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The new analytics service aims to serve the Financial Services Industry.

Amazon Web Services is targeting financial analysts with a new, purpose-built data analytics tool that it says will enable them to perform their jobs much more effectively than before.

Amazon FinSpace is a new service that aggregates, catalogues and then tags data from a range of different sources. The service thus makes the data more easily searchable.

The main consumers for the service will be analysts at hedge funds, asset management firms, insurance companies and so on. Using FinSpace, these financial gurus will be able to perform analytics on demand across all of the data to which they have access.

The service will analyze internal sources such as portfolio management systems, order management systems and execution management systems. But it will also process third-party data feeds such as equities prices, commodity prices, employment figures and earnings reports.

How to deal with petabytes of data every day

AWS announced the launch of FinSpace this week. “Today’s FSI organizations are generating and collecting hundreds of petabytes of data every day,” they state.

In order to process the data correctly, FSI companies typically spend months finding the right data and getting it prepared for analysis. Discovering and preparing data is time-consuming because FSI organizations have data in silos distributed across departments that specialize in particular assets or geographies.

Amazon FinSpace solves the challenges FSI organizations face by simplifying the steps needed to find, prepare, and analyze data. This, in turn, reduces the time involved from months to minutes, according to AWS.

Amazon FinSpace includes built-in classification schemas for common FSI data sources that customers can customize to their needs, so the data can be organized in a way that is easy to find and share.

Saman Michael Far, VP of Financial Services Technology, AWS, explained the importance of the new service. “Amazon FinSpace is a game changer for FSI organizations. Amazon FinSpace radically reduces the time it takes for FSI customers to do analytics across petabytes of data, making it significantly easier for them to identify new sources of revenue, attract customers, and reduce cost and risk.”