(P) The future of Fintech: a revolution based on cloud, AI and 5G
Financial institutions that are ready to go digital will probably see greater success, as the recent pandemic shock has made it obvious that technology is needed for such companies to become agile in the face of uncertainties.
Based on cloud computing, big data, artificial intelligence, 5G, and other ICT technologies, innovative FinTech will embrace new opportunities and lead the upgrade of financial services, said Peng Zhongyang, Director of the Board, President of the Enterprise Business Group of Huawei, at the Global FSI Summit 2020, dedicated to the world of financial services.
The future of banking revolution will be mainly mobile, and given the recent developments of social distancing, this has had a rapid acceleration: “Huawei believes that some banks have recorded sustained growth thanks to digital technologies. What each institute has in common is their ability to offer cloud-based online services, positively impacting their level of flexibility and orientation towards innovation," added Peng Zhongyang.
Huawei has already collaborated with 1,600 financial institutions, 45 of which among the 100 most important banks in the world. Cloud, AI and 5G, core assets to the Huawei brand, are instrumental for the future of technology at an international level. In the FinTech world, Huawei has established partnerships which bring the company a more and more central tole in the financial sector.
Digitizing banking procedures and increasingly compressing cash are part of the historical revolution of this sector, made of multi-cloud, connectivity, cybersecurity and geopolitics.
“We do believe that the mobile capability will be the core of the future of the banking industry,” said Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei. “It not only is applicable to the interface that connects with clients, but also to the internal operations and collaborations with partners. Supporting this mobile-centric business will require new IT architectures and key capabilities of 5G, AI, and cloud. As a leader of these technologies, Huawei has unique advantages that supports the cloud transformation of financial institutions, builds new connecting capabilities, and helps financial institutions improve their agility and innovation capabilities,” Jason Cao added.
In the last couple of years, banks announced FinTech innovation strategies based on new IT technologies, such as Big Data, cloud computing, blockchain, Artificial Intelligence (AI), and mobile Internet, in an aim to build a financial ecosystem that integrates various financial instruments and tools. These developments have been sped up by the recent evolutions worldwide, calling for increased online and tech solutions by financials institutions everywhere.
“Fintech is going to drive 5G, not the other way around,” said Shenzhen-based William Genovese, vice president of corporate strategy planning for banking and financial markets with Huawei. Check the most recent information on fintech development, including with the pandemic impact, from Willian Genovese here.
Companies such as Huawei, which is widely perceived as the leader in commercial 5G, are working on next-generation digital financial services. These (as opposed to traditional banking) will need the kind of speed and connectivity of super-fast wireless communications.
The Global FSI Summit 2020 online focused on "Thriving Digitally in a Mobile Future." Financial institutions and enterprises were invited to share their experiences and insights in dealing with the “new normal” in the post-pandemic era, including accelerated “mobile first” implementations and using FinTech to ensure business continuity and reshape financial services models.
The summit attracted the world's leading financial institutions, including Shanghai Pudong Development (SPD) Bank, China Construction Bank, Singapore DBS Bank, Sberbank, BBVA, Isbank; the world's leading financial solutions provider Temenos; and analyst institution IDC and other global industry participants.
Over the past 10 years, Huawei has accumulated extensive experience globally. Particularly in the China market, Huawei has gained experience in leading banks' transformation and thriving in the mobile app era. Shanghai Pudong Development (SPD) Bank has applied technologies such as 5G, IoT, artificial intelligence, and cloud computing since 2018. For example, SPD Bank has developed an AI- powered virtual employee, Xiaopu. Through professional training, Xiaopu is capable of offering risk assessment, financial consulting, investment advice, and news broadcast services online.
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