AWS (Amazon Web Services), Amazon’s cloud division, has launched a new analytics service for the financial industry. Is named FinSpace and is responsible for reducing the time It takes financial services industry (FSI) organizations to find, prepare and analyze data from months to minutes. In this way, aggregates, catalogs, and labels data across an organization’s data silos, making it easily searchable by the entire organization.
The service includes an Apache Spark analytics engine. It is developed to perform analytics through a Big Data process system. Con has more than 100 data transformations that are commonly used in the capital markets industry to prepare data for petabyte-scale analysis. To make it easier for FSI organizations to meet their compliance requirements, Amazon FinSpace ensures that data access controls are in place and usage is tracked at all times.
Pay per use system
This service provides an easy-to-use web application that gives hedge fund analysts, asset management firms, insurance companies, investment banks and other financial organizations access to the information they need and the ability to run powerful analysis under demand in all its services. data. There are no upfront costs or commitments to use. FinSpace is only charged through the pay-as-you-go system. The calculation is made by the stored data, the enabled users and the computing resources consumed to process the data.
It is available in the eastern US (N. Virginia), Eastern US (Ohio), Western US (Oregon), Canada (Central) and Europe (Ireland). It will be available in other regions soon.
Financial organizations generate and purchase massive amounts of data. Using this data is very difficult, due to the time and effort it takes to collect and prepare data for analysis. Amazon FinSpace is a game changer for financial organizations. Dramatically reduces the time it takes financial company customers to perform analytics on Petabytes of data. In this way, it significantly facilitates the identification of new sources of income, attracting customers and reducing costs and risk.
Saman Michael Far, Vice President of Financial Services Technology at AWS.