Per the deal, Finastra will have enhanced access to its data, enabling it to deliver more value to its customers with AI and Gen AI capabilities.
Leveraging Databricks’ technology also enables Finastra to improve the performance and security of its products, with time-to-market for new services significantly reduced.
Finastra & Databricks: Rolling out Secure Zone
Finastra has already been able to roll out Secure Zone through its relationship with Databricks, a new data platform designed for production-grade data ingestion and engineering, and the discovery of large batch and real-time data.
By onboarding Secure Zone, Finastra has developed its own prototype AI solutions and production models, enhancing full monitoring capabilities.
The leading fintech software provider can now deliver both traditional and Gen AI monitoring capabilities, and employ language models to markedly improve the delivery of content generation, summarisation, semantic search and code translation.
Customers of Finastra will also have access to the Secure Zone suite, enabling the construction of robust data products and data science models.
Gen AI Innovation: The capabilities finserv companies want
In announcing its deal with Databricks, Finastra is effectively stepping up its efforts to deliver the products and services its financial services clients seek.
The fintech’s Financial Services State of the Nation survey 2023 found 83% of finserv decision-makers are interested in scaling up Gen AI capabilities at their company.
In fact, only 26% of those surveyed by Finastra have incorporated Gen AI technology in some form, reflecting the scope for wider adoption across the industry.
Earlier this month, Finastra’s EVP of Payments, Barry Rodrigues, told us the technological demands of financial services firms had shifted from Robotic Process Automation and Machine Learning, with “Gen AI and the use of Natural Language Processing (NLP) leaping into first place ahead of other AI technologies”.
Now, Finastra is responding to these new demands through its Databricks partnership. In addition to Secure Zone, the fintech has rolled out Bing Enterprise Chat for all of its employees as part of the Microsoft 365 Copilot Early Access Progam – enabling its workforce to enable to companies Finastra serves.
Alexander Borsuk, Lead Data Engineer at Finastra, says: “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.”
Junta Nakai, Global VP of Financial Services at Databricks, adds: “By unifying reporting, analytics and AI with the Databricks platform, Finastra can 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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