- Huawei Cloud is providing key technologies to enable the modernisation of core financial applications.
- This is in response to the increasing need for application modernisation in the banking sector, as firms undergo digital transformations to meet consumer demands.
- Outdated applications are a significant hurdle that banks must overcome. Modernising these applications is seen as a top priority by 67% of enterprises according to Forrester research.
- J.P. Morgan is one such financial giant that has seen positive results from modernising its applications, experiencing a 20% faster delivery of product features and the ability to retire legacy applications.
- The four main factors driving application modernisation for financial firms are Agile Innovation, Ultimate Experience, Cost Advantage, and Security Compliance.
Huawei offers application cloud migration planning, cloud service support, and a mature 6R methodology (Retire, Retain, Rehost, Replatform, Rearchitect, Repurchase) to successfully transition financial organisations to the cloud.
Key technologies provided by Huawei Cloud to accelerate the modernisation of core financial applications include:
- Assembled delivery: Efficiently supports financial service development while improving efficiency.
- Digital R&D: A comprehensive line for software development production, ensuring agile, stable, and high-quality applications.
- Cloud native architecture: Uses microservices with a cell-based deployment model to ensure a high availability of services.
- High level security: Offers full-lifecycle protection for financial applications.
- Resilience: Enterprise-level multi-cloud offers high availability, guaranteeing uninterrupted service of core financial applications.
Siam Commercial Bank (SCB) is a pertinent example of Huawei Cloud’s technology and expertise at work. SCB managed to rollout a digital loan service within seven months, developing 45,000 users in just three months. They achieved the quick and effective digitalisation of their loan service, which now covers more SMEs and individuals.
Huawei Cloud was also able to meet financial compliance requirements and reduce business loan approval times from taking several months to just a few minutes.
