AWS launches Amazon FinSpace for Financial Service Industry Data scientists
New mission-critical data analytics tool targeted at reducing data collection workload and time for the Financial Service Industry
On May 3, 2021, Amazon Web Services launched Amazon FinSpace, a purpose-built analysis and analytics tool that helps FSI organizations find, compile, and analyze financial data in minutes, not months, by collecting cataloging and tagging organization data; in turn, making them easily accessible.
Amazon FinSpace contains a library of over 100 functions for data analysis.
This tool allows easy discovery and sharing of data across a network with compliance requirements.
Amazon FinSpace relieves organizations of the burden of operational complexities of infrastructure construction and maintenance.
The FinSpace service is built on Apache Spark.
Organizations rejoice while big data analysts on the payroll despair with the introduction of this innovative development in data science, courtesy of the portfolio of Amazon Inc. that has acquired popularity in cloud computing over the years, Amazon Web Services. Amazon FinSpace removes the complexity in sourcing data in a network by collecting, cataloging, and tagging data across an organization’s data reserves, making them as easy as a click away. The service has been equipped with a mission-critical Apache Spark engine containing 100+ data combinations very familiar with the capital markets to prepare data for analytics at a petabyte-scale. The tech giant’s latest innovation has demonstrated the need for a tool that reduces the complexity and time needed to discover and prepare data without absolute reliance on typically distributed specific data.
The issue of compliance requirements spurred Amazon to enable FinSpace to ensure that the enforcement of data access controls and that usage is constantly tracked. Users can define access policies in one spot leaving FinSpace to enforce these policies alongside keeping audit logs, paving the way for compliance and activity reporting. In-built in FinSpace is a library of over 100 Indicators, Time Bars, Exponential Moving Averages, Average True Range, and Bollinger Bands to enhance data analysis preparations.
Powerful ad-hoc analytics pose no problems for data analysts at investment banks, FSI organizations, asset management firms, insurance companies, and other organizations that fall under FSI with the inclusion of an easy-to-use web application on Amazon FinSpace.
Amazon FinSpace adopts a postpaid billing model; customers only pay for data stored, enabled users, preparation, and data analysis.
Amazon FinSpace allows customers to use financial services industry-like instrumentation and asset class in storing, cataloging, and managing data, all aimed at easing data search and discovery.
The service is equipped with over 100 pre-built data preparation and machine learning functions familiar with the Financial Services Industry, reducing the time needed in preparing financial services data. Users can also monitor previous versions of data and load existing libraries of open source functions for data compilation and analysis.
This new service has been made generally available to FSI organizations in random regions globally, namely North Virginia (US East), Ohio (US East), Oregon (US West), Canada (Central), Ireland (Europe), with impending availability in more regions.