Global tech firm, Huawei held its Asia Pacific Financial Industry Storage Summit 2020 on Thursday. Business and technology leaders across the region gathered to discuss how 5G and the revolution in the data storage world will define the future of financial industry in the “new normal.”
Themed “Unleash the power of data-driven intelligent finance,” the virtual conference brought together key decision-makers from financial institutions such as The Asian Banker, DBS Bank and China Construction Bank Asia, to address the latest trends, developments and data-driven opportunities in the industry.
“The pandemic brings new opportunities to banks and this is a good time to position future online banking strategies and internet business development,” Johnny Chung, general manager and head of fintech division at China Construction Bank Asia (CCBA), observed that remote working is now being widely used and has led many global financial organizations to review their crisis management plan.
Chairman and founder of The Asian Banker, Emmanuel Daniel, believed the future of banking will be transformed by 5G data systems. With the massive and low latency data transmission enabled by 5G, not only automobiles will become autonomous, but transportation itself can be fully automated and revolutionized with connected vehicles able to communicate with each other and the environment.
Today, more banks have invested in a more efficient, reliable and cost-effective data infrastructure to enhance customer experience and reshape the journey of banking experience. “To stay relevant, banks must embrace convergence with cutting-edge technologies like 5G for better app performance as well as the use of real-time cloud-based platforms,” said the Asian Banker Chairman.
Sim S. Lim, Group Head of DBS Bank Consumer Banking & Wealth Management, said the bank has been transforming itself into a “technology company, using data and ecosystem partnerships to create great solutions with demonstrable outcomes in a sustainable way”.
Daniel Zhou, President of Cloud & AI Business Group for Huawei Asia Pacific, emphasised that 5G are imperative to drive more fintech innovations. The proliferation of 5G applications will provide abundance of data with various dimensions, requiring more detailed and accurate enterprise credit assessment and anti-fraud analysis.
“Reliability and performance are imperative to help banks address the data processing challenges. Huawei had been devising end-to-end solutions that put emphasis on 24/7 continuous data processing while maintaining high performance to support high volume of transactions,” Zhou added.
Huawei storage research began in 2002 and is now a vast research network with 12 research centers in North America, Russia, Europe, India, and China. It is estimated that the next-generation data storage market will grow from $56.8 billion in 2019 to $102.2 billion by 2024 at a compounded average growth rate of 12.5%, along with the increasing adoption of cloud-based services.
“Traditional data storage is soloed; the data storage system is faced with severe challenges such as insufficient flexibility in resource distribution and limited performance expansion capacity. Although new storage technology such as distributed storage is built to bridge the gap, it has its own set of challenges. All these will contribute mass loads of data. Whoever can unleash data power will be a step ahead for a better financial future,” said Daniel Zhou.