Huawei first announced the four Grand strategy directions of finance, and systematically built solutions in depth scenarios

Tech 2023-06-11 18:44:55 Source: Network

In today's digital era, the financial industry has always been at the forefront of Digital transformation. Through deep integration with new technologies, it continues to innovate financial service models and improve user experience

In today's digital era, the financial industry has always been at the forefront of Digital transformation. Through deep integration with new technologies, it continues to innovate financial service models and improve user experience. With the integration of the physical world and the digital world, the financial industry will further accelerate the process of Digital transformation.

On June 7th, at the Huawei Global Smart Finance Summit 2023 held in Shanghai, Cao Chong, CEO of Huawei Digital Finance Corps, stated that Huawei has been in the financial industry for 13 years and has now become a trusted technology partner in the global financial industry.

At present, AI computing power has entered the ZFLOPS era, with explosive growth of data at the ZB level, and connectivity will soon exceed hundreds of billions, all of which are accelerating artificial intelligence to cross the turning point. In the intelligent era, user behavior, production methods, and service models will all change, which is a problem that our financial industry must consider. We need to prepare for the intelligent era and rethink connectivity, data capabilities, application capabilities, and infrastructure. Regardless of whether we have not How to change, we must actively embrace digital technology and build core competitiveness for the future Cao Chong said.

At this summit, Cao Chong also released for the first time the four Grand strategy directions for Huawei to deepen its efforts in the financial industry, which are also the four major directions for Huawei's digital financial corps to focus on in the future, and then focus on the strategic direction, deepen the scene, and comprehensively work with partners to create systematic solutions.

Firstly, we need to continuously improve ICT products and product portfolios, and strengthen the resilience of digital infrastructure, which is the foundation.

From branch services to scenario finance, from card currency transactions to digital transactions, from traditional cores to distributed cores, the importance of infrastructure in business implementation is increasingly strengthening. So infrastructure should always focus on three major directions: firstly, to ensure user experience and support millisecond level transaction latency; Secondly, business resilience is crucial, ensuring zero data loss for financial industry clients, achieving minute level switching, and zero business interruption; Thirdly, business security is the bottom line, and the financial industry has always known the saying "no security, no finance". It is necessary to ensure that customers in the financial industry receive second level alerts for business problems and quickly recover hourly level data.

Focusing on user experience, business resilience, and business security, Huawei's Digital Finance Corps has focused on building the M.E.G.A infrastructure to support the evolution of finance from mainframe to cloud native containerized architecture, ultimately moving towards hybrid multi cloud.

The core concept of 'M.E.G.A' is not only to consider issues from a single system perspective, but also to further build system capabilities across domains. Based on this, Huawei's digital finance corps has built an infrastructure for financial intelligence and resilience through comprehensive technological innovation. Focusing on high business reliability: using high availability production and integrated disaster recovery to support the multi location and multi activity of data centers; Focusing on business security: Through the three-layer protection of storage computing network, the efficiency of active defense against ransomware viruses, real-time detection, and business recovery has been increased by five times; Focusing on business experience: Using cloud native consistent architecture to achieve a hybrid multi cloud consistent experience, with applications flowing across clouds in seconds.

Secondly, assist customers in accelerating application modernization and enabling their business agility.

In Huawei's view, the "platform+service" model is the key to financial agility towards business, and modernization of financial applications is a necessary path. To achieve model innovation, it is necessary to build a resilient, flexible, secure and compliant basic platform, and use a service-oriented architecture to deposit atomic business capabilities such as funds and accounts. On this basis, combining high and low code, configuring modular business delivery, building personalized product services, and embedding scene ecology.

Financial institutions are mostly non digital native enterprises, so applying modernization is easy and difficult, requiring corresponding engineering methods and tools. Cao Chong gave Huawei's MetaERP application modernization as an example: Based on the concept of application modernization, we have comprehensively built a new generation of enterprise core business systems using technologies such as cloud native architecture and Gaussian database, and achieved flexible deployment globally. Our subsidiaries have achieved flexible application multi leasing. We completed the business launch of 88 subsidiaries worldwide in just 15 hours, achieving zero failures, zero delays, and zero account adjustments. After the new system was launched, fixed asset accounting has decreased from 2.5 hours to 3 minutes, This is the revolutionary improvement brought about by the new concept and architecture

Comprehensive application modernization, including the core system of finance, has led Huawei to increase investment in this field and deepen the transformation of its core architecture. Systematically upgrade capabilities throughout the entire cycle of customer core transformation. "From the four stages of customer planning and design, platform construction, business launch to operation and maintenance, we not only provide products and platforms, but also provide engineering methods, Toolchain, planning and design, and comprehensive services. We also work closely with ecological partners to jointly optimize." Cao Chong said.

Huawei has also released a distributed new core solution 3.0 this time, achieving upgrades in six major capabilities. Release transformational value around the full time of customer business. The V-model driven design, Lego style development, modular operation, integrated operation and maintenance, and multi cloud and multi live deployment help customers build business value through core upgrading. Cao Chong gave an example, "By collaborating with GaussDB and Dorado storage, the core system can achieve multi cloud and multi activity in a distributed architecture, with zero business interruption and zero data loss

Once again, deeply cultivate data intelligence to help customers improve their ability to use data and make intelligent decisions.

The financial industry itself has a large amount of data, and data-driven is the direction of all financial institutions. A bank's annual data volume growth exceeds 30%. How to unleash the maximum value of these data is a difficult but important task. Huawei has proposed to focus on the fourth order leap and achieve the implementation of data value.

The first stage is the conversion from homework to data, where data enters the lake in real-time and flows safely and efficiently; The second stage is from data to information, through one-stop data governance, allowing everyone to use numbers well and love to use them; The third step is to establish a Knowledge graph from information to knowledge, so as to realize full insight into all elements of users; The fourth stage is from knowledge to action, making productivity AI and helping businesses make efficient decisions.

To achieve a fourth order leap in data value, it is necessary to upgrade in five dimensions: data architecture, data governance, data consumption, data security, and data talent. Our goal is to ensure that there is no difficult data to use in finance, and all data can create value. Therefore, we consider data intelligence as an important strategic direction and continue to deepen our efforts in four directions: firstly, through technological collaboration, we aim to create a leading data architecture and accelerate the efficient flow of data; secondly, we aim to reshape efficiency, connect data supply and consumption, and accelerate the industrialization of large models; thirdly, we aim to work together with partners to deepen our understanding of scenarios, in order to Digital intelligence technology empowers three major scenarios: marketing, risk control, and operations. Finally, provide comprehensive service support around architecture planning and scenario design Cao Chong said.

At this summit, Huawei released Data Intelligence Solution 3.0, which provides a new upgrade in various aspects such as data cloud native architecture, data governance, and technology empowerment business. Firstly, based on real-time lake warehouses, it responds to business data demand in seconds. At the same time, we will create distributed cluster computing power to support large-scale models with billions of parameters, and efficiently train terabytes of data. Further connect data and AI production lines, achieve one-stop data development and modeling, and achieve model development from month to week.

Currently, Huawei's data intelligence solution has served over 100 financial institutions worldwide. Support the construction of data platforms such as ICBC, China Merchants Bank, Bank of Shanghai, Haitong Securities and China Life Insurance. Explore the innovative application of financial big models with the AI systematization ability and the Industrial and Commercial Bank of China and Agricultural Bank of China.

Finally, leverage the collaborative advantages of cloud management edge and multi technology to assist in customer business scenario innovation.

All industries are accelerating digitization, and industrial finance has moved from traditional models to the 3.0 era of industrial digital finance.

Facing the challenge of a large number of real economy enterprises having difficulty accessing financial services, Huawei proposes to drive business value innovation based on scenario innovation and promote the development of Industrial Digital Finance 3.0. China has over a billion yuan of movable property, but over 90% of it cannot form effective financing due to the lack of technological empowerment. The key to solving this problem lies in showcasing the value of movable property through the power of technology. Thus, the true value of enterprises can be aligned with financial services, and the way finance empowers the industry can shift from subject credit to a new model of subject credit plus transaction credit.

To this end, Huawei has created an industrial digital finance platform of "end-to-end cloud+intelligence". Through technological assistance, we aim to achieve a three-dimensional credibility of physical credibility, ownership credibility, and value credibility, laying the foundation for the sustainable development of industrial digital finance.

In the digital era, the financial industry is facing tremendous changes and challenges. As the focus of the Global Smart Finance Summit, Huawei will focus on the four Grand strategy directions of the financial industry, provide more reliable, intelligent and efficient digital solutions for the financial industry, further accelerate the process of Digital transformation, and lay a solid foundation for the future development of the financial industry.

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