Returns to Huawei’s Converged Data Lake Solution to Accelerate Banking Innovation

Every day, the global banking industry generates tremendous amounts of data by processing hundreds of billions of financial transactions, as well as interactions such as emails, video communications, call logs, and mentions on social media.

COVID-19 further increased the amount of data by accelerating the digitization of the banking sector. This massive growth in data generation poses both opportunities and challenges for banks and financial institutions now forced to adopt new IT capabilities to support innovation.

Data warehouses are central repositories of well-structured data collected from a variety of sources. This data has already been cleared and categorized and is now stored in complex tables.

Data warehouse systems have long been an essential part of enterprise IT architecture and play a critical role in traditional auditing and reporting as well as business intelligence.

But now, with the advancement of mobile technologies and banking services becoming more and more integrated into customers’ daily lives, users are generating tons of unstructured data that banks need to somehow collect and process.

This boom in unstructured data poses challenges for organizations that realize that traditional data warehouses are no longer suited to address this new data-driven banking environment.

First, data warehouses are expensive and can cost mid-sized banks millions of dollars each year. For a large bank, this figure could reach tens of millions.

Huawei’s Unified Financial Data Lake solution
To meet the rapidly evolving IT needs of the financial services industry, Huawei is working with ecosystem partners to provide end-to-end data-plane solutions specifically designed for financial customers.

The information and communications technology (ICT) giant is currently the only vendor in the industry to provide a unified data lake solution that integrates a distributed data warehouse platform (FusionInsight DWS), a big data platform (FusionInsight MRS), and an AI development platform (FusionInsight MRS). ModelArts) and a distributed storage solution.

Huawei’s Unified Financial Data Lake solution effectively helps banks review and restructure their capabilities to provide precise customer acquisition tools and real-time risk controls. The solution also helps banks build leaner operations in the front, middle and back offices, and allows them to develop customized products and experiences for their customers.

A growing number of financial institutions around the world are adopting open distributed architecture to help them detach software from hardware, provide them with processing capabilities for large amounts of data, and support linear platform expansions.

To learn about Huawei’s data infrastructure solution, please check here.

source: https://fintechnews.sg/