Huawei Holds Fifth Global Financial Summit in Beijing -Open Ecosystem and ICT Innovation Accelerates Banking in the Cloud

Accelerating cloudification and digitization of financial institutions

Banks and financial institutions are increasingly embracing digital transformation to address their customers’ evolving needs and drive business growth. They are looking to capture new opportunities by expanding digital service channels, inventing digital products and launching innovations based on digital insights. However, they need to overcome significant challenges as they move from legacy systems that often stifle innovation and growth.

Commenting on the trends of future banks, Liu Limin, President of Financial Services Sector, Huawei Enterprise Business Group, said: “In the future, banks will transform into technology companies with banking licenses. With financial institutions as platforms, assets, personnel, and the supply chain will be connected more effectively. In line with Huawei’s ‘platform + ecosystem’ strategy, we are committed to helping financial service providers build ICT infrastructure and platforms featuring flexible architecture, precise analysis, efficient collaboration, channel innovation, and secure management. We believe advanced ICT platforms are critical for financial institutions to deliver enhanced services, customized products, and smart customer management. Additionally, we are dedicated to fostering the development of an open ecosystem to help accelerate banking in the cloud.” 

Liu Limin, President of Financial Services Sector, Huawei Enterprise Business Group

During the Summit, guest speakers also shared their perspectives on future banks, and provided insights and best practices for accelerating cloudification and digitization of banks:

• Emmanuel Daniel, Founder and Chairman of Asian Banker, commented: ”With mounting competition in the industry, financial services will increasingly be defined by customer choices and platforms, not by banks. Today, financial service providers are embracing artificial intelligence and data analytics to effectively reach target customers. They need to stay on top of emerging technologies, such as machine learning and self-driving cars, which are disrupting the economy and the way people live and work.” 
• Jin Panshi, General Manager, IT Management Department, China Construction Bank (CCB), shared how the bank leveraged digitalization to launch in-depth transformation within the organization. He said: "CCB's three-in-one digital transformation model comprises an enterprise-level framework that is driving business transformation, technological transformation, and implementation transformation. A ’centralized + distributed’ convergent IT architecture now underpins the converged and intelligent development of CCB’s diversified and innovative services and applications. This digital transformation initiative has helped us transform from a siloed department-level approach to a unified enterprise-level approach, enabling new financial services and new possibilities for the bank.”
• Han Tao, General Manager, Cloud Innovation, China Merchants Bank (CMB), said that its cloud data center, combined with the service capabilities of Huawei’s ICT solution, are helping to drive the bank’s competitiveness. By establishing national standards through a Data Center Service Maturity Capability Model, and utilizing finance system integrators and ICT vendor platforms, CMB has enhanced its data center and IT operation capabilities and built up advanced infrastructure that powers business development.
• Yao Huiya, Head of Innovation Research, Webank, believes that: "cloud is the best delivery method for financial technological innovation." Based on an efficient, open and self-managed IT infrastructure platform, Webank joined hands with Tencent Cloud to build a complete “cloud + bank” ecosystem that supports normalized financial technology innovations, provides enhanced financial services to small businesses and consumers, and delivers “SaaS+” (Software-as-a-Service + industry) to enterprises in the finance and other traditional industries.   
• Mike Blalock, General Manager, Intel Financial Services Industry, explained that: "Cloud banking is the foundation of future financial service innovation. Finance clouds can enable digital banks, achieve transformational business outcomes, drive innovation and create new business capabilities for banks. Investment and planning in finance clouds made by banks today will deeply impact the financial services of the future."

During the Summit, ABC and Huawei signed a strategic partnership agreement. Under the agreement, Huawei will optimize and integrate architecture within ABC's multiple data centers and service centers to support its growing international operations. In addition, Pactera and Huawei jointly released a distributed digital banking core solution targeting mobile finance, which will meet the diverse customer requirements for mobile banking and internet financial services.

In the near-600 m2 exhibition area at the Summit, together with Infosys, Beijing Yuxin Yicheng Technology Co. Ltd., Beijing Advanced Digital Technology Co. Ltd., Sinosoft Co. Ltd., Pactera, Sopra Banking Software and other partners, Huawei showcased 12 major solutions for the financial industry through scenarios and interactive demonstrations in three large sub-exhibition areas: "Cloud Finance", "Big Data Finance", and "Omni-channel Finance". Highlights were as follows:

• "Cloud Finance" exhibition area: Huawei showcased joint cloud solutions designed to support banks in developing digital channels, intermediary business and core systems for enhanced business agility and lower operational costs. Huawei’s collaborative innovations with global leading banks have helped banks across the globe achieve infrastructure cloudification.   
• "Big Data Finance" exhibition area: As an enterprise-level Big Data processing and analysis mining platform, Huawei FusionInsight is the first Big Data platform in the industry that supports classified protection for financial data. It is already being used by Industrial and Commercial Bank of China, CCB, and CMB of China.
• "Omni-channel Finance" exhibition area: Huawei has facilitated the development of a system that supports omni-channel financial services to achieve online, interactive, virtual and distant delivery methods.

Huawei showcased 12 major solutions for the financial industry through scenarios and interactive demonstrations in three large sub-exhibition areas

Huawei’s solutions for the financial industry have been deployed by more than 300 financial institutions globally, including six of the top ten banks in the world. The company has formed partnership with more than a dozen global top financial institutions and independent software developers to carry out collaborative innovations on cloud computing and big data based next-generation IT infrastructure, with the goal to help financial institutions accelerate digital transformation across platform transformation, product innovation and channel service. In Europe, Asia Pacific, Russia and other regions, Huawei’s leading solutions have been deployed by local mainstream financial customers; in China, Huawei has become the IT equipment supplier of the four major state-owned banks. 

For more information about the Huawei Global Financial Summit 2017 held at the Shangri-La Hotel in Beijing, please visit http://e.huawei.com/topic/finance2017-en/index.html.