Databricks has announced the Databricks Lakehouse for Financial Services, an open, modern data platform tailored to customer use cases across the banking, insurance, and capital markets sectors.
Databricks’ Lakehouse for Financial Services is designed to offer customers solutions that address their unique technical and business requirements. With support for real-time analytics, business intelligence, and AI capabilities on all data types, Databricks aims to support customers by providing a multi-cloud environment to mitigate the regulatory risk associated with vendor lock-in. The Lakehouse for Financial Services incorporates data solutions and use-case accelerators for critical industry use cases such as compliance and regulatory reporting, risk management, fraud deterrence, and open banking.
“For Financial Service Institutions around the world looking to modernize and innovate, the two most important assets are no longer its capital or sheer scale, but its data and its people,” said Junta Nakai, RVP, financial services global industry leader at Databricks. “The Databricks Lakehouse for Financial Services brings these two critical resources together on a secure, collaborative and open source-based data platform that allows FSIs to leverage data across clouds and drive innovation with AI.”
Additionally, Databricks’ Delta Sharing empowers standardized, real-time data sharing with financial data providers such as Nasdaq, Factset, and Intercontinental Exchange, making it easier to consume, share, and monetize data through the lakehouse platform. The Lakehouse for Financial Services is also integrated with Legend, a cornerstone project of FINOS, the Fintech Open Source Foundation and financial sector project of The Linux Foundation, to create an open ecosystem based on common standards for financial data throughout the entire banking ecosystem.
Avanade and Deloitte are partnering with Databricks to further accelerate the adoption of the lakehouse platform in financial services by developing new data services and solutions powered by Databricks. Tailor-made for financial services use-cases, featured partner solutions include:
- Avanade Risk Management: Enables financial institutions to rapidly deploy data into value-at-risk models to keep up with emerging risks and threats. By migrating to the cloud and modernizing data-driven risk models, financial institutions are able to reduce regulatory, operational compliance risks related and scale to meet increased throughput – all while adopting a unified approach to data analytics.
- Deloitte FinServ Governed Data Platform: A cloud-based, curated data platform meeting regulatory requirements that builds a single source of truth for financial institutions to intelligently organize data domains and approved provisioning points, enabling activation of business intelligence, visualization, predictive analytics, AI/ML, NLP and RPA.
Customers can also benefit from vetted data model frameworks, partner solutions, and use-case accelerators that are designed to jumpstart the analytics process and solve specific industry challenges including:
- Post-Trade Analysis and Market Surveillance: Scalable time-series processing engine for market data. This library joins core market data and disparate alternative data sources, enabling asset managers to back-test investing strategies at scale and efficiently report on transaction cost analysis.
- Transaction Enrichment: Scalable geospatial analytics library built for credit card transaction and open banking analytics. This library enables hyper-personalization in retail banking to better understand customer transaction behavior required for next generation customer segmentation and modern fraud prevention strategies.
- Fraud Detection and Prevention with Predictive Analytics: Leverage data and machine learning to help preempt fraud and enhance KYC/AML practices to respond to malicious activity swiftly and curb financial fraud at scale—from fraudulent securities trading to money laundering.
- Regulatory Reporting: Simplifies the complexity of regulatory reporting and compliance while streamlining the acquisition, processing, and transmission of regulatory data following open data standards and open data sharing protocols.
For more information, visit the Databricks for Financial Services homepage.