[Shanghai, China, September 18, 2019] Huawei has partnered with Chinasoft International (CSI) to release an Intelligent Financial Data Solution based on a converged data lake at HUAWEI CONNECT 2019. The solution is designed to help financial institutions in Southeast Asia and other markets make boundless intelligent financial services accessible to the general public, while improving business efficiency and driving innovation.
In the future, boundless financial services will move beyond the physical boundaries of banks and reach people everywhere. For example, mobile payments in China have multiplied 36 times from 1.674 billion in 2013 to 60.531 billion in 2018, with convenient financial services now becoming mainstream. Intelligent services will replace experience-driven finance to become data-driven intelligent finance, providing customer-friendly services while also helping banks with operational efficiency, risk control, and decision-making. China's banking industry has achieved 1-minute loan approvals by integrating Big Data analysis with traditional credit investigation.
Cao Chong, President of Financial Services Industry at Huawei Enterprise, commented, "The transformation and development of the financial industry are driven by leading technologies, such as Big Data, AI and blockchain. Creating boundless intelligent finance, and adopting a data-driven, AI-enabled, open and distributed architecture will be crucial to the success of financial institutions moving forward."
Mr. Cao Chong, President, Huawei EBG Financial Services Business
As banks try to realize the value of data, they typically face a range of challenges including multiple types of data coming from multiple channels, difficulties around converged data analysis, and poor use of data. Huawei’s Intelligent Financial Data Solution offers a complete solution to address these challenges by providing three layers – intelligent data infrastructure, a converged data lake, and a data and business enablement. This ensures efficient data access, converged data analysis, and upper-layer applications are enabled by data services, helping banks achieve precision marketing, real-time risk control, and agile operations.
Huawei's Intelligent Financial Data Solution has already enabled a number of financial institutions in China to create innovative scenario-specific applications. For example, it has helped a top-level retail bank implement real-time intelligent risk control and intercept suspicious transactions worth more than CNY1 billion annually. It has also helped an insurance company intelligently identify suspicious fraud cases, reducing them by over 50%.
Vincent Zhu, Vice General Manager of Southeast Business Unit at Chinasoft International (CSI), unveiled the joint solution and revealed that CSI had worked with a leading bank in Southeast Asia to implement joint innovation and testing for multiple scenarios such as delivering intelligent services and achieving real-time risk control. The project is expected to go live for commercial use in 2019 and is an important milestone for Huawei-CSI collaboration in the Southeast Asia finance industry.
Zhu said: "The commercial use case in Malaysia will be a valuable reference for other financial institutions in Southeast Asia. Over the next 3 to 5 years, Huawei and CSI will help financial enterprises in Southeast Asia implement boundless intelligent financial services to enhance customer experience and business efficiency, accelerate growth opportunities and reduce costs. In the future, banks will increasingly focus on intelligent financial scenarios with the support of data service providers and the converged data lake. The age of AI finance is coming."
Vincent Zhu, Vice General Manager of Southeast Business Unit at Chinasoft International (CSI)
The three differentiating advantages of this joint solution are that it is converged, intelligent, and efficient. It helps banks redefine converged data lakes for finance and achieve more intelligent and real-time data analysis, accelerating the conversion from data to value and digital transformation.
HUAWEI CONNECT 2019 is an annual flagship event hosted by Huawei for the global ICT industry, and is this year being held in Shanghai from September 18 to 20. This year's conference is themed around "Advance Intelligence" and aims to establish an open, cooperative, and shared platform for customers and partners to explore new opportunities for an intelligent future.