CUSTOMER STORIES
State Street Scales Data Management and AI Innovation
With Snowflake and Azure, State Street can securely share data, advanced AI/ML capabilities and scale data management to deliver value across 10% of the world’s financial assets.
Story Highlights
- Sharing data in minutes, not months: Transitioning from traditional methods like SFTP to Snowflake's secure data sharing, State Street can share large volumes of data securely and in real time, slashing delivery times from months to minutes.
- A scalable, secure platform serving worldwide assets: Snowflake powers the Alpha Data Platform with a resilient and scalable infrastructure so that State Street can manage 10% of the world’s financial assets efficiently.
- AI and ML capabilities that fuel growth: By exploring Snowflake Cortex AI and Document AI alongside integrations with Azure and OpenAI, State Street is investing in future innovation and value for its customers.
Video Transcript
This transcript was automatically generated
My name is Aman Thent. I'm the chief architect for State Street and the chief technology officer of State Street Alpha. State Street serves ten percent of the world's assets.
And it is almost like this champion behind the scene, what are backing the financial services industry. We deploy and create the end to end vision behind what the true needs are of our clients in terms of their investment management needs, and how do we deliver them through a data platform, which is the alpha data platform. Snowflake is a key partner to us when it comes to data management, and that is effectively because of the key capabilities that it has around data distribution, data analysis, and data insights. And all the innovation that Snowflake is now adding to the platform in terms of artificial intelligence and its native integration with Microsoft services, we will take integration to platforms like OpenAI or the cognitive services that Azure itself holds on to.
And we seamlessly integrate it with our operations within Snowflake. And that combination together allows us to create maximum value for our clients. What that meant was we need a platform which is scalable, resilient, and secure, and those are the attributes that we found in Snowflake and Azure. Data sharing is a key concept and a key capability that enables our clients to be able to take the data and then enhance it and then embellish it in such a way that they can make it part of their own data strategy.
Historically, within financial services, it was served through services like SFTP.
But now, with the secure data sharing, now within minutes, we can share large amounts of data which otherwise would have taken us months. Snowflake and Microsoft have been key partners in enabling our AI and ML strategy. Some of the native capabilities that come within Snowflake, like Cortex or Document AI or everything that is now being delivered through Arctic. What this allows us to do is to sit on top of the entire platform and take all the AI and ML innovation that is happening on both the platforms, apply on top of that some of the key initiatives that we are delivering for our clients, and create a holistic, seamless experience that truly adds value to our end customers. And now with large language models and the ability to truly harness all of this information in order to create new analytics and research through AI are key enablers for us.
