Data-Driven Intelligent Banking Boosts Inclusive Finance in Southeast Asia
SHANGHAI,Sept. 18,2019 -- Huawei has partnered with Chinasoft International(CSI)to release an Intelligent Financial DataSolution based on a converged data lake at HUAWEI CONNECT 2019. The solution is designed to help financial institutionsin Southeast Asiaand other marketsmakeboundless intelligentfinancial servicesaccessible to the general public,while improving business efficiency and driving innovation.
In the future,boundlessfinancial services will move beyond the physical boundaries of banksand reach peopleeverywhere. For example,mobile paymentsin China have multiplied36 times from 1.674 billion in 2013 to 60.531 billion in 2018,with convenient financial services now becomingmainstream. Intelligentservices will replace experience-driven finance to become data-driven intelligent finance,providing customer-friendlyservices while alsohelping banks with operational efficiency,risk control,and decision-making. China's banking industry has achieved 1-minute loanapprovalsby integrating Big Data analysis with traditional credit investigation.
Cao Chong,President ofFinancial 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 adata-driven,AI-enabled,open and distributed architecturewill becrucial to the success offinancial institutions moving forward."
As banks tryto realize the value of data,they typically face a range of challengesincluding multiple types of data coming from multiple channels,difficulties around converged data analysis,and poor useofdata. Huawei'sIntelligent Financial DataSolutionoffers a complete solution to address these challenges by providingthree layers–intelligent datainfrastructure,a converged data lake,and a data and business enablement. Thisensures efficient data access,converged data analysis,and upper-layer applicationsare enabled by data services,helpingbanks achieve precision marketing,real-time risk control,and agile operations.
Huawei's Intelligent Financial DataSolution has already enabled a number of financial institutions in China to create innovative scenario-specific applications. For example,it has helped a top-levelretail 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 suspiciousfraud cases,reducing them by over 50%.
Vincent Zhu,Vice General Managerof 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 isexpected to go live for commercial use in 2019and is an important milestone for Huawei-CSIcollaboration in the Southeast Asia finance industry.
Zhu said:"The commercial use case in Malaysia will be avaluable reference for other financial institutions in Southeast Asia. Over the next 3 to 5 years,Huawei and CSI will help financial enterprises in Southeast Asiaimplement boundless intelligent financial services toenhance customer experience and business efficiency,accelerategrowthopportunitiesand reduce costs. In the future,banks will increasingly focus on intelligent financial scenarioswith the support ofdata service providers andthe converged data lake. Theage of AI finance is coming."
The three differentiating advantages of this joint solution are that it is converged,intelligent,and efficient. It helps banks redefine converged data lakesfor financeand achieve more intelligent and real-timedata analysis,accelerating the conversion from datato value and digital transformation.
