In a world where data is the new oil, financial institutions are continuously striving to harness it effectively. The recent win of Industrial Digital Financial Services Co., Ltd. (CIB FinTech) and Huawei Technologies Co., Ltd. (Huawei) at the Future of Finance China 2023 is a testament to their successful endeavor in this direction.
Redefining Data Infrastructure Implementation
CIB FinTech and Huawei have jointly won The Asian Banker’s award for Best Data Infrastructure Implementation in China. This recognition is a result of their innovative enterprise-level integrated analysis platform, built on Huawei’s Financial Data Intelligence Solution.
This solution includes several state-of-the-art software and hardware products such as Kunpeng, Kylin, Huawei Cloud, and data lakehouse. Together, they form an all-scenario platform that successfully replaces the traditional data warehouse system and emerges as the new core of the group’s data services.
A Four-pronged Approach to Data Services
The new platform offers a significant improvement in data services from four aspects:
- Data Management: The large-scale distributed computing architecture integrates batch data warehouse, real-time data warehouse, and IoT data warehouse leading to high scalability and availability.
- Scheduling: It enhances the number of nodes by 12 times and expands high availability space by 20 times.
- Service Sub-platforms: A low-code development platform has been created for building a full-process visualized data relationship graph.
- Traceability: An accurate data map is drawn to trace sources effectively and evaluate data value.
Impact on Key Business Areas
The robust technical foundation laid by this new platform facilitates better handling of varied business areas at Industrial Bank:
With an increase in key report data supply efficiency by 51%, billions of transactions can be analyzed within seconds now.
The reuse rate of public interfaces has improved tenfold, significantly reducing R&D costs.
By constructing a closed-loop digital marketing process, marketing campaigns are now interacting with billions each year.
Collaboration for Innovation
This award-winning enterprise-level reconstruction was made possible due to the joint efforts of CIB FinTech and Huawei. Leveraging its fully-converged cloud-data-AI-computing Financial Data Intelligence Solution, Huawei has accelerated the unleashing of data value which aids financial institutions in innovating businesses.
Note: This article provides general information only and should not constitute any financial or investment advice. We recommend conducting your own research or consulting a professional before making any financial decisions.