cfo-as logo
Story image

Huawei, Chinasoft draw on data lakes for intelligent financial solution

23 Sep 2019

Huawei and Chinasoft International will develop an intelligent financial data solution based on a converged data lake.

As financial services expand beyond physical banks, the two companies say that financial institutions no need to reach the general public while improving business efficiency and innovation.

According to Huawei, mobile payments in China have increased from 1.7 billion in 2013 to more than 60 billion in 2018.

Financial services are now becoming mainstream, and intelligent services will be required to fuel intelligent finance.

“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,” comments Huawei Enterprise president of financial services industry, Cao Chong.

However, as organisations move forward, they will need to overcome many challenges, such as multiple types of data coming from multiple channels, difficulties around converged data analysis, and poor use of data.

Huawei and Chinasoft worked together to create a solution that overcomes these challenges through three layers: intelligent data infrastructure, a converged data lake, and a data and business enablement.

The two companies say these layers ensure 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.

“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,” the companies state.

Vincent Zhu, Vice General Manager of Southeast Business Unit at Chinasoft International (CSI), unveiled the joint solution. He explains that the company 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.

"The commercial use case in Malaysia will be a valuable reference for other financial institutions in Southeast Asia,” comments Zhu.

“Over the next three to five 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."

Story image
COVID: A/NZ businesses unprepared in business continuity planning
"Creating a flexible, digitally-enabled, and highly-engaged workforce could prove to be the most crucial element for future business continuity planning."More
Story image
Lumen Technologies & J-Stream bolster CDN services in Japan
"Internet traffic is on a significant upward trend and is expected to continue to increase in the future considering recent world events, the spread of telework, and an exponential increase in online events."More
Story image
The 5 biggest decisions for business leaders in 2021, according to Gartner
Focusing on the role of HR leaders within the organisation, Gartner has highlighted five future of work decisions that must be made in 2021 if businesses want to rebound from the COVID-19 pandemic.More
Story image
Increased expenditure in cloud and more IT support for remote working driving larger budgets
Research reveals more than three in five IT directors believe their employers' IT budget will increase for 2021.More
Story image
The current state of ransomware — and its future
Discoveries made by analysts at Sophos have unearthed a new development: ransomware code appears to have been shared across ‘families’, and some of the ransomware groups seemed to work in collaboration more than in competition with one another. More
Story image
Microservices-based applications rely on key-value or NoSQL databases - study
“The change of application architecture into microservices significantly impacts the data layer supporting these services."More