At the recent Google Cloud Financial Services Summit, Google revealed its latest offering in the finance space, Datashare. Housed in the cloud, Datashare has been created to aid in the organization of third-party data from market data publishers like exchanges, and other providers, as well as data consumers primarily aimed in the banking and finance space. Its purpose is to allow the capital markets industry to exchange and upload market data easily and securely.
Until recently, the rapid increase of traditional and alternative data sources in financial services has created road bumps for financial institutions hoping to procure important data to perform their services. What they (investment banks, asset managers, hedge funds, and other data consumers) have needed is more choice in how the data is received, secure options for uploading and storage, and tools for being able to utilize that data nimbly. It has previously been a costly and tedious undertaking to procure and mine through datasets for useful and productive information. Data publishers (exchanges and aggregators), on the other hand, are unable to keep up with the increasing demand for massive data volumes and need ways to deliver the data simply.
Datashare, built on Google Cloud, elegantly addresses the unmet needs of both data consumer and market data publishers by organizing third-party data and enabling it to be accessible and useful. Data publishers can enjoy uploading licensed datasets to Google Cloud safely and quickly, while data consumers have access to their desired data tools such as BigQuery.
Further features of Datashare boast the ability to achieve batch data delivery where publishers can deliver all their varying forms of data and sources through BigQuery, which demonstrably reduces administration stress on consumers to refine insights. Datashare also offers real-time data streaming to track rapidly changing variables such as tick data, orders, and news. Data monetization is also possible where publishers can make their data available on Google Cloud Marketplace to increase reach and expand sales opportunities.
Speaking on this offering, Christin Brown, Global Financial Services Industry Technical Solutions Leader for Google Cloud asserted the importance of putting forth cloud-based models that flexibly and easily keep up with customer demands in a cost-efficient manner. “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," Brown said. "Datashare solves this problem by making market data accessible and beneficial to both publishers and consumers."
The ease and accessibility of generating and accessing data through this new Google product comes at a very welcome time for a financial industry that is moving faster than ever.