Databricks, the Data and AI company and pioneer of the data lakehouse architecture, 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. As the financial sector moves to embrace open source and cloud technology to drive innovation, Databricks customers and industry partners like Avanade, Deloitte, FINOS, Gemini, Nasdaq and TD Bank are accelerating the time-to-value of their data assets with the Lakehouse for Financial Services.
Databricks’ Lakehouse for Financial Services is designed to offer customers solutions to address their unique technical and business requirements. 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. TD Bank’s SVP Corporate Platforms, Jeff Martin, shared: “At TD, our data and analytics capabilities are central to innovating for our customers in new and meaningful ways. By consolidating our data onto the Microsoft Azure cloud platform and leveraging Databricks, we are further enhancing and evolving the customer experience and supporting new product development.”
“For Financial Service Institutions around the world looking to modernize and innovate, the two most important assets are no longer its capital or sheer scale, but its data and its people,” said Junta Nakai, RVP, Financial Services Global Industry Leader at Databricks. “The Databricks Lakehouse for Financial Services brings these two critical resources together on a secure, collaborative and open source-based data platform that allows FSIs to leverage data across clouds and drive innovation with AI.”
Additionally, Databricks’ Delta Sharing empowers standardized, real-time data sharing with leading financial data providers like Nasdaq, Factset and Intercontinental Exchange, making it easier to consume, share and monetize data through the lakehouse platform. True to Databricks’ open source roots, 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.
About Databricks
Databricks is the data and AI company. More than 5,000 organizations worldwide — including Comcast, Condé Nast, H&M, and over 40% of the Fortune 500 — rely on the Databricks Lakehouse Platform to unify their data, analytics and AI. Databricks is headquartered in San Francisco,