There was never a time when being in the financial industry was not challenging. If we look back at the past few decades, there have been several instances where people have predicted that traditional banking would be totally replaced by disruptive innovation or events that came along.
It was either the rise of telephone banking in the 1980s, the deregulation of capital markets in the 1990s or the rise of the internet bubble and mobile technology that came after that. The most successful banks and other financial institutions have certainly had to persevere and evolve to keep pace with the changing times.
Now more than ever, it seems like the “disruptors” are coming from all directions. Today’s FSIs are faced with mounting challenges that include:
Changing business models – Traditional sources of banking profitability are losing their relevance, yet shareholder expectations remain unchanged. Today’s financial businesses have little choice but to adapt and explore new competitive service offerings, rationalise business lines, and try to look for sustainable improvements in operational efficiencies in order to maintain profitability.
Becoming data-centric – In today’s world, every company must become a data company and that includes FSIs. Organisations in the finance industry have to be able to use all the data that they have to obtain valuable insights, make accurate predictions and provide the best, personalised services possible to attract and retain clients.
Increasing regulatory compliance requirements – There’s GDPR, PDPA, RMiT, DPA and a slew of other acronyms of laws, regulations and frameworks that modern banks have to adhere to. Complying with every one of them is a complex process that requires each organisation to know its business and flow of data inside out.
Adopting emerging technologies – AI, machine learning, e-wallet payments, cryptocurrency, blockchain, these are but some of the new technologies that organisations in the financial industry must consider as they step into the digital transformation era. At the same time, they must make it work seamlessly with legacy applications, which can’t be replaced wholesale overnight.
Rising sophistication of cybercrime – Cybercriminals are increasingly targeting the finance industry using more and more sophisticated techniques. As FSIs adopt more technologies and continue to go digital, security must always be at the front and centre.
Ensuring a Smooth Transition to a New Digital Reality
While trying to overcome these challenges, FSIs are faced with great competition from fresh startups and born-in-the-cloud fintech companies that may operate with higher agility and offer innovative services that appeal to the younger market. Nevertheless, even the longest-serving banks that have been in the market for almost a century have proven that having the right mindset, business culture, strategies and IT infrastructure guarantees a higher level of transformation success.
Most importantly, you need a partner that has the experience, expertise and portfolio that can be with you every step of the way. After all, it isn’t just about purchasing the latest and greatest technologies, but it is about being able to synergise your processes and technology with a high degree of intelligence.
That way, whether you are looking to adopt new technologies, update your business models, mitigate advanced cyber attacks or fraud, or even ensure compliance to tightening regulations, you can do it at the scale and speed required no matter how large your business becomes.
Huawei has long been at the forefront of many of the changes mentioned above, supporting organisations in the financial sector and beyond in building their data-centric futures. Based on its experience in the IT industry for over 30 years, the company believes that the storage infrastructure is one very important piece of the puzzle that often gets overlooked by digitally transforming organisations in the financial sector – despite the fact that this is where their most important asset (data) resides.
To overcome the threat of disruption, FSIs must turn to next-gen storage that is secure, scalable, flexible and can provide them with the performance that can handle the most demanding of modern workloads. As we enter the multi-cloud era, it’s also vital that the storage is able to work well with cloud applications so that data can flow effortlessly to wherever it needs to be. Last but not least, it must have the built-in intelligence to simplify operations and help businesses avoid the extremely costly impact of unexpected downtimes.
Huawei’s award-winning OceanStor Dorado all-flash storage systems were designed to be fast, solid and AI-powered to fulfil all the requirements of modern, data-driven organisations.
If you would like to find out more, join Huawei’s online summit where you will have the chance to learn about how it is providing the vital building blocks that are enabling financial institutions to modernise and thrive in the data economy.
During the summit, executives from globally renowned companies such as DBS will share how they have used Huawei storage as a foundation for their own transformation. Watch a panel discussion where industry leaders will share how data will shape the future of the finance industry. Then get taken on a virtual innovation tour of Huawei’s largest storage research and production centre where you will explore the cutting-edge technologies and comprehensive quality assurance behind the game-changing OceanStor enterprise storage arrays.
You Wouldn’t Want to Miss This Important Online Event
Innovation through data starts with building a storage infrastructure that will support the demands of data created at scale, from a company that understands the nuances of your industry.
Click here to register and ensure you get deeply informed on how Huawei can help you on your data journey.