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Databricks to Speed-Up Data-Driven Innovation in Financial Industry Through “Lakehouse for Financial Service”

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Data and Artificial Intelligence (AI) firm and one of the data lakehouse architecture leaders, Databricks unveiled Lakehouse for Financial Service. Databricks Lakehouse for Financial Service is a platform that is designed to address the use cases of its clients across the banking, capital markets, and insurance sectors. Customers and industry partners including Avanade, Deloitte, FINOS, Gemini, Nasdaq, and TD Bank are using the Lakehouse for Financial Services to enhance the time-to-value of their data assets as the financial sector adopts open source and cloud technologies to drive innovation.

The Lakehouse for Financial Services from Databricks is designed to provide clients with solutions that fit their specific technical and business needs. The platform enables clients by delivering a multi-cloud platform that supports real-time analytics, business intelligence (BI), and advanced AI capabilities on all kinds of data. Customers can reduce the regulatory risk of vendor lock-in by using third-party software.

TD Bank recently announced the acceleration of its data platform modernization initiative that is leveraging Databricks on Microsoft Azure to enhance analytical capabilities and help power new customer experiences. TD Bank’s SVP Corporate Platforms, Jeff Martin, shared: “At TD, our data and analytics capabilities are central to innovating for our customers in new and meaningful ways. By consolidating our data onto the Microsoft Azure cloud platform and leveraging Databricks, we are further enhancing and evolving the customer experience and supporting new product development.”

“For Financial Service Institutions around the world looking to modernize and innovate, the two most important assets are no longer its capital or sheer scale, but its data and its people,” said Junta Nakai, RVP, Financial Services Global Industry Leader at Databricks. “The Databricks Lakehouse for Financial Services brings these two critical resources together on a secure, collaborative and open source-based data platform that allows FSIs to leverage data across clouds and drive innovation with AI.”

Data sharing, consumption, and monetization can be done easily with enhanced delta sharing capability, and it also allows for standardized, instant data sharing with financial providers like Nasdaq, Factset, and Intercontinental Exchange. To create an open ecosystem based on common standards for financial data across the entire banking system, the Lakehouse  for Financial Service has been linked with the FINOS cornerstone project named “Legend”.

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