Huawei and Infosys Launch New Financial Cloud Solution to Empower Bank 3.0

Huawei Diana Yuan and Richard Longo
Diana Yuan and Richard Longo jointly announce the new solution (PRNewsFoto/Huawei)

SHANGHAI, Sept. 5, 2016 /PRNewswire/ — Huawei announced a new innovation from its industry collaborations in the financial sector: the New Financial Cloud Solution for Mission Critical jointly developed by Huawei and Infosys Finacle, designed to ease some of the IT challenges of the finance and banking sectors. The new innovation is based on the Huawei FusionCloud platform and the world’s first 32-socket Mission Critical server KunLun, integrated with the world’s leading banking system – Infosys Finacle, which includes its entire suite of products such as core banking system, online banking, mobile banking, customer relationship management (CRM) and wealth management. The best-in-class technology has been specifically designed to help financial institutions reduce total cost ownership (TCO), improve agility, and accelerate digitalization.

Huawei and Infosys Finacle announced their new solution at the HUAWEI CONNECT 2016 event in Shanghai. Huawei also hosted the Finance Industry Summit with the theme “Reshaping IT, Bank for Digital Transformation”. The summit hosted over 600 financial industry executives from around the world, who convened to discuss latest industry topics such as business transformation for the banking sector, sharing bank digitization strategies, bank/broker finance cloud practices, mid-range computer migration planning, big data applications, and FinTech innovations.

Huawei launches Mission Critical Cloud for Bank 3.0

“Transformation” and “Innovation” formed the central messaging for the sessions at the 2016 Huawei Finance Industry Summit. Richard Longo, Global Head of Marketing and Alliances at Infosys, and Diana Yuan, president of marketing and solutions sales of Huawei’s Enterprise Business Group (Enterprise BG), jointly announced the Mission Critical Cloud Solution at the summit. Yuan shared, “Powerful forces are reshaping the financial industry, transformation is vital to remaining competitive but there are multiple challenges associated with making this a reality. Huawei recognizes customer needs as the primary force driving ICT deployment. Huawei’s work with Infosys allows us to better understand the needs of the customer, and also carry out business-driven ICT infrastructure (BDII) construction. With this partnership, we can merge the latest innovations with detailed industry expertise, ensuring that we can co-create and deliver solutions and experiences that goes beyond the sum of our individual capacities.”

Brett King, industry pioneer and author of the book. BANK 3.0, gave the keynote address entitled “Winning strategies and key digital trends for Bank 3.0”. As part of his key-note, he said, “Banking is no longer somewhere you go, but something you do. This means that in a Bank 3.0 world, customer and consumer behaviors will change radically. Bank cards and cash will no longer exist. Customers will no longer need banks to be a finance channel. Instead,banking will become more of a lifestyle. That means banks need to respond to this consumer shift and use new technologies such as mobile Internet, smart devices, and machine interaction in order to place the customer at the center of the process. In essence, banks must completely revolutionize their branches, processes, management, and systems. Through the implementation of new innovation, banks can improve both their own efficiency and the customer experience, creating win-win outcomes and new competitiveness in the digital era.

Banks move to all-cloud services

China Merchants Bank’s director of data centers Gao Xulei said in his remarks, “Industry surveys have shown that 100% of respondents said security was their main worry about using public cloud. We now have access to innovation that can meet this most vital customer concern.” Gao expanded saying that impeccable security must be achieved through a combination of checks and processes which includes highly reliable cloud security, risk control and audit systems, and data security systems. He also said that reliable, user-friendly cloud architecture demands both high quality physical infrastructure and highly available data architecture.

Huawei’s financial IT services

Huawei’s finance industry solutions currently span three main areas: platform, data, and services. They cover all processes (front-end, middle, and back-end), and include finance cloud, big-data, real-time risk control, server upgrade, mobile finance, core accounts data, and end-of-day acceleration.

Huawei serves over 300 financial institutions worldwide, including six of the world’s top ten banks. Huawei also has wide-ranging partnerships with a dozen major banks worldwide.