This is May from the GLB Division Lakehouse Department.
"Unlocking the Value of Data Sharing in Financial Services with Lakehouse”.
This session, by Spencer Cook, Senior Solutions Architect at Databricks, discusses how to maximize the value of data sharing. The target audience is technologists interested in data & AI, professionals in the financial services industry, and business leaders interested in sharing data.
The Importance of Data Sharing and the Need for a Modern Approach to Security
In the financial services industry, data sharing is essential to improving operational efficiency and creating new business opportunities. But data sharing also comes with security risks. Therefore, a modern approach is required.
The global adoption of data sharing is expected to facilitate collaboration between companies and remove information barriers. This will improve the competitiveness of the financial services industry as a whole and create new business opportunities.
Maximizing the value of data sharing with Lakehouse
Lakehouse is a new approach to maximizing the value of data sharing. This approach enables efficient data sharing while ensuring data security.
The features of Lakehouse are as follows.
- Centralized data management: You can centrally manage data inside and outside the company and understand the flow of data.
- Enhanced security: You can fine-tune data access rights to prevent unauthorized access.
- Improve data quality: Cleanse and consolidate data to improve data quality.
- Flexible data analysis: You can analyze data in various formats to gain new insights.
About the latest concepts, features and services
Lakehouse offers the latest concepts, features and services. This further increases the value of data sharing in the financial services industry.
Introduction of new data analysis methods
- Enables data analysis using machine learning and AI.
- You will be able to perform data analysis in real time.
Utilization of cloud services
- Manage data on the cloud and improve the efficiency of data sharing.
- Utilizing cloud services makes data backup and recovery easier.
To maximize the value of data sharing, a modern approach leveraging Lakehouse proves important in the financial services industry. This will enable efficient data sharing while ensuring data security.
Importance of context and assets for data sharing
In the financial services industry, data sharing greatly contributes to improving operational efficiency and creating new business opportunities. But it's important to share not just the data, but all the context and assets around the data, such as notebooks, machine learning models, and applications. In this talk, we will discuss how to use Databricks Delta Sharing and Unity Catalog to create a lakehouse and facilitate data sharing.
Big picture of data sharing
The following elements are important for data sharing:
- Data: Various data can be shared, such as transaction data and customer information in the financial services industry.
- Notebooks: Notebooks used for data analysis and machine learning model development should also be shared.
- Machine learning models: Machine learning models developed in the financial services industry can also be used more effectively by sharing them with other departments and companies.
- Applications: Sharing data-driven applications can also create new business opportunities.
Utilization of Lake House
By leveraging Databricks Delta Sharing and the Unity Catalog, you can create a lakehouse that facilitates data sharing. Lake House has the following features:
- Centralized data management: Centralized data management ensures data integrity and security.
- Flexible data access: You can flexibly set access rights to data, and provide only the necessary data to the right users.
- Fast data processing: Delta Sharing and Unity Catalog enable fast data processing.
Data sharing is an increasingly important factor in the financial services industry. By introducing Lake House using Databricks Delta Sharing and Unity Catalog, you can effectively share data, improve operational efficiency, and create new business opportunities.
The value of data sharing in the financial services industry is great, and how it is used can be expected to drive business growth and improve competitiveness. By leveraging a data sharing platform like Lakehouse, you can maximize the value of data sharing. In the future, further development of business in the financial services industry is expected as data sharing technology and utilization methods continue to evolve.
This content based on reports from members on site participating in DAIS sessions. During the DAIS period, articles related to the sessions will be posted on the special site below, so please take a look.
Translated by Johann
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