Reshaping IT within the financial services industry to drive business transformation for customers
[Beijing, China, July 24, 2015] Huawei has hosted the 3rd annual Global Financial Services Industry (FSI) Summit under the theme of “Reshaping IT to Drive Business Transformation” in Beijing, China.
The event gathered more than 900 of Huawei’s financial customers and partners, including China Construction Bank, the Asian Banker, Hua Xia Bank, DBS Bank, Deloitte, and Infosys, as well as industry experts from across the globe.
As the financial services industry continues to evolve and is reshaped by significant economic and business environment changes this year, discussions around the summit were focused around redefining competitiveness within the financial services industry through IT.
Key topics covered at the event included the digital transformation of financial institutions, accelerating information construction through platform transformation, product innovation, and the systemization of service delivery.
Future Trends: Transformation of IT Architecture, Open Platforms and Financial Cloud
“Digitalization, the mobile internet and inclusive finance are three major trends that will reshape the financial services industry in the future,” said Emmanuel Daniel, Founder and CEO of The Asian Banker, during his keynote speech.
In recent years, the introduction of new internet technologies has had a huge impact on the financial industry. Traditional and closed IT architecture can no longer support the rapidly evolving business demands of customers, which can lead to high levels of volume and high concurrence.
“Huawei is committed to working with our customers and partners in the financial industry to reshape industry-specific IT architecture that will accelerate business transformation and meet evolving customer needs,” said David He, President of Marketing and Solution Sales, Enterprise Business Group, Huawei.
“While Huawei has already established several best practices in areas such as cloud, big data and innovative service channels for finance, we will continue to innovate to provide customers from the financial industry with open, resilient, safe and cost-efficient IT platforms, intelligent and comprehensive data systems, and agile service channels,” said He.
“The key challenges of banks’ existing IT infrastructure includes its dependence on core business systems based on mainframe systems, extremely high IT costs, and limited capabilities for autonomy and control,” said Panshi Jin, General Manager, Information Technology Management Department, China Construction Bank Corporation.
“As businesses continue to develop, problems triggered by multi-center construction and centralized architecture has become more prevalent. Based on service-oriented architecture (SOA), the China Construction Bank’s self-developed next-generation infrastructure with a cloud computing-based hierarchical design supports services with unified management capabilities, added Jin.
As part of a white paper titled Transformation and Reconstruction of Banks in the Digital Era, released at the summit, Huawei and Deloitte highlighted the need for banks to implement a digitalization strategy supplemented by powerful and supportive systems, and IT capability construction.
The white paper indicates that a key component of the strategy is the transformation of cloud architecture, which enables banks to improve analysis efficiency, lower the cost of operations and innovation, and enhance its data storage and disaster preparedness capabilities. In addition, big data strategies enable banks to quickly respond to real-time customer demands by analyzing massive volumes of customer data. The transformation from multi-channel to omni-channel systems will also help banks provide consistent and seamless customer experiences.
During the summit, three sessions were held simultaneously under the themes of “Platform Transformation”, “Service Innovation” and “Open Platform Ecosystem”, where bank customers, system integrators and industry analysts delivered insightful speeches and participated in panel discussions.
Following these sessions, Huawei and Hua Xia Bank signed a strategic cooperation agreement to ICT instruction, which was attended by Yan Lida, President of Enterprise Business Group, Huawei, and Wang Hanming, Chief Information Executive, Hua Xia Bank.
Huawei Offers a Complete Series of Financial Solutions to Provide One-Stop ICT Services
At FSI 2015, Huawei showcased its products and solutions for the financial industry covering three major themes, including “Open Platform Construction”, “Financial Services Innovation” and “Safe and Steady Operations”.
In the “Open Platform Construction” exhibition area, Huawei showcased its private cloud, agile network, and modularized data centers for the finance industry that supports flexible and open IT architecture, enables agile service deployment, and reduces operational and maintenance cost. Huawei has cooperated with leading global banks on joint innovation to explore the deployment mode of cloud for finance.
Huawei also showcased its solutions around big data for finance, omni-channel banking and smart bank branches at the “Financial Services Innovation” area. A key highlight was Huawei’s Financial Big Data Solution, a leading solution in the China market that helps banks enhance business efficiency. For example, by leveraging big data technology, China Merchants Bank is expected to increase its conversion rate by 40 times by replacing traditional approaches with the provision of micro-loans and reducing its credit checking time from 15 days to within several minutes. China Merchants Bank also offers a range of service modes including online, interaction, off-counter and remote services.
At the event’s “Safe and Steady Operations” exhibition area, Huawei displayed its Active-Active Data Center and Anti-DDoS-based Internet Finance Security Solutions that have been developed for traditional banking and internet finance customers.
As part of the summit, twelve renowned financial institutions confirmed their participation in establishing an open platform ecosystem for the finance industry, which aims to promote the development of open platforms through in-depth integration of infrastructure and applications.
Huawei is growing steadily in the global finance market and currently serves more than 300 financial institutions across the globe in markets in Europe, Asia Pacific and Russia, including six of the world’s top ten banks. In China, Huawei is the key IT infrastructure provider of the four state-owned banks and supports innovation within these organizations and the wider financial industry.
For more information about Huawei’s third Global FSI Summit, please visit: