Huawei strengthens digital transformation of global financial customers with mobile-centric strategy and cloud, AI and 5G capabilities

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Huawei recently hosted its Global FSI Summit 2020 online under the theme “Digitally Thrive in a Mobile Future”. Financial institutions and businesses were invited to share their experiences and ideas for dealing with the “new normal” in the post-pandemic era, including “mobile first” accelerated implementations and the use of FinTech for ensure business continuity and reshape financial service models.

Huawei believes that mobile capabilities are essential for future banks. Supporting this mobile-centric business will require new IT architectures and key cloud, AI, and 5G capabilities. As a leading technology player, Huawei provides its global financial customers with competitive financial ICT solutions and works with various leading partners around the world on joint innovation.

The summit attracted the world’s leading financial institutions including Shanghai Pudong Development Bank (SPD) Bank, China Construction Bank, Singapore DBS Bank, Sberbank, BBVA, Isbank; the world’s leading provider of financial solutions, Temenos; and the institution of IDC analysts and other global industry players.

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Financial institutions that adopt a “ mobile first ” strategy will achieve greater success

The COVID-19 pandemic has advanced digital operations in the financial industry with more confidence and determination in such an implementation. Additionally, the industry has demonstrated its benefits and value by applying new technologies to digital operations.

Peng Zhongyang, director of the board of directors and chairman of Huawei group of companies, said, “Based on cloud computing, big data, artificial intelligence, 5G and other ICT technologies, Innovative FinTechs will seize new opportunities and lead the upgrade of service delivery. We have combined our 30 years of technical experience, capabilities and industry knowledge with customer needs, to provide competitive financial ICT products and solutions spanning multiple areas, and collaborate with various partners for joint innovation. We believe that financial institutions that are ready to go digital are likely to be more successful. “

Adhering to the “mobile first” principle to achieve an intelligent experience is the foundation of the customer-centric business strategies of financial institutions, said Jason Cao, president of the Global Financial Services business unit, Enterprise BG at Huawei.

“We believe that mobile capacity will be at the heart of the future of the banking industry,” he said. “This applies not only to the interface that connects with customers, but also to internal operations and collaborations with partners. Supporting this mobile-centric business will require new IT architectures and key 5G, AI, and cloud capabilities. As a leader in these technologies, Huawei has unique advantages that support the cloud transformation of financial institutions, create new connection capabilities, and help financial institutions improve their agility and innovation capabilities. “

China’s Bank Transformation Experience Strengthens Global Financial Services Industry

Over the past 10 years, Huawei has accumulated vast experience in the world. In the Chinese market in particular, Huawei has gained experience in transforming and prospering banks in the age of mobile applications. In particular, the banking sector has taken a series of measures to ensure business continuity at different stages of the pandemic. In the post-pandemic era, banks need to proactively think about their business model and prepare for any uncertainties in order to ensure an agile business in the future.

Shanghai Pudong Development (SPD) Bank has been applying technologies such as 5G, IoT, artificial intelligence and cloud computing since 2018. Earlier this year, the bank established a three-year action plan to strengthen open banking, to promote – stack digitization and create new development engines with a focus on customer experience and digital. From a strategic perspective, the bank will encourage data operations, technology upgrades and cross-sector collaboration. For example, SPD Bank has developed an AI-powered virtual employee, Xiaopu. Through professional training, Xiaopu is able to offer risk assessment services, financial advice, investment advice and online information dissemination services. In the 5G environment, Xiaopu can work perfectly on various devices such as mobile phones, smart watches and cars, which makes high quality, personalized and smart services more convenient and inclusive.

Pan Weidong, Chairman of SPD Bank, gave his opening speech, “Adhering to ‘customer orientation’, SPD Bank uses 5G and other technologies to continuously innovate the customer experience, business models and open ecosystems, and expanding the breadth, depth, and breadth of financial services. We will strengthen cross-sectoral cooperation and innovation. We want to create endless possibilities with connections, inspire endless dynamics through intelligence, serve the industry ecosystem with FinTech, and jointly promote high quality social and economic development to embrace a better future.

China Construction Bank (CCB) launched the “TOP +” strategy for financial digital transformation as early as 2011. It uses technology and data as two-wheel drive to actively adopt new technologies such as AI, blockchain, cloud computing and 5G, and integrate financial services in the four essential sectors, namely clothing, food, housing and transport. During the pandemic, the application of new technologies enables CCB to provide “contactless services” to its customers as a result. An online lending channel, for example, is designed to meet the financial needs of clients. In early February, the bank launched a full “epidemic zone” service through mobile banking and WeChat Bank, providing real-time data on the epidemic situation, late personal loan repayment requests, charitable donations and other services.

Niu Wenchao, senior engineer of China Construction Bank, said at the summit, “During the epidemic, while OTC transactions declined dramatically, CCB’s online transactions increased slightly. Through CCB’s dual cloud strategy, the private cloud provides stable operations and the public cloud helps innovation and development. Most importantly, we rely on the infrastructure of the smart data center and the highly automated and intelligent network jointly built by Huawei and CCB. The digital transformation has enabled us to respond quickly to emergencies and maintain the continuity of customer services. “

Huawei’s data infrastructure drives digital transformation in financial sector to meet mobile challenges

Strong and powerful real-time connectivity is essential as the banking industry enters the digital world, and 5G, IoT and a flexible network are key technologies.

An accelerated data infrastructure also enables future banking operations. Joy Huang, chief strategy officer, Cloud & AI BG, at Huawei, believes some banks have maintained robust growth thanks to digital technologies. These growing companies have one thing in common, which is that their good online service capabilities are cloud-based, which allows them to be very agile when it comes to innovation. Huawei is learning from customers that the most efficient way is to practice multi-cloud, with separate clouds for different users, while paying close attention to the customer’s last mile experience for mobile services and smart branch offices.

Improving the user experience of financial applications is an important part of the digital transformation. Siri Borsum, VP of Finance Vertical, Global Partnerships & Eco-Development, Consumer BG, at Huawei, said, “Huawei’s large number of device users, strong HMS capabilities, rich market resources, offline retail and global human resources will help our partners better serve users and improve the user experience of mobile applications. “

Network connectivity is one of the essential components of the financial data infrastructure. Daniel Tang, Chief Technology Officer of Huawei’s Data Communication Product Line, said, “Huawei’s fully upgraded CloudFabric 2.0 data center network solution, thanks to high intelligent ultra-wide intelligent connection. 400GE density, no packet loss, and differentiated support capabilities. such as intelligent operation and maintenance of autonomous driving networks, will lead the data center network into the intelligent era, help financial institutions to create large-scale financial services and improve the experience of mobile users.

Huawei helps financial institutions to digitally transform in terms of inclusive finance, data-driven business innovation, open banking and providing customers with inclusive, stable, secure and convenient financial services. To date, Huawei has served more than 1,600 financial institutions around the world, including 45 of the world’s 100 largest banks. In addition, it has established a comprehensive strategic collaboration with 20 major banks, insurers and securities firms around the world, and has become a trusted strategic partner for the digital transformation of its clients.

Huawei Global FSI Summit is a global ICT event hosted by Huawei with a focus on the financial services industry. The event was first held in 2013 and all participants are elites from the financial institutions industry. Learn more about the Huawei Global FSI Summit 2020.

Learn more about Huawei’s smart finance solution.

Copyright © 2020 IDG Communications, Inc.

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