Snowflake launches FS Data Cloud to support customer-centric and data-driven innovation

By Gaia Lamperti

Data Cloud company Snowflake announced its Financial Services Data Cloud, an industry-tailored platform to help FSIs revolutionise how they use data to drive business growth and deliver better customer experiences.

As customer expectations, regulatory requirements, and data volumes rise, Snowflake’s Data Cloud will play a key role in helping organisations in banking, FinTech and investment management accelerate their top-line growth and innovation while mitigating risk.

“As a trusted global brand with millions of customers around the world, our priority has always been to focus on what our customers need today and tomorrow, and keep innovating to exceed these needs,” said Western Union Chief Data Officer, Tom Mazzaferro. “The Financial Services Data Cloud’s industry-tailored capabilities along with the Snowflake platform’s best-in-class data security and governance are key to Western Union’s technology modernisation program and to our vision of building our new ecosystem connecting millions of people living across the globe.”

Snowflake’s Financial Services Data Cloud enables customers to launch new customer-centric products and services while enhancing their regulatory compliance. Among its customer base the platform boasts industry-leading names like Allianz, AXA, BlackRock, Capital One, NYSE, Refinitiv, Square, State Street, Western Union, and Wise. Approximately 57% of Financial Services firms in the Fortune 500 are using Snowflake.

“The Financial Services Data Cloud will enable leaders in the space to create new revenue streams through future-forward products, collaborate within and across the new data economy for competitive advantage, while continuously maintaining security and governance standards,” Matt Glickman, Snowflake VP and Global Head of Financial Services, commented. “With more than half of Fortune 500 financial services organizations using Snowflake, it’s clear that customers are leaning in with the Data Cloud, and the Financial Services Data Cloud’s capabilities and content ecosystem can help customers drive the future of Finserv even further.”

More specifically, Snowflake’s Financial Services Data Cloud will allow customers to:

• Securely collaborate on data across the enterprise, while efficiently meeting regulatory requirements, using Snowflake’s powerful security and governance capabilities, including private connectivity for multiple public clouds, enhanced encryption with bring your own key (BYOK), built-in classification and anonymisation of sensitive data, and integration with 3rd party tokenization providers, all offered in compliance with SOX standards.
• Securely share data across multiple public clouds with support for sharing from multi-tenant environments to Virtual Private Snowflake (VPS) environments coming in a future release.
• Leverage Snowflake as the first company to achieve the new Cloud Data Management Capabilities (CDMC) financial industry standard, which is sponsored by the EDM Council and verified by KPMG.

Within the offering, Snowflake also announced partner-delivered solutions, taking advantage of the company’s unique global and cross-cloud data sharing capabilities to connect customers across the financial services ecosystem. Datasets from industry partners and data providers will also be accessible, in line with Snowflake’s vision of supporting collaboration between customers and allowing industry players to securely collaborate on live data with partners.