THE Covid-19 pandemic will drive the use of data-intensive applications and will accelerate the adoption of 5G, according to panelists at Huawei’s Asia Pacific Financial Industry Storage Summit 2020 held online today.
“The pandemic brings new opportunities to banks and this is a good time to position future online banking strategies and internet business development,” said China Construction Bank Asia (CCBA) general manager and fintech division head Johnny Chung.
Chung noted that remote working is also now widely used, and this has led many global financial organisations to review their crisis management plans.
According to The Asian Banker founder Emmanuel Daniel, the future of banking will be transformed by 5G data systems.
“With the massive and low latency data transmissions enabled by 5G, not only will automobiles become autonomous, but transportation itself can be fully automated and revolutionised with connected vehicles able to communicate with each other and the environment.
“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 Daniel.
The summit also saw a discussion about how 5G is imperative to drive more fintech innovations.
“The proliferation of 5G applications will provide an abundance of data with various dimensions, requiring more detailed and accurate enterprise credit assessments and anti-fraud analysis.
“Reliability and performance are imperative to help banks address the data processing challenges. Huawei has been devising end-to-end solutions that put emphasis on 24/7 continuous data processing while maintaining high performance to support high volumes of transactions,” said Huawei Asia Pacific’s president of Cloud & AI Business Daniel Zhou. – Aug 13, 2020
