Huawei “AI+Data” Enables Smart Finance

HC 2019 (HUAWEI CONNECT 2019) recently held a conference that took place in Shanghai World Expo Exhibition and Exhibition Center in China. The theme of the conference was to create a new level of intelligence and create a platform for openness, cooperation and sharing. Global industry leaders, business elites, technology giants, pioneers, eco-partners, application service providers and developers. Through the conference, everyone has discussed the direction of industrial development and future opportunities. For the financial industry, this is another grand event after the Huawei Global Financial Summit in April. Join hands with global financial industry executives and experts to create a smart future with financial digital transformation!

At the conference, Huawei and ChinaSoft International released a smart financial data solution based on the Fusion Data Lake to help global financial institutions promote the popularization of smart financial services for everyone.

Future financial services are unbounded and intelligent. First, there is no boundaries. In the future, the financial industry will surpass the physical boundaries of banks. Financial services are everywhere, and they are integrated into every life scene such as food, clothing, housing and entertainment. Taking China Mobile Payment as an example, from 1.674 billion in 2013 to 60.531 billion now, the frequency of payment has increased by 36 times, and financial services have touched every corner of life. The second is intelligent, from bank operations, risk control, decision-making, to consumers enjoying temperature-based and proactive financial services, from experience-driven to data-driven smart finance. Now Chinese banking industry has achieved one-minute loan application and issuance through big data analysis combined with traditional credit reporting.

Cao Chong, President of Huawei Enterprise BG Financial Division, said:

The transformation and development of the financial industry cannot be separated from the technical support represented by big data, AI and blockchain. Building an unbounded smart finance, data-driven, AI-enabled open distributed architecture is an inevitable choice for financial institutions to win the future.

At present, most banks face three major challenges in realizing the value of data:

1. Multiple and multidimensional data access
2. Data fusion analysis
3. The data is not being used very well

Faced with the above challenges, Huawei Smart Financial Data Solution provides three parts: intelligent data infrastructure layer, converged data lake platform layer and data and service enabling layer, ensuring data access, data fusion analysis and data service to enable upper level application. A complete set of financial integration solutions makes business innovation and helps banks achieve precision marketing, real-time risk control and agile operations. Huawei’s smart financial data solution has been applied to many innovative scenarios of Chinese financial institutions. The solution helps a best retail bank to achieve smart real-time risk control, and the annual interception of suspicious transactions exceeds 1 billion yuan. At the same time, the solution helps an insurance company to intelligently identify suspicious fraud cases, and fraud cases are reduced by more than 50%.

Smart Finance: Smart Finance leverages Huawei’s chips, together with mobile Internet, the IoT, and biometric recognition technologies, to improve customer experiences. We have developed a “Digital Brain” for smart decision-making based on distributed data computing. We are reshaping IT architecture via cloud computing and SDN technologies to support business innovation. Huawei is combining its industry-leading infrastructure technologies with the digital transformation practices of the global financial services industry to make Smart Finance a reality.

Smart Banking: FinTech Delivers an Ultimate Experience

Smart banking is becoming the commanding heights of global banking in the digital economy era. Zhang Yan, Deputy General Manager of Technology Dept, ICBC, said that ICBC focuses on promoting in-depth integration of banks and ecosystems, reshapes the new business architecture of “all-customers, omni-channels, and all-products” with a new ecosystem, and then promotes the transformation of the “host + open platform” dual-core IT architecture. This is to accelerate the smart, inclusive, and open transformation of financial services, and to build an open smart banking ecosystem that integrates finance with technology.

“Innovation is deeply embedded in Erste’s DNA and is one of the core business drivers within Erste Bank. Erste has proven already in the area of trade financing and in retail banking that it is capable to build technology-enabled FinTech like solutions from scratch.” said Clemens Müller, Executive Assistant of the BOD, Erste Bank.

Smart Insurance: Intelligent Insights and Upgraded Services

Lin Zhipeng, Deputy General Manager of Data Dept, China Life Insurance introduced “China Life’s Digital Platform Construction”. He said China Life built a first-class digital platform by leveraging cloud IT architecture and artificial intelligence technology. Based on this, China Life can build a digital business platform that integrates healthcare, elderly care, and financial services with the insurance core. In this way, it offers smart insurance services to support social and economic development and improve people’s lives.

Smart Securities: Innovative Smart Architecture Accelerates Transformation

Yu Huali, Chief Engineer of Shenzhen Stock Exchange, said they have accelerated the transformation of the technical architecture by taking networking, digitalization, and intelligence as the core, in the open financial environment. Data and AI optimize risk control, improve service capabilities of trading platforms, and promote the healthy development of the securities trading market.

Adhering to the “Platform + AI + Ecosystem” strategy, Huawei Enterprise Business teams up with partners to provide ubiquitous connectivity and pervasive intelligence, and integrate new ICT through the digital platform to help government and enterprise customers achieve digital transformation. More than 700 cities around the world, and 211 of the Fortune Global 500 companies, including 48 of the top 100, have selected Huawei as their partner in digital transformation.

Huawei has continued to work with top financial institutions, research institutes, and independent software developers worldwide to accelerate the transformation of financial institutions. Huawei has served more than 1,000 financial institutions, including 20 of the world’s top 50 banks.

Huawei Global FSI Summit is a global ICT event hosted by Huawei and focusing on the financial industry. Founded in 2013, the guests are the elites of the financial industry.

HUAWEI CONNECT 2019 is Huawei’s self-organized global annual flagship conference for the ICT industry. It was held in Shanghai from September 18th to 20th, 2019. With the theme of “Creating a New Height of Intelligence”, this conference aims to build an open, cooperative and shared platform, and work with customer partners to explore how to seize new opportunities to create a smart future.

For more information about Huawei Smart Finance，please visit: https://e.huawei.com/en/solutions/industries/smart-finance