Data management services provider Denodo says it has tooled its latest innovation to provide solutions for a four-prong set of new challenges that the changing face of financial services has presented institutions.
Agora, the company’s new cloud-based data management platform, addresses the critical needs that the Californian company highlighted in a recent white paper. They are: complex data ecosystems, increased regulatory compliance demands, emerging data security concerns and the need for agility.
“The financial services industry – including banks, insurers, and asset managers – is undergoing a transformation fuelled by digitalisation, increasing regulatory demands, and the need for agile data management,” Denodo’s EMEA and Latin America product and solutions marketing director Errol Rodericks wrote in the paper. “To respond to these shifts, institutions must access and integrate data seamlessly across departments, enabling real-time decision-making, compliance, and enhanced client service.
“However, deploying and managing data infrastructure in the cloud can introduce complexities and additional resource demands,” Rodericks added.
Rapid Growth
Denodo, which was formed in Palo Alto in 1999, has grown from a research project at the University of A Coruña into a full-fledged data management services provider. Its products are built around its Denodo Platform, which enables clients to integrate, manage and distribute data and analytics.
The Agora platform extends that offering and enables clients from across more than 30 industries to “offload infrastructure management and platform operations to Denodo, accelerating access to data for end users while saving organizations time on day-to-day tasks”.
Rodericks said that financial institutions in particular were identified as being prime beneficiaries of the platform because the nature of the sector’s business has been transformed by data-driven processes, geopolitical and economic volatility and rising regulatory oversight.
“In today’s data-driven financial landscape, managing data effectively is essential for maintaining a competitive edge, ensuring compliance, and delivering exceptional customer experiences,” he wrote. “Financial institutions must integrate data from multiple, disparate sources, handle evolving regulatory requirements and respond to dynamic market conditions.”
New Datasets
Elaborating, he wrote that the complexity of modern data processing means that institutions are onboarding data feeds they might not have had access to just a few years ago, including customer profiles, transaction histories and regulatory reports as well as market data.
He also points to the demands of new reporting obligations for measures such as the EU’s General Data Protection Regulation (GDPR) as a driver of greater data consumption.
With higher volumes of data within firms’ systems comes an increase in the security requirements, as ever-more sensitive information is included in data bases. And the changing nature of business means that companies must remain agile enough to adapt to new business realities.
Rodericks said Agora provides solutions to these challenges.
As a fully managed service it takes on the often-onerous tasks of infrastructure and software maintenance, let companies focus on their core competencies. It offers flexible deployment options that can be tailored to the specific needs of individual companies and clients need only pay for what they use, offering ample opportunity to reduce the cost of data ownership. As well, the cloud-located platform provides enhanced security and compliance for client data.
Flexibility and Control
The platform comprises a Control plane and an Execution plane, which the company says offers “flexibility without compromising on Denodo customers’ ownership over their data and settings”.
Agora also “provides detailed data lineage, access controls, and auditing capabilities critical for financial reporting and compliance audits,” wrote Rodericks, adding that the agility the platform offers, “enhances the institution’s ability to respond to client needs and regulatory demands in a timely manner”.
Agora is expected to be available within a variety of marketplaces, including AWS, Microsoft Azure, Google Cloud and Alibaba.
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