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Today: Jun 14, 2024

Finastra boosts product development by leveraging Databricks

1 min read

TLDR:

Finastra is partnering with Databricks to enhance its product development and artificial intelligence (AI) capabilities. The collaboration will enable Finastra to access and deliver value with AI, including generative AI, whilst improving the quality, performance, and security of its product development process. Finastra will use Databricks’ data platform, Secure Zone, to develop prototype AI solutions and production models, as well as to experiment with language models for tasks such as content generation and code translation. The partnership demonstrates Finastra’s commitment to innovation and its dedication to providing best-in-class solutions to its customers.

Key elements:

1. Collaboration with Databricks: Finastra is partnering with Databricks to enhance its product development and AI capabilities. The collaboration will allow Finastra to access and deliver value with AI, including generative AI.

2. Use of Databricks’ data platform: Finastra will use Databricks’ data platform, Secure Zone, to develop prototype AI solutions and production models. The platform is designed for production-grade data ingestion and engineering, as well as the discovery of large batch and real-time data.

3. Experimentation with language models: Finastra will use the platform to experiment with language models for tasks such as content generation, summarization, semantic search, and code translation.

4. Benefits to customers: Finastra’s customers will have access to Secure Zone, enabling them to build robust data products and data science models using cutting-edge tools, datasets, and pre-trained models.

5. Commitment to innovation: The collaboration with Databricks demonstrates Finastra’s commitment to innovation in product development, with a focus on open platforms, cloud, machine learning, advanced analytics, and generative AI.

6. Survey results: According to Finastra’s recent Financial Services State of the Nation survey, 83% of decision-makers are interested in generative AI, and 26% have already incorporated the technology in some form.

7. Streamlining development and enhancing experiences: By unifying reporting, analytics, and AI with Databricks’ platform, Finastra can streamline its development process, strengthen its product offerings, and provide enhanced experiences for its customers.

8. Future prospects: Finastra and Databricks plan to develop new use cases and deliver more value to benefit end users, building on their ongoing partnership.