Huawei has recently organized its Asia Pacific Financial Industry Storage Summit 2020. Business and technology leaders across the region gathered to discuss how 5G and the revolution in the data storage world will define the future of financial industry in the “new normal.”
Themed “Unleash the power of data-driven intelligent finance,” the virtual conference brought together key decision-makers from financial institutions such as The Asian Banker, DBS Bank and China Construction Bank Asia, to address the latest trends, developments and data-driven opportunities in the industry.
COVID-19 drives use of data intensive applications and will accelerate 5G adoption
“The pandemic brings new opportunities to banks and this is a good time to position future online banking strategies and internet business development,” Johnny Chung, general manager and head of fintech division at China Construction Bank Asia (CCBA), observed that remote working is now being widely used and has led many global financial organizations to review their crisis management plan.
Chairman and founder of The Asian Banker, Emmanuel Daniel, believed the future of banking will be transformed by 5G data systems. With the massive and low latency data transmission enabled by 5G, not only automobiles will become autonomous, but transportation itself can be fully automated and revolutionized with connected vehicles able to communicate with each other and the environment.
Today, more banks have invested in a more efficient, reliable and cost-effective data infrastructure to enhance customer experience and reshape the journey of banking experience. “To stay relevant, banks must embrace convergence with cutting-edge technologies like 5G for better app performance as well as the use of real-time cloud-based platforms,” said the Asian Banker Chairman.
Sim S. Lim, Group Head of DBS Bank Consumer Banking & Wealth Management, said the bank has been transforming itself into a “technology company, using data and ecosystem partnerships to create great solutions with demonstrable outcomes in a sustainable way”.