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At the Google Cloud Financial Services Summit today, Google unveiled Datashare for financial services, a new product designed to help organize third-party data from market data publishers like exchanges and other providers, as well as data consumers — including investment banks, asset managers, and hedge funds. Google says Datashare, which is built on Google Cloud analytics services like BigQuery and leverages the recently announced Analytics Hub, is designed to let publishers and consumers share market data more easily and securely.
The proliferation of data in financial services has created a need for streamlined information-sharing options. In particular, data consumers need tools that allow them to be nimble with data without having to invest in costly infrastructure. According to an IBM executive survey, 71% of banking and financial markets firms report that the use of information, including big data and analytics, is creating a competitive advantage for their organization. Nucleus Research estimates that return on investment for analytics is currently delivering on average $13.01 for every dollar spent.
Datashare includes batch data delivery, a feature that helps publishers deliver reference data, historical tick data, alternative market data sources, and more via BigQuery. Event-based data delivery, another feature, processes instrument prices, orders, news, and more in real time and can rewind to a point in time to let teams replay a prior market scenario. In addition, Datashare provides data monetization, letting market data publishers onboard licensed datasets to Google Cloud and make them available via Google Cloud Marketplace, thus providing new sales channels.
As of 2017, according to a Dresner Advisory Services survey, big data adoption had reached 53% for companies, with telecom and financial services leading early adopters. IDC expects the worldwide big data analytics market to be worth $274.3 billion by 2022. Thanks to AI, enterprises can collect, enrich, and model data insights, forecasts, and recommendations across departments ranging from sales and operations to finance and marketing.
To bring Datashare online, Google says it’s working with multiple data publishers, including OneTick and Accern. OneTick says it’s using Datashare to let firms access, share, and distribute time-series market data for trading operations and analytics, while Accern says Datashare is enabling it to supply clients with AI-generated insights on news, credit, and more “at a fraction of the cost of legacy datacenters.”
“As the global data landscape continues to evolve, market data publishers need to consider cloud-based models to keep up with the demands of their customers, who expect easy, flexible, and cost-efficient ways to consume market data,” Christin Brown, global financial services industry technical solutions leader at Google Cloud, said in a blog post. “Stakeholders in the ecosystem, including consumers, corporate and investment banks, asset managers, and hedge funds, are increasingly asking data publishers for data delivery via the cloud. Datashare solves this problem by making market data accessible and beneficial to both publishers and consumers.”
Datashare is available to Google Cloud customers starting this week.
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