Amazon Web Services (AWS) has launched Amazon FinSpace, an analytics service for financial services institutions (FSIs).
The company claims that the web application-based service can reduce the time it takes to find, prepare, and analyse financial data from “months to minutes.”
Amazon FinSpace aggregates, catalogues, and tags data across an organisation’s data silos, making the data easily searchable by the entire organisation.
“To make it easier for FSI organisations to meet their compliance requirements, Amazon FinSpace ensures that data access controls are enforced and usage is tracked at all times,” said AWS.
The service includes a purpose-built managed Apache Spark analytics engine that contains over 100 data transformations commonly used in the capital markets industry to prepare data for analytics at petabyte scale.
“FSI organisations 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, vice president, financial services technology, AWS. “Amazon FinSpace is a game changer for FSI organisations."
Far added: "Amazon FinSpace radically reduces the time it takes for FSI customers to do analytics across petabytes of data, making it significantly easier for them to identify new sources of revenue, attract customers, and reduce cost and risk.”
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