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Table of contents
1.
Introduction
2.
Amazon FinSpace
3.
How Amazon FinSpace works
4.
Getting Started With FinSpace
5.
Security in Amazon FinSpace
6.
Features & Benefits of FinSpace
7.
Frequently Asked Questions
7.1.
How does FinSpace make managing data access policies easy?
7.2.
How is Amazon FinSpace charged?
7.3.
How does Amazon FinSpace integrate with our existing enterprise data lake (EDL)?
7.4.
What are the prerequisites for using FinSpace in my AMS account?
8.
Conclusion
Last Updated: Mar 27, 2024
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Amazon FinSpace

Author Tanay Kumar
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Prerita Agarwal
Data Specialist @
23 Jul, 2024 @ 01:30 PM

Introduction

Amazon FinSpace is a wholly managed data analytics and management service that makes it easy to store, prepare, and catalogue financial industry data at scale, reducing the time consumption for FSI (financial services industry) customers to access and find all types of financial data for analysis from minutes to months.

This article will learn about the Amazon FinSpace by AWS, its features, benefits, and working. So, let's get started with the blog.

Amazon FinSpace

Financial services organizations analyze the data from internal data stores like actuarial, portfolio, and risk management systems and petabytes of data from third parties, like historical securities prices from stock exchanges. It may take months to find the correct data, get permissions for accessing the data in a compliant way, & prepare it for analysis.

Amazon FinSpace removes the heavy load of building & maintaining the data management system for our financial analytics. With FinSpace, we can collect data in a secured data management application and catalog it by the relevant business concepts. FinSpace consists of a library of 100+ functions, such as Bollinger bands and time bars, for preparing data for analysis.

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How Amazon FinSpace works

To use Amazon FinSpace

  • From your Amazon Web Services (AWS) console, launch FinSpace and customise the catalogue's data organisation for easier searching.
  • Add the information that will be required for analytics.
  • Organize and characterise the information so that it can be found in a catalogue.
  • Create historical or current data views that are partitioned to improve performance.
  • For data processing at scale, use integrated Jupyter notebooks and managed Spark clusters.

 

We can understand this workflow better with the diagram below.

Amazon FinSpace Working

Source: docs.aws.amazon.com/finspace/

Getting Started With FinSpace

This section will learn how to set up an Amazon FinSpace Environment.

Step 1: Set up and log into the AWS account

First, we need to create an account or log in to the AWS management console to set up our account. We can also create IAM (Identity and Access Management) role.

AWS Management Console

Step 2: Create an environment.

To create an environment, let's open the Amazon FinSpace from the AWS Management Console. On the Amazon FinSpace page, click on the "Create Environment” button.

Amazon FinSpace Welcome Page

This will redirect us to Create Environment page, where we need to add details as per the below image.

Create Environment

Source: docs.aws.amazon.com/finspace/

Enter the environment name and description (optional), and add a KMS key to encrypt data in our FinSpace environment. 

After that, select an authentication method for the environment from the below options as shown in the image below.

Create environment

Source: docs.aws.amazon.com/finspace/

As shown in the image above, the options available for authentication are Email and Password and Single Sign-On (SSO).

Finally, select the “create environment" button to create the FinSpace environment successfully. Once we click on the button, the process will begin in the background, and it may take 50-60 minutes to finish.

After the environment is created successfully, a domain URL is generated, which is the sign-in URL for our FinSpace web application.

Step 3: Sample data bundles.

Each environment has a Capital Markets Sample data bundle installed so we can browse, analyze and search this data to explore Amazon FinSpace.

Security in Amazon FinSpace

Amazon FinSpace is very secure analytics and management service. Security in Amazon FinSpace can be achieved as follow.

Data encryption

 Amazon FinSpace uses the following data encryption features:-

  • Encryption at rest: This service encrypts the customer data at rest with a customer-owned Key Management Service (KMS) key (KMS-CMK) for encrypting the data.
  • Encryption in transit: Amazon FinSpace uses TLS 1.2 for encrypting data in transit through public endpoints and through backend services.
     

Inter-network traffic privacy

User connections to Amazon FinSpace are protected through the use of TLS (Transport Layer Security).

Read about Amazon Hirepro here.

Features & Benefits of FinSpace

Amazon FinSpace provides many features for reliable and secure finance analysis. Some of them are listed below:

  • Import data easily: The SDKs allow us to load data files into FinSpace in a daily basis, in bulk, or ad-hoc fashion.
  • Store and catalog data with business terms:  Create a business data catalog with our business taxonomy to organize data so that our business users can easily discover it.
  • Prepare and analyze data at scale: FinSpace notebook with integrated managed Spark clusters can be used to run analysis on petabytes of data..
  • Financial time series analysis: We can run a financial time series analysis for high-density market data.

Frequently Asked Questions

How does FinSpace make managing data access policies easy?

In FinSpace, we can define user groups and assign those groups to datasets, along with the fine-grained access control.

How is Amazon FinSpace charged?

With Amazon FinSpace, we pay for users to have access to the application, the storage we use monthly, and the clusters used to prepare and analyze our data.

How does Amazon FinSpace integrate with our existing enterprise data lake (EDL)?

With Amazon FinSpace APIs, we can build integrations with an existing EDL (enterprise data lake) and ingest data from S3.

What are the prerequisites for using FinSpace in my AMS account?

We do not have any prerequisites or requirements for using FinSpace in the AMS Account.

Conclusion

In this article, we have extensively discussed Amazon FinSpace, its working, setup, security, features, and benefits.

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