The concept of digital banking is being implemented globally. Leaders of the global banking industry are thinking about how to implement digital transformation in essence. Today, Huawei held the Global Financial Services Industry (FSI) Summit, with the theme “Leading New ICT, Accelerating New Digital Finance Transformation” at the Shangri-La Hotel in Beijing. This summit attracted more than 800 financial customers and industry experts from financial institutions and consultancies worldwide. These included Industrial and Commercial Bank of China (ICBC), DBS Bank of Singapore, China Life Insurance Group, China Minsheng Bank (CMBC), the Agricultural Bank of China (ABC), China Merchants Bank (CMB), and China Pacific Insurance Group (CPIC).
The Leading with Digital in Banking white paper recently released by the International Data Corporation (IDC), a global consulting firm, identified that digital banks around the world are shifting from digital services to digital transformation. The next wave of banking transformation will start with fully-connected banks. Banks are becoming more open regarding technologies and business models. The bilateral relationship between traditional banks and FinTech companies will evolve into an organic ecosystem. Transformed and strengthened core systems will lay the foundation for new growth in the banking industry.
Ma Yue, Vice President of Huawei Enterprise BG, President of EBG Global Sales said that: “With the digital transformation trend in the financial industry, financial institutions across the globe need to continuously deepen their digital strategies and transformation initiatives to achieve platform-based strategic transformation. Banks are the platform that connects everything and provides digital financial services in a fully-connected era. Huawei follows the “platform + ecosystem” strategy, helps global financial customers develop scenario-based products and services and implement intelligent customer management.”
The foundation for implementing the financial platform strategy is that the ICT infrastructure is platform-based and has a prosperous financial ecosystem. Kong Bing, Deputy General Manager, HQ Information Technology Department, ICBC, said that, under the background of the rapid development of information Bank, ICBC has started the Smart Banking Information System project, which will be around the whole line of business transformation work requirements, further strengthen the deep integration of finance and technology, and continuously strengthen the foundation for the innovation of science and technology, for the better Smart Banking transformation.
With the development of technologies such as cloud computing, 5G, Big Data, AI, and blockchain, facial recognition applications for payment authentication, unattended bank branches, and cross-border settlement are becoming a reality. In the future, financial institutions will become a comprehensive platform for financial information bearing and transactions, and connect all people and things. Huawei focuses on integrating financial values, ensuring better connections, and cooperating with industry partners to accelerate digital transformation.
Looking to the future of the banking industry, Brett King, the author of Bank 3.0 pointed out that “5G will push the bank to be real-time. By 2025, more people will transact and interact with their money on a computer, smartphone, voice and augmented reality every day, than those that visit the world’s collective network of branches on an annual basis.”