Jason Cao, CEO of Huawei Digital Finance, discusses Huawei’s role and innovations in the finance sector.
Key highlights
Observations and Challenges:
- Jason discusses the current landscape, highlighting innovation and legacy system challenges faced by bankers.
- He emphasises the impact of legacy systems on innovation and customer experience.
Payment Evolution:
- The discussion covers the shift from card payments to mobile and next-generation payment methods.
- Jason uses China as a case study, illustrating the country’s transition to a cashless society with more than 86% mobile payment penetration.
Digital Transformation:
- He shares examples from China, where digital engagement and AI integration have significantly transformed banking services.
- Case studies include ICBC’s cloud transformation and China Merchants Bank’s move from a legacy system to becoming a "software-defined" bank.
Future Trends:
- AI is identified as the key driver for the next decade in banking.
- Jason mentions that moving from digital to AI is the trend among banks, improving efficiency and providing value-added services.
Huawei’s Role and Solutions:
- Huawei proposes a four-layer architecture framework for financial resilience, focusing on ubiquitous financial services, digital engagement, intelligent business engines, and resilient infrastructure.
Practical Applications:
- Real-world examples of Huawei’s work with banks, including Postal Savings Bank of China’s shift to cloud-native architecture and Union Bank of the Philippines' fast-track digital core banking implementation.
- Highlighting the benefits of these transitions in terms of scalability, efficiency, and customer experience.
Conclusion:
Jason concludes by reiterating Huawei’s commitment to the finance industry and their focus on technology and customer-centric solutions. He welcomes collaboration with the finance sector to rebuild resilience and promote smarter finance.
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Speaker:
- Jason Cao, Chief Executive Officer, Digital Finance BU, Huawei