- 16 September 2021 10:40
Snowflake Launches the Financial Services Data Cloud to Accelerate Customer-Centric and Data-Driven Innovation in the Financial Services Industry
- Financial Services Data Cloud enables businesses to build disruptive, customer-centric products and create new revenue streams while enabling compliance with the highest standards of security and governance
- Snowflake’s product revenue from customers in the financial services industry grew more than 100% YoY*
- Approximately 57% of Financial Services firms in the Fortune 500 are using Snowflake**
Sydney - 15 September 2021 - Snowflake (NYSE: SNOW), the Data Cloud company, today announced the Financial Services Data Cloud, which unites Snowflake’s industry-tailored platform governance capabilities, Snowflake- and partner-delivered solutions, and industry-critical datasets, to help Financial Services organisations revolutionise how they use data to drive business growth and deliver better customer experiences.
As customer expectations, regulatory requirements, and data volumes rise, Snowflake’s Data Cloud helps organisations accelerate their top-line growth and innovation while mitigating risk. Banking, insurance, fintech, and investment management customers, and others in the financial services industry, can utilise Snowflake’s Financial Services Data Cloud to launch new customer-centric products and services, build fintech platforms of the future, and accelerate their compliance and regulatory compliance. Industry-leading customers like Allianz, AXA, BlackRock, Capital One, NYSE, Refinitiv, Square, State Street, Western Union, and Wise, are already part of the Financial Services Data Cloud.
“As a trusted global brand with millions of customers around the world, our priority has always been to focus on what our customers need today and tomorrow, and keep innovating to exceed these needs,” said Western Union Chief Data Officer, Tom Mazzaferro. “The Financial Services Data Cloud’s industry-tailored capabilities along with the Snowflake platform’s best-in-class data security and governance are key to Western Union’s technology modernisation program and to our vision of building our new ecosystem connecting millions of people living across the globe.”
Snowflake’s platform governance capabilities have been crafted to support the stringent requirements of today’s financial services organisations.
Snowflake Financial Services Data Cloud enables customers to:
- Securely collaborate on data across the enterprise, while efficiently meeting regulatory requirements, using Snowflake’s powerful security and governance capabilities, including: private connectivity for multiple public clouds, enhanced encryption with bring your own key (BYOK), built-in classification and anonymisation of sensitive data, and integration with 3rd party tokenisation providers, all offered in compliance with SOX standards.
- Securely share data across multiple public clouds with support for sharing from multi-tenant environments to Virtual Private Snowflake (VPS) environments coming in a future release.
- Leverage Snowflake as the first company achieving the new Cloud Data Management Capabilities (CDMC) financial industry standard, which is sponsored by the EDM Council and verified by KPMG.
Within the Financial Services Data Cloud, Snowflake also announced partner-delivered solutions. These end-to-end solutions take advantage of Snowflake’s unique global and cross-cloud data sharing capabilities to connect customers across the financial services ecosystem. Solutions include:
- The Alation Data Catalogue and new Data Governance App to help drive data governance and help increase the transparency of data controls in the Financial Services Data Cloud.
- Amazon FinSpace, a data management and analytics service purpose-built for the financial services industry, will provide analysts access to data they have in Snowflake.
- BlackRock launched the Aladdin Data Cloud, a solution for investment managers to expand the utility of data, powered by Snowflake’s platform. Cognizant’s Quick Start Third Party Insurance Data Exchange Solution enables insurers to integrate policy and claims data with both 3rd party datasets, and those available on Snowflake’s marketplace, to improve risk evaluation and expedite underwriting.
- Dataiku’s seamless integration with Snowflake for AI/ML-focused customers, enabling the use of training models directly within Snowflake.
- Deloitte’s HUX for Financial Services offers retail banks a customer 360 acquisition solution, enabled by Snowflake.
- EY Comply, the EY managed service for asset management regulatory reporting built on Snowflake.
- EY ESG Arena, the EY Environmental and Social Governance data normalisation platform built on Snowflake.
The State Street AlphaSM Data Platform, powered by Snowflake, speeds time to insight for institutional investment and wealth managers with secure and governed data access. In addition, Snowflake announced Solution Accelerators: resources designed to accelerate customers’ time to value, including open data models, solution reference architectures, and related professional services offerings. The Financial Services Data Cloud also includes datasets from industry partners and data providers that can be natively accessed through Snowflake to:
- Support collaboration between customers, allowing industry players to securely collaborate on live data with partners, and leave behind outdated processes of duplicating data and passing files back-and-forth.
- Access and leverage a growing number of datasets from leading traditional and alternative data providers for the financial industry led by Acxiom, S&P Global and FactSet via Snowflake Data Marketplace.
“The Financial Services Data Cloud will enable leaders in the space to create new revenue streams through future-forward products, collaborate within and across the new data economy for competitive advantage, while continuously maintaining security and governance standards,” said Snowflake VP and Global Head of Financial Services, Matt Glickman. “With more than half of Fortune 500 financial services organisations using Snowflake**, it's clear that customers are leaning in with the Data Cloud, and the Financial Services Data Cloud’s capabilities and content ecosystem can help customers drive the future of Finserv even further.”
Sign up for the Snowflake Financial Services Data Summit to get access to keynotes, breakout sessions, industry content and more from leading experts in financial services: https://www.snowflake.com/financial-services-data-summit
Read about the Data Cloud for Financial Services: https://resources.snowflake.com/solution-briefs/the-cloud-data-platform-for-financial-services
Stay on top of the latest news and announcements from Snowflake on LinkedIn and Twitter. * Based on product revenue for the three months ended July 31, 2021.
**As of July 31, 2021. Based on the 2021 Fortune 500 list. Our Fortune 500 customer count is subject to adjustments for annual updates to the Fortune 500 list by Fortune, as well as acquisitions, consolidations, spin-offs, and other market activity with respect to such customers.
This press release contains express and implied forwarding-looking statements, including statements regarding Snowflake products, services, and technology offerings that are under development. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under the heading “Risk Factors” and elsewhere in the Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2021 that Snowflake has filed with the Securities and Exchange Commission. In light of these risks, uncertainties, and assumptions, actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. As a result, you should not rely on any forwarding-looking statements as predictions of future events.
Snowflake enables every organisation to mobilise their data with Snowflake’s Data Cloud. Customers use the Data Cloud to unite siloed data, discover and securely share data, and execute diverse analytic workloads. Wherever data or users live, Snowflake delivers a single data experience that spans multiple clouds and geographies. Thousands of customers across many industries, including 212 of the 2021 Fortune 500 as of July 31, 2021, use Snowflake Data Cloud to power their businesses. Learn more at snowflake.com.