Piraeus Bank: All-Flash Storage Meets Ever-Growing Demand for New IT Services
The successful cooperation between Huawei and Piraeus Bank in the all-flash storage field is a miniature of the cooperation between Huawei and the Greek banking industry. Huawei is committed to becoming a preferred partner of digital transformation for Greek banks by providing a wide range of competitive products and solutions.
Athens is the capital of Greece. It’s a liveable city that incorporates historical, classical, and modern elements. The city is a center for the arts, learning, and philosophy, as well as a center of Greek industry, politics, culture, and finance.
One of the city’s landmarks is Piraeus Bank, with a history spanning over 100 years. Founded in 1916, Piraeus Bank is the largest bank in Greece and occupies the largest share of customer loans and deposits, accounting for 29 percent. The bank provides comprehensive financial products and services for more than 5.4 million customers through its network of approximately 540 branches in Greece.
The Greek economy has been growing and unemployment has been falling since 2017, and both trends will likely accelerate in the following years.
The macroeconomic fundamentals and prospects of the Greek economy improved further in 2019, positively affecting the economic climate. This has contributed to the improvement of banking sector financing and liquidity.
The majority of business sector leading indicators reflect the recovery of economic activity (PMI etc.).
The Greek banking system is stronger, following major consolidation, restructuring, and deleveraging efforts. Challenges to banks’ profitability include the high stock of Non-Performing Exposures, the low interest rate environment and increasing regulatory requirements. Interest income makes up a large part of banks’ operating income, and Greek banks are addressing this issue by adjusting their business models to further diversify income and lower their cost base.
Greek banks are stepping up efforts in becoming more efficient, with key drivers being in exploiting new technologies, rationalizing their networks and optimizing resources.
Piraeus Bank has committed to play a leading role in the restart and development of the Greek economy by actively supporting economic activity and extroversion through specialized and personalized solutions and high-level services to its approximately 5.4 million customers.
Piraeus Bank is turning the page, building on the successful completion of strategy. The bank is committed to make the most of its capacity to serve and support the Greek economy and deliver for its customers, shareholders, and employees. Piraeus is focused on producing results and generating value for all of its stakeholders.
By adopting these winning strategies, Piraeus Bank is on track to attain its medium-term aspirations, while continuing to invest for the future.
For years, Piraeus Bank has been actively embracing digital transformation and become a digital leader in Greece. The bank launched an automated electronic branch, known as “e-branch,” to provide transaction services and unique experience in 2016; in 2017, it redesigned winbank (its web banking platform) and launched an online real estate website for the public. The e-branch solution has played an important role as the bank has cut its physical branches and costs.
Agenda 2023 specifies the strategic digital business drivers, covering efficiency through migration to digital, digital differentiation and engagement, and online sales. The bank aims to achieve world-class digital results by 2023. Digital business and transformation drive the implementation of Piraeus Bank’s business strategy.
To meet the ever-growing demand for new IT services, Piraeus Bank has to use flexible systems that are able to sustain this trend. The bank needs to cover new trends, such as big data, AI, and containers while it continues to support older technologies, including legacy systems. To meet this need, Huawei has cooperated with the bank on digital transformation. Huawei all-flash storage is an example of this.
The existing storage devices had various technical problems. For instance, these devices failed to scale on demand due to their degraded performance, slow response, and limited scalability after deduplication and compression were enabled. In addition, limited storage capability couldn’t process the ever-increasing data volume or exponential data growth during digital transformation. To solve these issues, the bank needed a new storage system featuring automated provisioning, capacity on demand, easy failover, better resource usage, and secure data migration.
In July 2018, Huawei discussed needs with Piraeus Bank’s IT O&M team. After several rounds of in-depth communication, the two parties reached an agreement that Huawei’s all-flash storage products could enter the PoC test. Based on the understanding of the bank’s needs, Huawei recommended the OceanStor Dorado V3 all-flash storage system for the PoC test and replacement of existing storage systems.
The two parties initiated the PoC test, and completed it in October 2018, winning recognition from the bank. In addition, to ensure the security of the legacy system and suitability of Huawei all-flash storage, the bank tested storage devices in the test environment as well as in production with heavy workload demands for more than six months. Through all these tests, the bank thought that Huawei all-flash storage covered 100 percent of its needs.
“Huawei was chosen following a very demanding PoC during which we applied several tests to verify its performance, reliability, compatibility with existing infrastructure and of course support from Huawei services. These tests lasted more than six months, during which Huawei AFA covered 100 percent our needs. We had the opportunity to use it not only in test environment, but also in production with heavy workload demands. So, when we were confident for the suitability of the system, we proceeded with the adoption of Huawei as one of the enterprise storage providers of the bank,” said Haris Voutsas, Assistant General Manager, Group IT Operations, Piraeus Bank.
In June 2019, Huawei OceanStor Dorado V3 all-flash storage system replaced the existing storage system. Since the system went live, the bank has been continuously migrating production services and data to the system, such as virtual servers, databases, application servers, and BIs. The system has run effectively and improved IOPS performance linearly while maintaining fast, reliable, and stable response. As a result, it has effectively alleviated Piraeus Bank’s business growth pressure, improving its operational efficiency and customer satisfaction.
Powered by intelligent chips, advanced architecture, intelligent algorithms, and gateway-free active-active solution, the OceanStor Dorado V3 greatly improves service performance, reduces latency, and ensures high reliability. The system architecture and embedded technologies deliver high cost effectiveness so that Piraeus Bank can economically configure immediate and future storage capacities, minimizing its Total Cost of Ownership (TCO).
Piraeus Bank was impressed by the successful collaboration. “As I have already stated, before we proceeded with Huawei we had a very thorough PoC that confirmed the suitability of Huawei AFA for our needs. So yes, our experience so far is excellent, and we consider Huawei a trusted partner that we can rely on,” said Haris Voutsas, “Huawei has a very strong technological background, and its products are on par with if not better than, ones of the major IT vendors. During the last year, we have seen a constant improvement of the AFAs with new versions, which implies investment in R&D and commitment to its products.”
The successful cooperation between Huawei and Piraeus Bank in the all-flash storage field is a miniature of the cooperation between Huawei and Greek banking industry. Huawei has collaborated extensively with Greek banks by providing a wide range of competitive products and solutions. It is committed to becoming a preferred partner of digital transformation for Greek banks.
Archimedes, a famed scholar in ancient Greece, once said: “Give me a place to stand, and I shall move the world.” Some 2,000 years later, with the Greek banking industry facing tremendous challenges and undergoing digital transformation, Huawei is keen to work with more Greek banks, creating more “places to stand” — to propel the sector’s development and digital transformation.
Piraeus Bank, with a history spanning over 100 years, was founded in 1916. Piraeus Bank is the largest bank in Greece and occupies the largest share of customer loans and deposits, accounting for 29 percent. The bank provides comprehensive financial products and services for more than 5.4 million customers through its network of approximately 540 branches in Greece.