BetaNXT, a leading provider of wealth management technology solutions with real-time data capabilities and an enhanced advisor experience, has announced the launch of DataXChange, a new data architecture that operates on Snowflake’s AI Data Cloud. BetaNXT DataXChange will offer customers a secure environment for real-time, multi-partner collaboration and an expansive ecosystem for product and process innovation.
BetaNXT is currently conducting a pilot program with a select group of wealth management firms, prioritizing the highest-priority and most universal datasets as the core ingredients for clients’ unique innovation initiatives. The outcomes will inform future use cases and solutions; BetaNXT intends to onboard committed clients by the second quarter of 2025.
The DataXChange platform simplifies the exchange and commingling of internal and external data among wealth enterprises and their partners, helping to optimize operations, personalize advice and experiences, and strengthen advisor-investor relationships. The platform’s underlying design principles include:
- Agnostic Aggregation—DataXChange is an open-architecture platform that is completely data-agnostic and partner-agnostic. New datasets, patterns, and partners are easily connected by a common data framework.
- Intelligent Automation—DataXChange eliminates time-wasting processes and data redundancy, offering secure access to the golden source of data and empowering users to design their own custom views based on their business requirements.
- Anytime Availability—With real-time accessibility, clients’ data is always there and ready for deployment. Firms no longer need to wait for batch delivery or overnight reports—instead, users decide what they want to call, how, and when.
- A Secure Platform for Innovation—Within the secure environment of DataXChange, clients’ data is ready to fuel whatever experiences and applications they want to create. The platform becomes an incubator for innovation from clients’ own teams, the BetaNXT network, and an ever-expanding universe of partners.
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BetaNXT pilot participants can access the capabilities of DataXChange through unique instances called Client Data Vaults. These Client Data Vaults leverage a common data and governance framework, while the contents and processes built into each vault are customized for each client’s unique needs and integrations. For example, a wealth advisor may create a proprietary householding view for their customers by blending BetaNXT‘s quantitative data on clients’ positions and holdings with their non-financial CRM data on clients’ life goals or favorite hobbies.
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SOURCE: PRNewsWire