosystem.
Industry-leading consulting partners like Avanade and Deloitte are partnering with Databricks to further accelerate adoption of the Lakehouse platform in financial services by developing new data services and solutions powered by Databricks. Tailor-made for financial services use cases, the partner solutions offered include:
- Avanade Risk Management: Enables financial institutions to rapidly deploy data into value-at-risk models to track emerging risks and threats. By migrating to the cloud and modernizing data-driven risk models, financial institutions are able to reduce regulatory and operational compliance risk and adapt to meet increased throughput, while adopting a unified approach to data analysis.
- Deloitte FinServ governed data platform: A curated, cloud-based data platform that meets regulatory requirements that creates a single source of truth for financial institutions to intelligently curate approved data domains and provisioning points, enabling data enablement. business intelligence, visualization, predictive analytics, AI/ML, NLP and RPA.
Ecosystem of Custom Data Solutions for Financial Services
Customers also benefit from vetted data model frameworks, partner solutions, and use case accelerators designed to jump-start the analysis process and solve industry-specific problems, including:
- Post-trade analysis and market monitoring: Highly scalable time series processing engine for market data. This library brings together basic market data and disparate alternative data sources, enabling asset managers to test investment strategies at scale and effectively report transaction cost analysis.
- Transaction Enrichment: Massively scalable geospatial analysis library designed for credit card transactions and open banking analysis. This library enables hyper-personalization in retail banking to better understand customer transaction behavior required for next-generation customer segmentation and modern fraud prevention strategies.
- Fraud detection and prevention with predictive analytics: Leverage data and machine learning to help prevent fraud and improve KYC/AML practices to quickly respond to malicious activity and combat large-scale financial fraud, from fraudulent securities trading to money laundering. ‘silver.
- Regulatory reports: Simplify the complexity of regulatory reporting and compliance while streamlining the acquisition, processing, and transmission of regulatory data in accordance with open data standards and open data sharing protocols.
Finally, Databricks recently added a senior executive to lead its global expansion and growth in financial services, among other regulated sectors like public sector and healthcare, with the appointment of Michael Hartman as SVP of Regulated Industries. He comes from Salesforce where he most recently served as Executive Vice President of North American Financial Services and has spent the past decade helping to grow their financial services strategy and teams.
Further signaling the company’s commitment to the high-growth vertical, Databricks Ventures announced earlier this year the investment in TickSmitha SaaS B2B platform and an early partner of Delta Sharing, which provides data monetization solutions built on top of Lakehouse for Financial Services.
For more information, visit the Databricks for Financial Services Landing Page.
Databricks is the data and AI company. More than 5,000 organizations worldwide, including Comcast, Condé Nast, H&M and more than 40% of the Fortune 500, rely on the Databricks Lakehouse platform to unify their data, analytics and AI. Databricks is headquartered in San Francisco, with offices around the world. Founded by the original creators of Apache Spark™, Delta Lake and MLflow, Databricks is on a mission to help data teams solve the world’s toughest problems. To learn more, follow Databricks on Twitter, LinkedIn and Facebook.
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