Why Snowflake is a Smart Choice for Financial Services
Financial services organizations (FinServ) handle a lot of data, so they must manage, process, and analyze it efficiently and securely. Doing this gives financial institutions the critical information they need to drive business growth and deliver better customer experiences.
The good news is that as data continues to be an influential commodity in digital experience strategy, the data as a warehouse service market is expected to grow to $13.77 billion by 2029. The bad news is that as this market grows, it can be difficult to differentiate between vendors and choose the right software that meets your organization’s needs.
Luckily for you, Brooklyn Data has years of experience working with the modern data stack, so we have a discerning eye for data tools. That’s why we continue to partner with Snowflake Cloud Data Platform for our FinServ client needs. Snowflake is truly revolutionizing the way financial services organizations leverage their data, by ushering in a new era of efficiency, scalability, and analytical capabilities, while they’re also breaking down data silos across organizations.
To expand on why we love Snowflake, we’re going to share the top four reasons why Snowflake continues to be our platform of choice for leading financial services institutions worldwide.
Snowflake Consolidates Disparate Data Sources to Improve Data Analysis for FinServ Organizations
Financial institutions have struggled with disparate data sources housed in different systems and departments for years, especially when you consider the historically offline and online nature of the business. This fragmentation hinders FinServ organizations from creating a holistic view of their operations, leading to less informed decision-making. Snowflake's architecture allows them to consolidate data from various sources into a single, unified platform, enabling them to analyze information more quickly and seamlessly so they gain comprehensive insights into customer behavior and market trends.
Snowflake Can Handle Diverse Financial Data
Whether dealing with structured financial transactions, unstructured market data, or semi-structured customer interactions, financial professionals need flexibility for their data analysis. Snowflake understands the important role diverse data plays in enriching data sets for analysis and promoting innovation in FinServ companies, which is why the platform supports diverse data types and formats. This flexibility allows financial professionals to better extract meaningful insights from a wide range of data sources.
Snowflake Keeps Data Safe and Protected
Financial institutions handle vast amounts of sensitive and confidential data, including customer information, financial transactions, and personal identifiers. Ensuring the security of this data and complying with stringent regulations is a constant challenge, and there’s no room for error since one slip can damage an organization's reputation and break customer trust for good. Fortunately for FinServ organizations, Snowflake has powerful security and governance capabilities such as tri-secret security, integration with third-party tokenization providers, and built-in classification and anonymization of sensitive data.
Snowflake Scales with Ease
As the volume of data FinServ organizations collect continues to grow exponentially, the ability for a platform to scale is an essential feature to find when selecting and evaluating a data tool. Where traditional data platforms often face challenges in handling the sheer scale that FinServ organizations need, Snowflake's cloud-native design allows for easy scalability, ensuring that financial organizations can accommodate their increasing influx of data without compromising performance.
In the fast-paced world of finance, organizations must be empowered to harness the full potential of their data. Selecting the right data platform is critical for FinServ institutions to thrive in the data-centric future of the financial industry. Snowflake continues to be a trusted and proven tool for financial services organizations that need to process and analyze vast datasets in real time to drive growth and gain and maintain a competitive edge in the market.
Want to learn more about how Snowflake can help you? Contact us. We can show you why Snowflake is the right platform to help your organization better leverage its data.