Snowflake hosted an excellent virtual event this week focused on Snowflake’s Data Cloud solutions for Financial Services. What we really enjoyed about this Industry Vertical Snowflake “Summit” was the combination of business and technology content. When we launched our ITS solutions business long ago, our mission was Business/Technology Focused Solutions. We believed heavily in bringing the best of a combination of business and technology solutions where business teams and technology teams worked together. We wanted to avoid the pitfalls that I had seen with solution just business focused without and technology considerations or collaboration. We also wanted to avoid what still happens too often, technology solutions with no or limited business value. [The entire reason that led to the product/market fit concepts]
If you were too busy and missed it then we have a list of the Financial Services Data Summit session recordings below. Check them out and let us know your thoughts in the comments below. We hope this is useful and enjoy!
Financial Services Data Summit Highlights and Take Aways
[Please continue to give us feedback on this Financial Services Summit and what were your favorite sessions. We learn so much from each other]
- Major emphasis on the Snowflake Financial Services Data Cloud and its partners such as BlackRock, Invesco, State Street, Fiserv, etc.
- Financial Services Data Provider Presentations. We were really excited about the Data Provider Presentations from Acxiom,
- It is all about the customer. This was a common theme from Snowflake customers/partners like Blackrock, State Street, and the Data Providers especially. They emphasized the partnership with Snowflake and how this is enabling new data collaborations that were not possible before.
Financial Services Data Summit By the Numbers:
Hey, we love data and stats so we like to breakdown the sessions and presenters data. Here it is!
*Sessions – 17
*Tracks – 4 [ Customer Centricity – Risk and Data Governance – Digitalize Operations – Platform Monetization]
*Speakers – 44
*Speakers By Type
|Presenter Company Type
|Partners – Consulting
|Partners – Data Providers
|Partners – Products
Data Workload Financial Services Recap
Data Warehousing, Engineering, Data Lakes
We still think this Data Warehousing is the workload that works best with Snowflake and what it was originally designed for. We see many businesses within Financial Services moving to the Snowflake Data Cloud for their Data Warehouse workloads. Many of the Financial Services companies who presented at the summit also are moving to a combination of Data Lakes and Data Warehousing. The presentations overall though were really focused on a mixture of financial services and processes combined with data technologies to improve the Financial Services business. There is huge transformation happening here and Snowflake’s powerful data cloud is accelerating how Finacial Services companies transform. There was an interesting video as well that Capital One did that isn’t in the sessions. They emphasized how they were the first to really jump into delivering Financial Services on the Cloud.
Data Science and Data Applications
Many of the presentations at the Financial Data Summit were related to building data applications on top of Snowflake. This was one of our favorites:
Building on Snowflake: Driving Platform Monetization with the Data Cloud.
Data Marketplace and Data Exchanges
From our perspective, this Financial Services Summit by far was about the Financial Services Data Cloud. The main highlight of Blackrock’s Aladdin Data Cloud and Q&A around that was one of the main presentations. There was also a very large focus on Financial Services Data Providers of Acxiom, Entelligence, FactSet, etc. and on the Data Cloud Data and Services they provide.
Check out our in-depth coverage of all the Financial Services Data Shares [coming soon – this week]
The Snowflake Financial Services Data Summit was an excellent first Vertical Industry Summit with major Financial Services Customers and Partners such as BlackRock, State Street, Invesco, Fiserv, Square, NYSE, Wester Union, Acxiom, etc. Our favorites [from a practical learning perspective] were:
1. Fiserv CTO Marc did a great job in this presentation demonstrating Fiserv Applications/Tools on top of Snowflake.
2. Building on Snowflake: Driving Platform Monetization with the Data Cloud.
There were many many other great presentations though as well from Providers and Snowflake partners like Alation, AWS, etc.
Snowflake Data Provider Presentations:
Acxiom –Recording Link
Entillegent & FactSet – Recording Link
S&P Global – Recording Link
Full List – Snowflake Financial Services Sessions Recording Links:
Besides the summit event, Snowflake announced the Snowflake Financial Services Data Cloud as well. We view this as really just a subset of the overall Snowflake Data Cloud vision and definition. We assume Snowflake will continue to rollout industry vertical conceptual concepts of Data Clouds. This is super interesting and transformative at many levels. It is a massive movement to more centralized and shared data versus the historical data silos that have developed within companies.
This is the statement from the press release:
“Financial Services Data Cloud, which unites Snowflake’s industry-tailored platform governance capabilities, Snowflake- and partner-delivered solutions, and industry-critical datasets, to help Financial Services organizations revolutionize how they use data to drive business growth and deliver better customer experiences.”
At a high level, this is pretty awesome “theoretically” and aligns with a lot of the thought leadership work I’m doing around moving from a paradigm of on-premise closed data systems and silos to an ever evolving worldwide concept of integrated data.