Amazon enters financial data analysis space with new service
For years, the financial industry has been asking itself when big tech companies such as Apple, Microsoft, Facebook or Amazon would come on its land. US e-commerce giant Amazon is getting in with its new service Amazon FinSpace unveiled on Monday by its subsidiary Amazon Web Services (AWS).
This analytics service aims to reduce the time it takes financial services institutions to find, prepare, and analyse financial data “from months to minutes.” With this application, AWS is targeting analysts at hedge funds, asset management firms, insurance companies, investment banks, and other FSI organisations. The company said Amazon FinSpace customers would only pay for the data stored, the users enabled, and the compute used to prepare and analyse data.
According to the firm, Amazon FinSpace aggregates, catalogs, and tags data across an organisation’s data silos, making the data easily searchable by the entire organisation. It also includes Apache Spark, an analytics engine with over 100 data transformations commonly used in the capital markets industry to prepare data for analytics at petabyte scale.
“FSI organisations 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,” said Saman Michael Far, vice-president of financial services technology, AWS.
In Europe, Amazon FinSpace is only available in Ireland for now but should be available in other countries soon.