Cloud Accelerate Finance Service Industry Digital Transformation:
Industry 4.0 has revolutionized the traditional industry and is influencing the activities of many businesses in all sectors. Within these sectors, the financial sector has undergone a significant shift from traditional banking to Bank 4.0, and banking services are expected to be ubiquitous in the future.
As the leading provider of ICT solutions in Cambodia, Huawei Technologies Cambodia is ready to take part in the banking industry’s transformation journey. In addition, Cambodia is the best foundation for the digital transformation of financial services: Cambodia has one of the highest mobile penetration rates in the world, with 20.8 million mobile connections, corresponding to 124% of the population; 10.7 million smartphones are connected to the internet. Data speeds are one of the cheapest in the region, $ 1 for 10 GB; the number of checking accounts at the payment service institutions of the kingdom reached 1.8 million (11% of the population) in 2019. A thriving digital financial service will help accelerate overall economic development. At the same time, there are also some challenges that need to be addressed.
The three most important issues regarding cloud services: data security, continuity, and compliance with regulations
Data security: Users are concerned about cloud data being “viewed” or used by cloud service providers.
Business Continuity: Users are concerned that cloud resources may be shared with other users and influenced by other users. Some financial institutions are concerned that cloud service providers are not managing their cloud platforms properly, which could affect the continuity of their customers’ business systems. Some other financial institutions fear that it is limited by cloud service providers. Others are even concerned that the cloud platform itself has security issues.
Compliance with regulations: Financial institutions are afraid that financial regulation policies regarding cloud computing are unclear, which could affect financial institutions.
Start the cloud service
The banking sector is mainly engaged in the reorganization of customer-oriented front-end processes and the virtualization of intermediate and downstream data centers. The initial investments in IT and innovation are divided into three main areas.
First, the digitization of traditional banking services such as mobile finance, multimedia digital finance, mobile banking, and personal platforms that integrate social media.
Second, innovative digital financial services such as internet lending, internet stocks, and fund management and the updating of new payment processes, including value-added services such as digital wallets and virtual currencies.
Third, data modeling and analysis, such as real-time data analysis and innovative service design, are designed to implement risk management, digital marketing, customer segmentation, and customer marketing products.
Huawei FSI Cloud for Analytical Capabilities
Cambodian banks have different financial requirements. Since services such as inclusive financing and online payments are used by more people, it is definitely the computer system and skills of every bank employee. Banks must make measurements and plans in advance. The cloud may not be able to solve all problems, but it does provide a quick and inexpensive solution. To enable more banks to accept cloud services, banks and regulators need to work together to examine and formulate financial policies for the cloud in line with the national financial characteristics and provisions of Cambodia.
In the future, banks will switch from simple to integrated services. ABC (AI + Big Data + Cloud-Native) is the key technology to help them cope with change. With its continuous development over the past few years, HUAWEI CLOUD has led the entire industry. It has the only complete stack of AI features and provides a platform with which DAYU can store and calculate big data. In the future, HUAWEI CLOUD will focus on the financial sector and continue to innovate to provide banking customers with the best cloud foundation in the industry, enabling them to quickly realize digital and intelligent transformation.