There’s a great quote from Sherlock Holmes that comes to mind whenever a conversation turns to the role of data in financial services: “It is a capital mistake to theorize before one has data.” Unfortunately, that’s often the position organizations find themselves in because their capacity to quickly access and analyze data typically lags their ability to capture and store it. This reality remains a key challenge across the industry, and it’s also the inspiration that underpins the partnership we recently announced with data cloud company Snowflake.
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At DTCC, we’re focused on leading efforts to define the digitalization of financial markets — and an important piece of that puzzle is transforming the data ecosystem. Thanks to our new partnership with Snowflake, we’re planning to fundamentally change the way in which data is accessed, shared and leveraged across a number of our services. Our goal is to use Snowflake’s Data Cloud to put data into our clients’ hands more quickly so they can analyze it faster and develop strategic insights for more effective decision-making.
We’re already successfully using Snowflake’s Data Cloud to support the delivery of our DTCC Kinetics data offerings, offering clients more immediate market insight across multiple asset classes as well as providing an enhanced user experience with greater interactivity and access controls. Moving forward, we're excited to explore new opportunities with Snowflake in other business areas.
As Christian Kleinerman of Snowflake noted, “DTCC is in a prime position to take advantage of Snowflake's platform and Native Application Framework to fundamentally alter the way in which financial markets access and use data.”
We look forward to collaborating with Snowflake, and we’re committed to further exploring new possibilities to drive change across the global markets while continuing to fulfill our mission to promote market transparency, reduce risk and provide greater operational efficiency. The road ahead will be exciting but also challenging to navigate; following the advice of Sherlock Holmes, data will guide us on this journey.