Security News > 2021 > May > AWS launches Amazon FinSpace, a purpose-built analytics service for FSI organizations

Amazon Web Services announced Amazon FinSpace, a purpose-built analytics service that reduces the time it takes FSI organizations to find, prepare, and analyze financial data from months to minutes.

Amazon FinSpace provides an easy-to-use web application that gives analysts at hedge funds, asset management firms, insurance companies, investment banks, and other FSI organizations access to the information they need and the ability to run powerful analytics on demand across all of their data.

Amazon FinSpace solves the challenges FSI organizations face by vastly simplifying the steps needed to find, prepare, and analyze data, reducing the time involved from months to minutes.

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.

"FSI organizations generate and purchase massive amounts of data, but using this data is very difficult because of the time and effort it takes to collect and prepare data for analysis," said Saman Michael Far, VP of Financial Services Technology, AWS. "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."

"When companies are building algorithmic, stochastic and predictive models, large data sets are key. Amazon FinSpace will allow users to process petabytes of data at the scale demanded. In addition, FinSpace enables 'analytics sandboxes' to be created quickly and brings advanced analytics capabilities to citizen data scientists."

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