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[Singapore, July 21, 2022] At the Huawei Intelligent Finance Summit 2022, an International Data Corporation (IDC) white paper — Making New Realities Possible with Intelligent Banking, sponsored by Huawei, was announced to release.
Huawei and IDC joint launch White Paper — Making New Realities Possible with Intelligent Banking
In the white paper, IDC proposed a methodology for the Global Intelligent Banking Evaluation Model. This methodology describes how to use the technology capabilities and mindsets to infuse more intelligence into everyday operations, customer interactions, and employee efficiencies.
According to IDC, global spending on the digital transformation (DX) of business practices, products, and organizations is forecasted to reach US$1.8 trillion in 2022, an increase of 17.6% over 2021. At the same time, some new realities are emerging, for example, Exponential Surge in Digital Payments, Lending Excellence Gaining Prominence, Customer Demand for Emotive Experiences, Future Phygital (Physical + Digital) Interactions, Intelligence in Everything, Refocus on Risks, New Ways of Working and Exuberance About Central Bank Digital Currencies.
"In the years to come, competition in financial services will be won by the right and effective use of a precious resource that banks have: data. Banks have been entrusted with data that can ultimately show how customers move through the journey towards financial being," said Michael Araneta, Associate Vice President, IDC Financial Insights in his speech. "But there are other data resources too: data on risk being taken, data on operations, and of course data on how the institution itself is meeting financial objectives."
He then went on to say: "What we have discovered in our research is that intelligent financial institutions know how to take advantage of their data assets. This allows them to thrive in whatever environment they operate in and even pursue the new goals of sustainability, openness, and stability."
"The global intelligent banking evaluation model combines Huawei's years of excellent experience in digital transformation of the global financial sector and IDC's research achievements," said Dr. Margaret Hu, President of Marketing and Solution Sales, Global Digital Finance, Huawei, " This model aims to provide a framework, blueprint, and reference path for digital transformation in the financial industry. Huawei adheres to openness, cooperation and technological innovation, and works with partners to build innovative digital infrastructure and shape smarter, greener finance together."
IDC has identified six key dimensions of the global intelligent banking evaluation model that will help us to evaluate the current maturity level of various regions across the globe. These dimensions are Resilient Leadership & Strategy, Innovative Business Model, Strong Data-driven Culture, Revamp Tech Infrastructure, Reengineer Processes, and Optimize Hybrid Workforce. Under each of these dimensions, there are three sub-dimensions that benchmark the investments and initiatives of various banking organizations across regions and help contribute to the success of these initiatives.
Global Intelligent Banking Evaluation Model and Methodology
Riding on the megatrends of fully connected, fully intelligent, and all scenarios finance, digital innovation is the key competitiveness for business growth, operational resilience, and sustainability, which has also become the crucial engine of the global digital economy.The ultimate user digital experience and business innovations are accelerating digital transformation of the financial industry.
For digital and intelligent transformation of finance, Huawei will work with partners to embrace challenges ahead, and help the financial sector build sustainability and autonomous infrastructure. The computing power, storage, and connectivity will be reshaped to empower financial institutions achieve high-efficiency, high-availability, and high-performance services through in-depth Cloudification Collaboration, Cross domain Collaboration and Heterogeneous Collaboration.
By the end of 2021, we had served over 2,000 financial institutions from more than 60 countries and regions, including 49 of the world's top 100 banks. We have established comprehensive strategic partnerships with more than 80 large banks, insurance companies, and securities companies around the world, and become a trusted strategic partner for the digital transformation of the finance industry.
Huawei Intelligent Finance Summit is Huawei's annual flagship event for the global financial industry. HiFS 2022 runs from July 20 to 22 in Singapore. With the theme of "Shaping Smarter, Greener Finance", Huawei Intelligent Finance Summit brings together leading figures, KOLs, academic experts, and innovative practitioners in the global financial industry to discuss how to shape green and digital finance in light of the future development trend of the financial industry.