Finastra and Databricks New Partnership: Redefining FinTech with AI
In a groundbreaking collaboration, Finastra, a leading global provider of financial software applications and marketplaces, has joined forces with Databricks, a renowned data and AI company, to revolutionise the world of FinTech. This strategic alliance ushers in a new era of advanced data-driven solutions and services for financial institutions worldwide, propelling innovation and enhancing customer experiences.
Unlocking the Power of Data and AI
🌟The collaboration enables Finastra to further unlock access to its data and deliver additional value with AI, including generative AI (Gen AI) capabilities. It also enhances the quality, performance and security of its product development at a reduced time-to-market.
The partnership between Finastra and Databricks signifies a shared commitment to harnessing the immense potential of data and artificial intelligence (AI) technologies. By leveraging Databricks’ cutting-edge platform, Finastra aims to amplify its product development’s quality, performance, and security and reduce time-to-market, a crucial factor in today’s rapidly evolving financial landscape.
Finastra’s Expertise and Secure Zone
Finastra, renowned for its comprehensive suite of financial software applications and services catering to diverse global financial needs, has introduced its revolutionary data platform, “Secure Zone.” Powered by Databricks, Secure Zone is a state-of-the-art platform designed for production-grade data ingestion, engineering, and AI solution development. It serves as a dynamic playground for Finastra’s teams and customers alike.
Incorporating Traditional and Gen AI Models
One of the most exciting aspects of this partnership is the ability to develop both traditional and generative AI (Gen AI) models. Secure Zone provides teams with the tools to create innovative solutions, including language models for content generation and semantic search. This empowers Finastra’s customers to build robust data products and models using advanced tools and datasets, enhancing their competitive edge.
Gen AI: A Rising Trend
The Financial Services State of the Nation survey 2023 conducted by Finastra revealed that over 83% of decision-makers expressed interest in Gen AI, with 26% already integrating this transformative technology into their operations.Finastra aligns with this emerging trend, enabling its customers to harness real-world Gen AI applications within its solutions. This forward-looking approach ensures that Finastra’s customers remain at the forefront of innovation in the financial industry.
Upskilling the Workforce
In addition to providing advanced AI and data solutions, Finastra is investing in upskilling its workforce to maximise productivity. Introducing Bing Enterprise Chat for all employees and participating in the Microsoft 365 Copilot Early Access Program exemplify Finastra’s commitment to enhancing its internal capabilities and staying ahead in the Gen AI revolution.
A Vision for the Future
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The collaboration between Finastra and Databricks represents a visionary approach to financial technology. By unifying reporting, analytics, and AI through the Databricks platform, Finastra aims to streamline solution development, fortify its product offerings, and ultimately deliver enhanced experiences to its customers. With a commitment to continued innovation in product development, open platforms, cloud computing, machine learning, advanced analytics, and Gen AI, Finastra is poised to lead the way in shaping the future of FinTech.
Conclusion
As Finastra and Databricks forge ahead in their mission to transform FinTech with advanced AI and data solutions, the financial industry can anticipate a wave of innovation and enhanced customer experiences. The partnership reflects a dedication to staying at the forefront of technology, ensuring financial institutions access the most cutting-edge tools and solutions. With Gen AI on the horizon, Finastra and Databricks are driving the future of finance, one innovative solution at a time.
