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Unleash the power of data to drive innovation in finance industry

Charles Miglietti, CEO and co-founder, Toucan Toco, shares that smart data storytelling will create a new generation of fintech products. Discover his insights. The key to using data effectively is to stop assuming that simply data automatically makes your company smarter or leads to better decision-making. That’s core to the Snowflake value proposition, of course: instead of having data spread across multiple platforms and buried in silos across your organization, Snowflake gives you a cloud hub that lets you access and deploy data where and when it’s needed. But connectivity and access to data is only one piece of the problem: you also have to put your data to effective use. Unfortunately, if we’re honest, the reality is that only a relatively small subset of any financial organization’s employees (let alone their customers!) truly know how to use data effectively.

For the rest, data typically serves as either a fig-leaf that obscures muddy thinking or a distraction that complicates workflows and often gets ignored altogether. To truly unlock the value in their data, organizations need both smart connective tissue helping them access data easily and powerful storytelling tools to help managers, frontline users, and customers If you’re in the financial services space, then Snowflake needs no introduction. The cloud-data giant’s offerings are already being used by almost six out of 10 of the financial sector’s Fortune 500 companies, which rely on Snowflake to join the dots between their different business units and open the door to smarter, more streamlined decision-making. Now, Snowflake wants to take things to the next level.

The data giant just announced the launch of its new financial services data cloud, a hub that brings together industry-specific datasets and governance capabilities, plus a wide range of tailored solutions from both Snowflake and third-party providers such as Amazon, Black Rock, and State Street. By bringing financial data and industry-specific tools into a single hub, Snowflake hopes to promote collaboration, foster innovation, and support creating a new generation of fintech products. It’s a compelling vision but now it’s time to see if the fintech industry can deliver the goods. There’s no question that Snowflake’s financial services data cloud is an incredibly powerful tool for driving connectivity across financial organizations. But for financial services firms, connectivity is a means to an end,

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