Tuesday, October 15, 2019
Data-Driven Intelligent Banking Boosts Inclusive Finance in Southeast Asia
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SHANGHAI, Sept. 18, 2019 /PRNewswire/ -- Huawei has partnered with Chinasoft International  (CSI)  to release an Intelligent Financial Data  Solution based on a converged data lake at HUAWEI CONNECT 2019. The solution is designed to help financial institutions  in Southeast Asia  and other markets  make  boundless intelligent  financial services  accessible to the general public, while improving business efficiency and driving innovation.

In the future, boundless  financial services will move beyond the physical boundaries of banks  and reach people  everywhere. For example, mobile payments  in China have multiplied  36 times from 1.674 billion in 2013 to 60.531 billion in 2018, with convenient financial services now becoming  mainstream. Intelligent  services will replace experience-driven finance to become data-driven intelligent finance, providing customer-friendly  services while also  helping banks with operational efficiency, risk control, and decision-making. China's banking industry has achieved 1-minute loan  approvals  by integrating Big Data analysis with traditional credit investigation.

Cao Chong, President of  Financial 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 a  data-driven,  AI-enabled,  open and distributed architecture  will be  crucial to the success of  financial institutions moving forward."

As banks try  to realize the value of data,  they typically face a range of challenges  including multiple types of data coming from multiple channels, difficulties around converged data analysis, and poor use  of  data. Huawei's  Intelligent Financial Data  Solution  offers a complete solution to address these challenges by providing  three layers  â€“  intelligent data  infrastructure, a converged data lake, and a data and business enablement. This  ensures 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.

Huawei's Intelligent Financial Data  Solution has already enabled a number of financial institutions in China to create innovative scenario-specific applications. For example, it has helped a top-level  retail 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 suspicious  fraud cases, reducing them by over 50%.

Vincent Zhu, Vice General Manager  of 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 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.

Zhu said:  "The commercial use case in Malaysia will be a  valuable reference for other financial institutions in Southeast Asia. Over the next 3 to 5 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."

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.

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