Databricks, the Data and AI company and pioneer of the data lakehouse architecture, 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. As the financial sector moves to embrace open source and cloud technology to drive innovation, Databricks customers and industry partners like Avanade, Deloitte, FINOS, Gemini, Nasdaq, and TD Bank are accelerating their time-to-value data assets with the Lakehouse for Financial Services.
Lakehouse for Financial Services by Databricks is meant to provide customers with solutions that fit their specific technological and business needs. Databricks enables businesses by delivering a multi-cloud environment that mitigates the regulatory risk associated with vendor lock-in by supporting real-time analytics, business intelligence (BI), and advanced AI capabilities on all data types. For essential industry use cases including compliance and regulatory reporting, risk management, fraud, and open banking, the Lakehouse for Financial Services includes data solutions and use-case accelerators.
TD Bank recently announced the acceleration of its data platform modernisation initiative that is leveraging Databricks on Microsoft Azure to enhance analytical capabilities and help power new customer experiences. TD Bank’s SVP Corporate Platforms, Jeff Martin, shared: “At TD, our data and analytics capabilities are central to innovating for our customers in new and meaningful ways. By consolidating our data onto the Microsoft Azure cloud platform and leveraging Databricks, we are further enhancing and evolving the customer experience and supporting new product development.”
“For Financial Service Institutions around the world looking to modernise 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.”
Furthermore, Databricks' Delta Sharing enables standardised, real-time data sharing with key financial data providers like as Nasdaq, Factset, and Intercontinental Exchange, making it easier to consume, exchange, and monetise data via the lakehouse platform. The Lakehouse for Financial Services is also integrated with Legend, a cornerstone project of FINOS, the Fintech Open Source Foundation, and a Linux Foundation financial sector project, to create an open ecosystem based on common standards for financial data across the entire banking ecosystem, staying true to Databricks' open source roots.
Industry-leading consulting partners like 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 modernising 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 organise data domains and approved provisioning points, enabling activation of business intelligence, visualisation, predictive analytics, AI/ML, NLP and RPA.
Ecosystem of Data Solutions Customized for Financial Services
Customers 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: Highly 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: Massively scalable geospatial analytics library built for credit card transaction and open banking analytics. This library enables hyper personalisation in retail banking to better understand customer transaction behaviour 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 pre-empt 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 regulatory reporting and compliance complexity while streamlining the acquisition, processing and transmission of regulatory data following open data standards and open data sharing protocols. Finally, with the appointment of Michael Hartman as SVP of Regulated Industries, Databricks has recruited an executive to drive its global expansion and growth in Financial Services and other regulated industries, including Public Sector and Healthcare. He comes to us from Salesforce, where he was most recently the EVP of North American Financial Services, where he spent the last decade helping to build out their Financial Services strategy and teams.
Databricks Ventures announced an investment in TickSmith, a B2B SaaS platform and early Delta Sharing partner that provides data monetisation solutions built on top of the Lakehouse for Financial Services, signalling the company's commitment earlier this year to the high-growth vertical.