GoldenSource, the leading independent provider of cloud data management solutions, announced today that the GoldenSource Snowflake Native App will be available alongside GoldenSource’s industry-leading data warehouse schema, for use within the Snowflake Data Share.

Currently, market participants must manage many disparate datasets within data lakes, making it difficult for users to digest and subsequently apply analytics. As a result, one significant challenge faced by cloud data warehouse users in financial services is the absence of a comprehensive data model. The GoldenSource schema provides firms with a way to identify, structure, describe and link data that is of interest to an organization, independent of how the organization uses and processes that data.

From now, the GoldenSource schema can be moved into the Snowflake cloud data platform, meaning dispersed datasets will be mapped together and delivered in an easy-to-understand format, for market participants across the buy and sell side to ‘slice and dice’ the data effectively within Snowflake. Consequently, firms can significantly accelerate the use of analytical tools to gain deeper insights from data, driving forward better decision-making.

On top of this, GoldenSource can now compute this within Snowflake, through the imminent launch of the new GoldenSource Snowflake Native App. The innovation of Snowflake Native Apps is that they bring the process to the data, rather the data having to be moved for processing. The app is a modern way to populate data schemas with content that already resides within the Snowflake Data Share or in S3 buckets, which are public cloud storage containers. Previously, the process of cleaning and transforming raw data had to be handled externally by cloud computing platforms. The GoldenSource Snowflake Native App will help accelerate adoption of Snowflake use across the financial services industry, with an intuitive user experience and 4 simple steps in Snowflake: connect data; configure storage; enable events; grant access.

Jeremy Katzeff, Head of Buy Side Solutions at GoldenSource, said: “Historically, there have been significant barriers for firms to gain meaningful insights and value from cloud data content, because of disparate datasets that are unstructured in nature. With this collaboration, we aim to revolutionize the way datasets are integrated and analysed within a modern cloud-native environment, allowing organizations to extract more valuable insights from data content, with a greatly improved user experience.”