Snowflake Launches the Financial Services Data Cloud to Accelerate Customer-Centric and Data-Driven Innovation in the Financial Services Industry
Snowflake (NYSE: SNOW), the Data Cloud company, today announced the Financial Services Data Cloud, which unites Snowflake's industry-tailored platform governance capabilities, Snowflake- and partner-delivered solutions, and industry-critical datasets, to help Financial Services organizations revolutionize 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 helps organizations accelerate their top-line growth and innovation while mitigating risk. Banking, insurance, fintech, and investment management customers, and others in the financial services industry, can utilize Snowflake's Financial Services Data Cloud to launch new customer-centric products and services, build fintech platforms of the future, and accelerate their compliance and regulatory compliance. Industry-leading customers like Allianz, AXA, BlackRock, Capital One (News - Alert), NYSE, Refinitiv, Square, State Street, Western Union, and Wise, are already part of the Financial Services Data Cloud.
"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 (News - Alert) 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 modernization program and to our vision of building our new ecosystem connecting millions of people living across the globe."
Snowflake's platform governance capabilities have been crafted to support the stringent requirements of today's financial services organizations.
Snowflake Financial Services Data Cloud enables customers to:
Within the Financial Services Data Cloud, Snowflake also announced partner-delivered solutions. These end-to-nd solutions take advantage of Snowflake's unique global and cross-cloud data sharing capabilities to connect customers across the financial services ecosystem. Solutions include:
In addition, Snowflake announced Solution Accelerators: resources designed to accelerate customers' time to value, including open data models, solution reference architectures, and related professional services offerings.
The Financial Services Data Cloud also includes datasets from industry partners and data providers that can be natively accessed through Snowflake to:
"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," said Snowflake VP and Global Head of Financial Services, Matt Glickman. "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."
* Based on product revenue for the three months ended July 31, 2021.
This press release contains express and implied forwarding-looking statements, including statements regarding Snowflake products, services, and technology offerings that are under development. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under the heading "Risk Factors" and elsewhere in the Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2021 that Snowflake has filed with the Securities and Exchange Commission. In light of these risks, uncertainties, and assumptions, actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. As a result, you should not rely on any forwarding-looking statements as predictions of future events.
Snowflake enables every organization to mobilize their data with Snowflake's Data Cloud. Customers use the Data Cloud to unite siloed data, discover and securely share data, and execute diverse analytic workloads. Wherever data or users live, Snowflake delivers a single data experience that spans multiple clouds and geographies. Thousands of customers across many industries, including 212 of the 2021 Fortune 500 as of July 31, 2021, use Snowflake Data Cloud to power their businesses. Learn more at snowflake.com.
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