Goldman Sachs has released a new cloud-native financial data management and analytics platform designed for for hedge funds, asset managers and other institutional clients. The new Goldman Sachs financial cloud service, built on AWS, lets uses tap historical and intraday cross-asset data from the investment bank or third-party sources through a unified data platform that aims to open up “near-real time” analytics in the cloud.
The move comes amid pressure on banks to provide new services for clients, with the ability to access and work on diverse datasets (sometimes exotic) increasingly seen as a differentiator. Various “Big Data” companies have been launching data exchanges positioned as a neutral, user-friendly home for cloud users to work on a complex range of data pulled in via API, CLI or work on them via cloud-agnostic platforms.
The bank claimed the Goldman Sachs financial cloud meanwhile would “lower the barriers to entry for accessing advanced quantitative analytics across global markets” – and comes as Goldman has been aggressively building out its digital offering, including by offering a new transaction banking (“TxB”), API-first service to automate corporate treasury or embed business banking products into customer experiences.
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The Goldman Sachs financial cloud “significantly increases the power of Goldman Sachs front-office analytics tools, such as PlotTool Pro, a leading time series analytics tool from Goldman Sachs, and GS Quant, the firm’s Python toolkit” it said on November 30, adding in a canned statement that “clients can seamlessly and securely integrate their proprietary data alongside Goldman Sachs curated financial markets data, including select third-party data products through Goldman Sachs Financial Cloud for Data’s integration with AWS Data Exchange, a service that makes it easy to find, subscribe to, and use third-party data in the cloud.
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"The data is then available in Goldman Sachs’ securely managed time-series database and analytics engine, which is capable of storing and integrating tick-level financial data across hundreds of different assets in real-time.”
(The service lets users integrate smoothly with AWS Data Exchange, a new service designed to make it easier to find, subscribe to, and use third-party data in AWS.)
Goldman's David Solomon, Chairman and CEO, said: “Today, we are redefining the future of cloud for financial services as we enable developers to focus on building financial solutions for their customers. We are excited to bring together the two leading firms in financial services and cloud computing to deliver an unparalleled solution for financial data management and analytics on the cloud, revolutionizing how our clients extract value from the increasing wealth of information in our industry.”