Reports on Monday (Sept. 5) said the two companies have launched Mission Critical Cloud for Bank 3.0, an initiative aimed at easing the friction of IT for financial services companies.
It’s a solution that combines Huawei’s FusionCloud platform and Infosys’ banking system, Infosys Finacle, allowing banks to access a core banking system, as well as online banking, mobile banking, CRM and other tools that are already on the cloud. The tool was announced at the Huawei CONNECT 2016 event held in China, a conference that focused on the themes of “transformation” and “innovation,” reports said.
“Powerful forces are reshaping the financial industry. Transformation is vital to remaining competitive, but there are multiple challenges associated with making this a reality,” said Diana Yuan, president of marketing and solutions sales for Huawei‘s Enterprise Business Group. “Huawei’s work with Infosys allows us to better understand the needs of the customer and also carry out business-driven ICT infrastructure construction.”
“With this partnership, we can merge the latest innovations with detailed industry expertise, ensuring that we can co-create and deliver solutions and experiences that [go] beyond the sum of our individual capacities,” the executive continued.
The reference to Bank 3.0 is from a book authored by Brett King, who gave the keynote speech at Huawei’s event.
“Banking is no longer somewhere you go but something you do,” he said in his address. “This means that, in a Bank 3.0 world, customer and consumer behaviors will change radically.”
“That means banks need to respond to this consumer shift and use new technologies, such as mobile internet, smart devices and machine interaction, in order to place the customer at the center of the process,” he added. “In essence, banks must completely revolutionize their branches, processes, management and systems.”