Establishing a modern, cloud-native data platform is crucial for financial services organizations due to the increasing amount of data being generated daily and the need to enable data quickly, accurately, and securely for various initiatives. Lab49, with its experience in data and AI across global organizations, emphasizes the importance of assessing and optimizing data platforms to deliver business value in a cost-effective and secure manner.
Lab49 assists enterprises in preserving their existing investments in data platforms while facilitating a phased approach towards modern cloud-native or hybrid data platforms. Through proof of concept projects, organizations can gain experience with a modernized data platform built on AWS and other third-party technologies. This process involves working closely with technology and business leaders to identify a specific functionality and deliver an end-to-end data use case in a development environment, setting the stage for production-level deployments and other use cases.
All deliverables from Lab49 are based on core principles, implemented through infrastructure-as-code best practices, and designed to provide simple, extensible, and cost-effective functionality to support business or technical use cases. The goal is to demonstrate how a unified, modernized data platform can enable data democratization for all data producers and consumers.
Key deliverables from Lab49 include leveraging AWS data platform services like RedShift, DataZone, Glue, Athena, S3, Aurora, and others, as well as potentially integrating with third-party platforms such as Databricks, Snowflake, dbt, and more to create a managed data lake/lakehouse/warehouse platform. This includes implementing data governance tools, data analytics capabilities, and enabling GenAI and ML functionality for organizations. Additionally, Lab49 provides full documentation, design, and code artifacts for all investments made together, as well as a prioritized roadmap for further enhancing the proof of concept and enabling additional layers of functionality and use cases to move into production.
In summary, Lab49’s approach to establishing modern, cloud-native data platforms for financial services organizations involves assessing and optimizing existing data platforms, working closely with technology and business leaders to deliver end-to-end data use cases, and providing key deliverables that enable data democratization and support business needs. By leveraging AWS and third-party data platform services, organizations can modernize their data estates in a cost-effective and efficient manner to meet the demands of customers, regulators, and stakeholders.
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