Five ways Financial Services Can Benefit from Snowflake

Cloud computing and its capabilities have become an essential part of supporting financial services organizations, as many are launching digital transformation initiatives. 

Cloud-based technology does not only represent a competitive edge, but it also has the most significant influence on operational efficiency with its ability to offer intrinsic and real value to financial services organizations. Snowflake is just one Cloud-Based data platform that provides an essential foundation for your financial services organization's technology stack. Moreover, it delivers the foundational capability to successfully support business agility and growth. 

Here are the top five ways Snowflake and other Cloud Data Platforms can enhance and improve financial services.

Superior Customer Service Experience

A Cloud-based platform supports:

  • Personalized customer service with a single governed location for all types of data.
  • A Customer 360-degree view of the complete customer experience.
  • Virtual redundancy to protect against data corruption or loss.

Cloud-based technology like Snowflake complies with the highest standards in the finance industry to best support customer needs.

Front Line of Defense

A Cloud-based platform supports: 

  • Risk detection in real-time which effectively defends against cyber threats.
  • Cost-effective investigations with scalable, flexible, and affordable pricing options.
  • Advanced data warehouse analytics with better visualization and detection.

Cloud-based technology like Snowflake mitigates risk and fraud situations with data-driven solutions. 

Diversified Revenue Streams

A Cloud data platform supports:

  • Secure data sharing that is simple and cost-effective so organizations can easily add new data products.
  • Offering standalone data products to customers which can foster the potential for additional revenue streams.
  • Specialized products based on read-only segmentation.

Cloud data platforms like Snowflake allows flexibility of use that naturally allows for new financial business opportunities and revenue streams.

Alleviate Pressure to Maintain Resources

A Cloud data platform supports:

  • Faster and more reliable data streams without the need for constant upgrades to hardware.
  • Secure data streams that are protected by a professional security team.
  • Streamlined resources with continuously updated security.

Cloud data platform technology like Snowflake protects your data stream without the hassle or cost of a traditional data warehouse. 

Collaborative Processing and Analysis

A Cloud-based platform supports:

  • Seamless B2B and internal collaboration.
  • Faster Cloud-based processing, with fast and reliable analysis and dissemination.
  • Access to Cloud technology that facilitates better sync of industry standards.

Cloud-based technology like Snowflake allows for collaboration between potential partners and co-workers in your financial-services organization. It also supports standardization, which is especially important. 

Will Cloud-Based Technology Benefit Your Financial Services?

At Data Ideology, we will work with you to determine which data processing method will best meet the needs of your company's financial services organization and data-driven decisions.

There is no need to reinvent the wheel. Cloud-based technology like Snowflake is a proven industry standard that supports growth and business agility, and now more than ever, it is an essential tool for success in the financial services industry. In addition, it provides personalization, innovation, and security, all of which constitute a competitive advantage for your financial services. 

 

Written by Mike Sargo


Co-Founder & Chief Data and Analytics Officer at Data Ideology


Mike Sargo is Chief Data and Analytics Officer and Co-Founder of Data Ideology with over 18 years of experience leading, architecting, implementing, and delivering enterprise analytics, business intelligence, and enterprise data management solutions.

Strategy

How to Build a Data Strategy Roadmap

A data strategy roadmap is a step-by-step guide to what needs to be done to achieve your desired business goals.
Strategy

Data Strategy Assessment: Current and Future State Analysis

By performing a data strategy assessment, you can answer critical questions about the data’s current state and its future state development.
Strategy

Enterprise Data Strategy: What is it? And why is it important?

Companies that utilize enterprise data strategy, are 58% more likely to surpass revenue goals when compared to non-data-driven competitors.