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Huawei Expands Technology Solutions With Financial Service Collaboration

“This year we focused on creating new value with various industries where technologies are making advancements as new customer demands are emerging. In particular, there’s strong demand in the financial sector and customer behaviour and habits have changed dramatically in this industry as well”, said Jason Cao, President of Global Financial Services Business Unit, Huawei in a Financial Media Roundtable held virtually last week.

Jason started the discussion by talking about how Huawei collaborates to accelerate digital transformation across industries, the financial service sector included. Huawei features a robust foundation, scenario-specific solutions and in-depth industry operations in what they call a win-win ecosystem.

To achieve such a scenario, Huawei is seizing opportunities in five major domains, namely 5G, computing, the cloud, AI and industry applications to enable industrial digital transformation.  “Our solutions cover the cloud, device, edge and pipe. Connectivity is also a means of production. As we collaborate with ecosystem partners, we aim to focus on specific scenarios because this is the only way to achieve digital transformation. This requires a joint effort with our partners”, added Jason.

As the event went on, Jason further discussed the role of Huawei in the financial sector. With the exponential growth of data, what Huawei wants to do is take on the burden of handling the difficult tasks and make things easier for customers and partners through their data solutions, applications and so forth.

“This solution we’re going to release was born against the backdrop of the COVID-19 pandemic and it allows banks to grant and disperse loans quickly without personal interactions with customers. In the past, financial sectors focused on serving humans. Going forward, most things will be connected to the network and would be intelligent, so we can allow the things in IoT to be connected, [and] conduct financial transactions by themselves”, said Jason as he announced Huawei’s partnership with Sunline, a leading financial service provider in China.

According to Hongan Li, Senior VP, Sunline, “Sunline provides IT solutions in the financial service sector – from city-level commercial banks [to] state banks, we have all solutions up to the management and data. In China, we consider ourselves as top providers in these financial sectors”.

     

In his presentation, Hongan mentioned that the traditional bank sector profit is declining, hence the need for technological advancements in the financial sector. Huawei’s solution, the Contactless Digital Loan One Box Solution, aims to provide financial services to customers without personal interaction.

“When this pandemic spread out, the two impressive words we’ve heard were contact and contactless. We are thinking [about] how we can provide the very convenient and fast financial service without contact between people”, explained Hongan.

The Contactless Digital Loan One Box Solution includes the following benefits: one-stop Electronic Know-Your-Customer (e-KYC), full customer view, pre-set loan products, configurable scorecards and loan process, flexible post-loan, service orchestration and microservice plugin.

“To be fast, we need a very good network such as a 5G-enabled network. This kind of network can express long service, have optimum performance”, added Hongan, mentioning the advantages of Sunlife with its partnership with Huawei.

The collaboration features AI decision-driven activities enabling lively banking services, fully open banking integration online/offline, open APIs utilising the best use of bank data and third-party connection and low cost to the digital world, satisfying bank minimal requirements for digitisation innovation.

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