Today, the asset servicing industry is constrained by highly manual, as well as time-intensive processes from poorly integrated legacy technology platforms and data silos.
But with greater market volatility, ongoing macroeconomic repercussions from the global pandemic, and changing customer expectations, asset managers and institutional investors are demanding a greater line of sight with timely reporting and analytics. Regulatory scrutiny further hampers change and innovation. Faced with these challenges, asset servicers have acquired numerous technologies over time to meet their order management, risk management, and fund analytics. Additionally, as higher interest rates have led to higher funding costs, this has accelerated the need for settlement and more accurate cash management workflows. However, this has resulted in dated systems that cause workflow inefficiencies, and data and technology silos that add to cost and complexity. Data management becomes increasingly manual, creating elongated data pipelines, delayed analytics, and greater potential for error.
Snowflake is helping transform the asset servicing workflow with its modernizing technology and data management capabilities, streamlining data ingestion and data sharing. Snowflake allows asset servicers to join internal proprietary data with third-party market data, as well as data that sits across partner applications and data warehouses. By storing all their data in a single, globally available, governed data platform, asset servicers can build a strategic security master database and also support their core corporate actions workflows.
Leveraging a single data platform with streamlined data sharing and collaboration capabilities, asset servicers can easily perform net asset value (NAV) calculations, portfolio performance analysis, and reporting. And with multi-cluster concurrency, asset servicers can power all their workloads with an architecture that separates data from compute.
Here’s how one of our financial services customers are using Snowflake to update their asset servicing capabilities.
Citi Security Services
Citi Securities Services supports the world’s leading asset managers, institutional investors, and financial institutions with custody and fund services. Citi partners with Snowflake to reimagine how data flows across financial services transactions in order to provide a frictionless solution for post-trade processes across the industry. This partnership brings together Snowflake’s secure data sharing and multi-party permissioning capabilities across Citi’s proprietary custody network =spanning 60 markets. Citi’s long-term vision is to power its VelocitySM Clarity data platform with Snowflake to deliver faster, more complete client data and enable real-time data insights and visualizations.
Discover how your organization can use Snowflake to modernize asset servicing:
Originally posted on April 24, 2023 @ 4:37 pm