Facteus, a provider of technology and services to access actionable insights within sensitive data, reveals that it’s now part of the Snowflake Partner Network, mainly focusing on supporting financial services organizations to securely access the scale, speed, and data services (available via the Snowflake Data Cloud).
Through the partnership, organizations will be able to access Facteus’ Mimic synthetic data engine and data enrichment services in order to transform, enhance, and transfer their sensitive data to the Snowflake Data Cloud.
Mimic, which will be setup behind the organization’s firewall, will leverage machine learning algorithms to develop an “artificial” copy of an organization’s sensitive information (like raw transaction data).
This data transformation process aims to take out sensitive personally identifiable information (PII), but also maintains statistical relevance (when compared with the original data source). This synthetic data can’t be reverse-engineered back to the original transaction or organization, the announcement explained.
Via Facteus’ Data Enrichment Services, the synthetic data gets cleaned, enhanced, and made ready for use in analytics, machine learning/AI, marketing and segmentation tasks, as well as external data monetization to establish new revenue streams.
Chris Marsh, CEO of Facteus, stated:
“Financial services organizations have wrestled with how to safely and securely migrate their most crucial systems and data to cloud-based environments; however, many organizations lack the resources to make the conversion or remain hesitant to store sensitive data in the cloud. Through this partnership, organizations can transform their data into privacy-compliant synthetic data that can be safely migrated to Snowflake’s Data Cloud to take advantage of the available computing power, analytics tools, and data marketplace. Organizations can now safely expand how they leverage their data assets and maximize the potential to create new revenue sources.”
The Snowflake Partner Network aims to tap into the potential of the Data Cloud via a fairly broad array of tools and partners.
Via certified partnerships and integrations, organizations are able to leverage Snowflake’s flexibility, performance, and ease-of-use to offer key data insights. Facteus serves as a certified partner for Snowflake’s Technology, Services, Data Provider. This is all powered by Snowflake partner programs.
Matt Glickman, VP Customer Product Strategy, Financial Services for Snowflake, remarked:
“Digital transformation and data optimization within financial services has been hampered by aging on-premise legacy systems, siloed data environments, and growing regulatory and security concerns around data privacy. The combination of Facteus’ platform with Snowflake’s Data Cloud enables financial services organizations to safely and securely transform their organization through data.”
Synthetic data allows business entities to get comfortable with migrating their data to the Cloud in order to leverage the computing power and innovative tech capabilities provided with machine learning, artificial intelligence, and analytic tools.
This helps with improving time-to-market and provides a competitive advantage. Using synthetic data, innovation labs and product groups are able to safely share financial data and work closely on various innovations and segmentation strategies via a public or hybrid Cloud environment (while using statistically-relevant insights).