Financial services firms are under pressure to meet shifting regulatory requirements, scale digital platforms, and innovate against emerging competitors, all while navigating an increasingly complex data landscape. And Data Lake is helping many of the world’s leading financial institutions embrace these challenges, and evolve their businesses.
Also the Financial Data Cloud is a connected network that enables financial firms to thrive in a data-intensive, highly regulated, and competitive environment with the help of Snowflake’s platform capabilities, tailored solutions delivered by Snowflake, and the growing amount of financially-relevant data that is natively available in Snowflake’s Data Cloud.
Some of the major problem statements faced by most financial institutions:
- Lack of a unified data platform. Different Business Units have different/proprietary data platform creating data silos
- Customer data is split among multiple business units and data platforms, thus no centralized repository making it difficult to apply analytics.
- Difficulty in getting actionable business insights from accumulated data.
- Inability to derive insights from multiple data sources like Call Center, CRM, log files and suchlike.
- Lack of a highly available, resilient and horizontally scalable platform for data quality.
- Lack of APIs to expose analytics to other applications, to easily search required data.
- Slow time-to-market of new features
The solution is to implementing a secure data lake platform to complete the below tasks:
- Data from all Business Units in a central data lake making it easier to apply analytics to get insights to solve business challenges.
- Unified view of Customer data from multiple business units so that every stakeholder has the same view of data.
- Ability to perform comprehensive analytics based on data in Data Lake.
With a data lake in place you can now have a centralized repository of information in the cloud which is secured, unified and ready to be analyzed to get the best value.