Amazon Web Services (AWS) has introduced Amazon FinSpace – a service aimed at reducing the time FinTech’s spend finding, preparing and analysing financial data.
According to Amazon, the new service aggregates, catalogues and tags data across a companies’ data silos, making the data easily searchable across the entire organisation. The service includes Apache Spark – an analytics engine home to over 100 data transformations used regularly in capital markets to prepare data for analytics.
Users of FinSpace will feed data from internal or third-party data silos into the service’s API or a drag-and-drop interface if used as a web application. To find data, FinSpace customers need to browse a visual catalogue and search for regular business terms.
The service records daily updates and corrections received for datasets and then processes them to create point-in-time views to validate modelling assumptions as well as to show what data was used to advise past decisions for historical analysis.
Amazon noted the service will help financial services industry (FSI) organisations meet their compliance requirements, as the FinSpace service ensures data access controls are applied and usage is tracked constantly. Analysts at asset management firms, investment banks, insurance companies and other FSI organisations are able to access the information they need to run analytics on demand across all their data.
Customers who use the FinSpace service are not required to pay any upfront costs and only need to pay for the data stored, the users allowed, and the compute used to analyse and prepare data.
The Amazon FinSpace service is available in Virginia, Ohio, Oregon, Canada and Ireland. The company claims availability in additional regions is coming soon.
AWS VP of financial services technology Saman Michael Far said, “FSI organizations 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. Amazon FinSpace is a game-changer for FSI organizations. 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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