Finastra, a global leader in financial software applications and marketplaces, and Databricks, a renowned data and AI company, have announced a strategic collaboration.
The partnership is driven by the objective to provide more advanced data and AI-driven solutions and services to financial institutions globally. This collaboration allows Finastra to unlock the full potential of its data, integrating AI, including generative AI (Gen AI) capabilities, to enhance product quality, performance, and security, while reducing time-to-market.
Finastra specializes in providing a vast array of financial software applications and services, catering to the diverse needs of the global financial industry. Its new data platform, Secure Zone, offers state-of-the-art data ingestion, engineering, and AI solution development tools for its teams and customers.
Databricks, on the other hand, is a data and AI company that focuses on providing a unified platform for data engineering, collaborative data science, full-lifecycle machine learning, and business analytics.
Finastra’s Secure Zone platform, powered by Databricks, enables teams to develop traditional and Gen AI models, with capabilities like language model applications for content generation and semantic search. This empowers Finastra’s customers to build robust data products and models using advanced tools and datasets.
Finastra’s recent Financial Services State of the Nation survey 2023 revealed that over 83% of decision-makers are interested in Gen AI, with 26% already incorporating it in some form. Finastra is aligning with this trend by enabling its customers to leverage real-world Gen AI applications within its solutions. The company is also upskilling its workforce and enhancing productivity with Gen AI initiatives, including the incorporation of Bing Enterprise Chat for all employees and participation in the Microsoft 365 Copilot Early Access Program.
Finastra Lead Data Engineer Alexander Borsuk said, “We believe that data and AI are key drivers of innovation, and we are committed to delivering best-in-class solutions to our customers with this in mind.
“Our work with Databricks enables us to develop enhanced data-driven products more effectively across all our business units. Our customers can also quickly access our datasets via Databricks’ Delta Sharing capability to build their own products. The move highlights our continued commitment to innovation in product development through open platforms, cloud, machine learning (ML), advanced analytics and Gen AI.”
Databricks’ Global VP, Financial Services Junta Nakai commented, “By unifying reporting, analytics and AI with the Databricks platform, Finastra is able to significantly streamline the development of its solutions, strengthen its product offerings and, ultimately, provide enhanced experiences for its customers.
“As we continue to work with Finastra, we are looking forward to developing new use cases and delivering more value to benefit end users.”
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