Power of Three: Our Strategy for the Financial Services Industry
On June 10, Huawei held the Global FSI Summit 2020. Financial institutions and enterprises were invited to share their experience and insights in dealing with the “new normal” in the post-pandemic era. These include accelerated mobile-first implementation and using fintech to ensure business continuity and reshape financial services models.
The summit attracted the world’s leading financial institutions including Shanghai Pudong Development (SPD) Bank, China Construction Bank, Singapore DBS Bank, Sberbank, BBVA, Isbank; the world’s leading financial solutions provider Temenos; and analysts, including IDC.
Post-Pandemic Financial Services
The COVID-19 pandemic has advanced digital operations in the financial industry with more confidence and determination in such implementation. Moreover, the industry has demonstrated its advantages and value in applying new technologies in digital operations.
Tech in Action
Huawei believes that mobile capabilities are the key to the future of banks. Supporting this mobile-centric business will require new IT architectures and key capabilities of cloud, AI and 5G.
Shanghai Pudong Development (SPD) Bank
SPD began applying technologies, including 5G, IoT, AI, and cloud computing in 2018. At the beginning of 2020, it established a three-year action plan, aiming to strengthen open banking, promote full-stack digitalization, and create new development drivers by focusing on customer experience and digital technology.
From the strategic perspective, SPD will focus on data operations, upgrading its technologies, and cross-industry collaboration. It AI-powered virtual employee, Xiaopu, can offer risk assessment, financial consulting, investment advice, and news broadcast services online. In the 5G environment, it works on various devices such as mobile phones, smart watches, and cars, making high-quality, personalized, and intelligent services more convenient and inclusive.
China Construction Bank (CCB)
CCB launched its TOP+ strategy for financial digital transformation back in 2011. The strategy uses technology, such as AI, blockchain, cloud computing, 5G, and big data data to embed financial services into four key sectors: clothing, food, housing and transportation.
During the pandemic, new technologies have enabled CCB to provide customers with no-contact services like online loans. In early February, the bank launched an “anti-epidemic service” on its mobile banking app and on WeChat Bank, providing real-time data on the epidemic, applications for late personal loan repayments, charitable donations, and other services.
Click the link to watch footage from the Huawei 2020 FSI Summit.
Power of Three: Huawei’s FSI Strategy
Huawei’s Global FSI strategy is based on the Power of Three through multiple lenses:
- Digital Intelligent Connectivity: providing financial inclusion and bridging the real consumer economy to the traditional market economy
- Ubiquitous Embedded Next-gen Digital Financial Services: delivering services based on the core consumption needs of every person, home, and organization across industry platforms us a true multichannel business and technology delivery model. We require financial services to fulfill the basic needs to live our lives in three basic areas:
- Payments: We need to pay our bills, buy goods and services, and live. We remit payments to individuals and larger entities and corporations
- Credit and lending: If we do not have enough money to pay our way, we need to use credit to borrow money.
- Wealth management/Investments and Insurance: If we have money left after paying bills and buying goods and services, we can deposit it in a bank or purchase financial services or products
Executing our strategy is based on three core digital technology accelerators:
- Mobile Financial Services
- Artificial Intelligence from the Mobile Edge and Device, through networks and 5G, enable by Enterprise Intelligence on Huawei Cloud
- Open Platforms with APIs with Open Stack Compute, Networking, and Storage Cloud.
Click the link to read more about Huawei’s financial services solutions.