Databricks has announced the Databricks Lakehouse for Financial Services, an open, modern data platform tailored to customer use cases across the Banking, Insurance and Capital Markets sectors. With support for real-time analytics, business intelligence (BI), and powerful AI capabilities on all data types, Databricks empowers customers by providing a multi-cloud environment to mitigate the regulatory risk associated with vendor lock-in.
The Lakehouse for Financial Services incorporates data solutions and use-case accelerators for critical industry use cases like compliance and regulatory reporting, risk management, fraud and open banking.
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.
Additionally, Databricks’ Delta Sharing empowers standardized, real-time data sharing with financial data providers like Nasdaq, Factset and Intercontinental Exchange, making it easier to consume, share and monetize data through the lakehouse platform.
The Lakehouse for Financial Services is also integrated with Legend, a cornerstone project of FINOS, the Fintech Open Source Foundation and financial sector project of The Linux Foundation, to create an open ecosystem based on common standards for financial data throughout the entire banking ecosystem.
Databricks recently added an executive to lead its global expansion and growth in Financial Services, among other regulated sectors like Public Sector and Healthcare, with the appointment of Michael Hartman as the SVP of Regulated Industries.