Once an ambitious declaration, the phrase “data is the new development kit” has now crystallized as the financial services sector’s reality.

Given the current juxtaposition of macroeconomic volatilities and vast opportunities, how does a unified data approach, enabled by platforms such as Snowflake, help financial players separate the wheat from the chaff and deliver value where it matters?

Experts from State Street and Snowflake discuss data transformation in the financial services sector.

“With the advent of data platforms and all the innovation that is happening, for example at Snowflake, wherein it is compute that is coming to data and not data to compute, what that means is you can create a single platform which houses all your data sets,” said Aman Thind (pictured, right), executive vice president and global chief architect of State Street Corp. “You bring all the analytics you want to create and deploy them as containers on top of the data platform itself. That allows you to process all the data in a single space and where your applications can be deployed as a single container.”

Thind and Rinesh Patel (left), global head of financial services at Snowflake Inc., spoke with theCUBE Research’s Rebecca Knight and Dave Vellante at Data Cloud Summit, during an exclusive broadcast on theCUBE, SiliconANGLE Media’s livestreaming studio. They discussed how financial sector players such as State Street navigate complexity and drive innovation by leveraging data platforms such as Snowflake’s. (* Disclosure below.)

Adapting to market changes using a unified data approach

The financial sector is changing rapidly, marked by factors such as higher interest rates, geopolitical sensitivity and changes in investment patterns. As a result, today’s investors demand deeper and timelier insights, necessitating robust data analytics, according to Patel.

“Today’s investors are trading more markets, trading more asset classes and being more systematic in their strategies,” he said. “With the rise of gen AI, we’re seeing a better experience, a new experience being asked for by our customers and we’re seeing obviously copilots, chatbots and so forth becoming very much mainstream within the industry.”

By unifying disparate information sources, Snowflake’s Data Cloud is driving the advanced analytics and applications powering State Street’s investment offerings, according to Thind. Building atop this seamless integration of diverse data sets, State Street can further process data efficiently and develop applications that access a unified data repository.

“The gravity of data is now stronger than ever before,” he said. “So, all your compute is moving towards data. What that means is as your compute evolves more and more towards AI and large language models, all of that is moving toward data as well.”

Here’s the complete video interview, part of SiliconANGLE’s and theCUBE Research’s coverage of Data Cloud Summit: 

(* Disclosure: Snowflake Inc. and State Street Corp. sponsored this segment of theCUBE. Neither Snowflake and State Street nor other sponsors have editorial control over content on theCUBE or SiliconANGLE.)

Photo: SiliconANGLE