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Data and Analytics in the finance industry

Amazon’s AWS cloud business launches new data and analytics service for the financial industry

by Mike Jones in Cloud, Data Analytics 05/05/2021

Amazon’s AWS cloud business has announced the launch of a new data management and analytics service for the financial industry.

As with most industries, data represent the driving force behind financial services, for banks, insurance companies, hedge funds and many more. This data, whether it be structured or unstructured, is stored in a silo separate from other data. Being capable of aggregating and ordering this data can enable businesses to unlock new insights such as patterns with transactions, customer profiles and predicting future buyer trends.

Known as FinSpace, the new service will reduce the amount of time spent by the financial services industry, replacing traditional manual processes that are often complicated due to governance and compliance policies. The service includes an analytics system developed on Apache Spark, an open-source analytics engine dedicated to processing big data.

As with most AWS services, FinSpace is priced on a per-usage basis, including the amount of data stored, user numbers and the resources used to process the data. Amazon said Legal & General and Deloitte are some of the first businesses to use FinSpace.

With investment in cloud continuing to rise, it’s clear that big public cloud businesses need to specialise. A one size fits all approach won’t necessarily work to attract leading big business from on-premises to the cloud.

FitSpace fits into a larger trend that includes larger cloud businesses target markets with varied toolsets tailored to meet a specific market.