On 3rd May 2021, Amazon Web Services officially announced the launch of Amazon FinSpace which is an industry cloud offering aimed at helping finance organizations efficiently prepare and analyze data.
What is Amazon FinSpace?
Amazon FinSpace is a data management and analytics service that stores, catalogs, and prepares financial industry data at scale with ease while simultaneously reducing the time it takes for financial services industry customers to find and access all types of financial data for analysis from months to minutes.
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AWS Launches Amazon FinSpace
The purpose-built analytics service ‘aggregates, catalogs, and tags data across an organization’s data silos’, enabling data to easily be searchable across the entire company. In the traditional methods, financial services organizations analyzed data from internal data stores like portfolio, actuarial, and risk management systems. Along with that, they also analyzed petabytes of data from third parties, such as historical securities prices from stock exchanges, etc. This process took months for organizations to find the right data, get permission to access the data in a compliant way, and prepare it for analysis.
Not to forget, the tightly controlled regulation & policies and lack of scalability with which analysts either had to use small representative datasets that limit the predictive ability or had to break up data into many subsets and manually recombine.
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How Does FinSpace Eases Data Management and Analytics?
FinSpace removes the pressure of building and maintaining a data management system for financial analytics. It helps organizations in collecting data in a secure data management application and catalog it by relevant business concepts such as asset class, risk classification, or geographic region. This makes it easy to discover and share data all across your organization.
During the release, the company said “Amazon FinSpace includes built-in classification schemas for common FSI data sources that customers can customize to their needs, so the data can be organized in a way that is easy to find and share.”
In a statement by Thomas Olunloyo, CEO of L&G Re said that Amazon FinSpace would transform how we use data by giving our analysts the ability and easily access all the company’s data to carry out analysis faster and immediately share the results across the business while ensuring our data governance and access control policies are met in full.
Amazon FinSpace is now available in the US East (N. Virginia and Ohio), US West (Oregon), Canada (Central), and Europe (Ireland) regions. However, additional availability has been promised soon.
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