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Amazon’s AWS cloud business has launched a new data management and analytics service for the financial sector.
As in most industries today, data is the driving force behind financial services companies that include banks, insurance companies, hedge funds, and more. However, this data – structured or unstructured – is often in a silo that is separate from the other data of a company. The ability to aggregate and catalog this data can help businesses gain insights. This can include identifying transaction patterns, profiling customers, and even predicting future buying behavior using historical data.
Amazon’s new service, called FinSpace, goes a long way towards reducing the time it takes financial firms to do all of this “from months to minutes,” replacing a traditionally manual process involving governance and compliance guidelines is afflicted by an automated approach for …