Snowflake introduces industry-specific data cloud for financial services

Get a free Techzine subscription!

Snowflake announced its Financial Services Data Cloud that promises to streamline data storage processes. This Data Cloud has also passed CMDC Key Control requirements.

Components of financial services data cloud

Snowflake’s latest feature is built on its previous cloud-based data platforms. It comprises three fundamental modules, including the native feature set, free products from partners, and third-party datasets supplying information related to market activity in the finance industry.

Although the firm has previously provided quality data cloud solutions, the Financial Services Data Cloud has been refined to include improved security features. For example, it uses the infrastructure-as-code method to make infrastructure deployment and management easy to audit, track, and reverse.  This approach also safeguards against unauthorized access and activity with improved Bring Your Own Key (BYOK) encryption, built-in classification, and protection of vulnerable information.

The Financial Services Data Cloud is also strengthened with a more robust network, identity, as well as refined access policies.

Successful evaluation by CDMC Key Controls

Snowflake’s latest technology has also met the Cloud Data Management Capabilities (CDMC) industry standards. The CMDC Key Controls is the ultimate framework for data management best practices, which covers cloud environments, security, and privacy.

Partner collaborations

With the Financial Services Data Cloud, businesses can use the partner-developed products that work well with the native feature sets. These partner collaborations include Amazon Web Services Inc., Microsoft Corp., and Google LLC’s cloud business, among others.

The Financial Services Data Cloud also encourages customers to access datasets from the Snowflake Data Marketplace, which would display information provided by industry giants, such as S&P Global Inc., Acxiom and FactSet Research Systems Inc., and more.

Other announcements

The company further reported expanding its private network access support from Azure and Amazon Web Services to include Google Cloud.

Up until now, Snowflake’s data cloud solutions have only been limited to the financial sector. However, the firm intends to expand its reach to other industries soon.