STEPHANIE WONG: The global markets move billions in value
daily, creating massive amounts of data in the process.
As the volume, variety, and complexity
of market and alternative data expands,
financial data publishers face mounting pressure
to modernize and deliver their processes in an increasingly
latency-sensitive world.
And consumers are demanding more.
There's a 60% year-over-year increase
in demand for alternative data sets.
And 90% of financial firms are forecast
to use the cloud for their market data in four years.
Right now, commercial data publishers
have several ways of sharing data sets with their customers
and partners, including FTP, email, and access
to publisher APIs.
These can involve a number of steps--
hosting data sets on a remote system,
making multiple copies of files for each consumer,
and letting consumers fetch the data
with the right entitlements.
Unfortunately, this can result in data
set fragmentation and access control matrices that
are hard to rationalize.
On top of that, publishers face operational overhead managing
multiple copies of the same data, which
becomes expensive and hard to scale up with consumer demand,
difficulty in tracking with whom they've shared data sets
and which entitlements are granted,
and increased innovation friction
from the support of legacy processes and infrastructure.
And it isn't easy for consumers, either.
Getting the data from the publisher
is just the beginning of your journey
to making that data useful.
Once you fetch the data set from publishers,
you're tasked with ingesting, normalizing, storing,
and integrating it into your own applications
and analytics pipelines.
This needs specialized skill sets,
and there's usually a long fulfillment process
to retrieve and get value out of data.
Today, data customers expect ease, flexibility,
and cost efficiency.
Datashare is an open-source solution
available in the Google Cloud Marketplace
to exchange commercial data sets securely and easily.
It helps organize third-party data,
making it accessible and useful to exchanges, analysts,
aggregators, consumers, and fintechs.
With market data in the cloud, the entire financial services
ecosystem can come together to exchange data
securely and easily.
With Datashare, data publishers can load and transform data
once into the cloud and entitle it across various dimensions
from a single source to meet customer demands
and make sharing data sets easy and secure.
You can even expand your reach by onboarding your already
licensed and entitled data sets in the Google Cloud Marketplace
under the Financial Services Solutions
category, where new customers can shop for and view your data
sets.
Here's how it works.
The data publisher loads their source data
into BigQuery, Google Cloud's fully managed,
petabyte-scale, serverless data warehouse.
Through Datashare's fine-grained access control policies,
publishers can entitle and administer data sets and table
views.
Publishers control licensing, while Google Cloud's
infrastructure takes care of the data delivery
to consumers on Google Cloud.
With Datashare's scale and centralized policy controls,
publishers can reduce their operational risk.
Choose how you want to share data through views.
Instead of making copies of the same data set,
you can push data sets quickly to existing customers
with data exchanges made immediately ready to query.
And integrating product feedback on the shape of the data
can be as simple as modifying the embedded transformation
directives written in SQL for your views.
For consumers, data is immediately consumable
as soon as it lands in BigQuery, relieving
the toil of downloading and ingesting data.
You can easily access entitled data sets by querying
right from BigQuery itself.
Once you're entitled, you can rapidly
start to get value out of that data,
unlock new revenue streams, and with less time spent
on data wrangling, spend more time
on solving business problems.
And Datashare isn't just for financial markets.
It can be used for retail, health care,
telecommunications, and any time you
want to open up new revenue streams by distributing
your data at scale.
To learn more, check out the Financial Services Solutions
page, and stay tuned for the next episode on selling data
on the Google Cloud Marketplace.
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