AWS launches FinSpace, a data analytics service for the financial industry

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

As is now the case in most industries, data is driving financial services companies, spanning banks, insurance companies, hedge funds and more. However, this data – structured or unstructured – often lives in a silo separate from other data in a company. Being able to aggregate and catalog this data can help companies unlock insights. This can include identifying transaction patterns, profiling customers, and even predicting future buying behavior using historical data.

Dubbed FinSpace, Amazon’s new service essentially helps cut the time it takes for financial firms to accomplish all of this “from months to minutes”, replacing a traditionally manual process laden with governance and compliance policies with a more automated approach to finding and preparing disparate data for analysis. This includes an analytics engine based on Apache Spark (an open-source analytics engine for processing big data) that supports many data transformations used in capital markets, and it also allows companies to define data access controls that adhere to strict governance policies.

As with most AWS services, FinSpace is priced based on usage, including the amount of data stored, the number of users, and the computing resources consumed to process the data. Amazon said Legal & General and Deloitte are among the first companies to use FinSpace, which is available to all businesses starting today.

Industry specific features

As cloud spending has exploded over the past year – a trend that shows no signs of slowing down – it’s clear that big public cloud companies need to specialize. A one-size-fits-all approach won’t work if they’re trying to lure billion-dollar companies from on-premises infrastructure to the cloud.

Indeed, FinSpace is part of a much broader trend that has seen cloud giants target industries with differentiated toolsets tailored to a specific target market. Amazon, for example, already offers a range of industry-specific cloud services, including Smart Factory for manufacturing companies, and it recently introduced Amazon HealthLake to help healthcare and life sciences organizations aggregate and analyze their data.

Microsoft also launched an industrial cloud for healthcare last year and recently announced clouds for financial services, manufacturing and nonprofits.

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