Huawei Releases White Paper "Striding Towards an Intelligent World" for the Financial Industry
During HUAWEI CONNECT 2023, Dang Wenshuan, Huawei's Chief Strategy Architect, released the white paper series titled Striding Towards an Intelligent World, which covers ten major industries.
In the white paper, It proposes suggested actions financial institutions can take to build agile, resilient, and intelligent infrastructure that will put them one step ahead of the game.
Jason Cao, CEO of Huawei Global Digital Finance, explained in an overview to the crowd about six trends that are giving rise to challenges detailed in the white paper.
1. The digital natives who were born after 1995 are gradually dominating consumer spending. Meanwhile, generative AI has taken the world by storm. AI-enabled emotional interaction will be the main way to reach customers.
2. Fully digital transactions are gradually eliminating the need for cards, cash, and counter services. Global central banks are making faster progress in implementing digital currencies. This challenges a financial institution's ability to handle massive encrypted transactions.
3. Traditional small and micro enterprises have a low level of digitalization. Therefore, they cannot obtain timely financial services due to a lack of effective technical means. This also results in an unideal situation when it comes to trusted supervision and ownership of inventory.
4. New types of transaction fraud and cyberattacks are emerging one after another. Traditional risk control and cyber security methods can hardly cope with them. Financial institutions' business and fund security is threatened.
5. The basic technical architecture is moving from closed to open. Financial institutions will find it demanding to ensure stable performance when transaction volume peaks. They will come up against enormous hurdles when trying to ensure the high availability of business in extreme circumstances like natural disasters.
6. With a stagnant asset scale, banks are strictly controlling operating and IT expenditures as well as refining operations.
Looking towards the future, Huawei has put forward the "MEGA" target architecture (multi-DC-as-a-computer, E2E experience, green, and autonomous). It helps financial institutions comprehensively upgrade technologies by synergizing storage, computing, optical, network, cloud, and data, accelerating intelligence for both businesses and services.
Through various case examples, the white paper illustrates how financial institutions can train large models that integrate data and AI to enable smart applications such as real-time risk control and intelligent interaction. It goes on to detail how small and micro enterprises' inventory financing can be activated through AI inference that features cloud-edge collaboration, and how banks can use IPv6 Enhanced and Wi-Fi 6/7 to guarantee the quality of transactional and interactive applications. The white paper also introduces multiple innovative solutions, including financial application modernization, multi-center and multi-active DR, multi-layer in-depth security protection, and cross-layer intelligent O&M. These solutions will help financial institutions create an optimal experience, agile businesses, open innovation, and intelligent autonomy, accelerating their digital and intelligent transformation towards greater success in the AI era.
For details about the white paper, click https://www.huawei.com/en/thrive-with-digital to download.
Photo - https://mma.prnewswire.com/media/2218326/image_986294_55959771.jpg
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