BANKING TECHNOLOGY
Ushering a new era of ‘Bank of Things’ services Alaa Elshimy, Managing Director & Senior VP of Enterprise Business Group, Huawei Middle East introduces us to the concept of the “Bank of Things” and describes how this new level of intelligent interactions will take banking and finance to the next level
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iven the new socio-economic p a ra d i g m s h i f t , d i g i ta l economy has become an important driver of global economic growth. Digital technologies enable high-quality economic development, marking a mature digital economy. The Coronavirus crisis has further accelerated the development of the digital economy in the Middle East and worldwide as digital transformation occurs within financial services. Legacy systems, siloed data and slow routes to market have plagued large banks for some time now, but the pandemic has seemingly freed up budgets and projects that might have taken years have now been completed in months. Having been involved in the banking sector for more than a decade, Huawei has helped and supported widescale cloud transformation, building new connectivity capabilities and working to drive agility and innovation. We have provided our technology expertise to trusted banking brands and financial institutions in the Middle East, such as the Dubai International Financial Centre (DIFC) – the leading financial hub in the Middle East, Africa and South Asia (MEASA) region.
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Introducing Bank of Things At our flagship event, Huawei Connect 2020, we launched a white paper, in partnership with Shanghai Pudong Development Bank (SPD Bank) proposing a brand-new financial service model and design system for “intelligent things” in the industry, ushering in a new era of “bank of things” (BoT) services. Emerging technologies such as 5G, IoT, and AI are evolving rapidly, resulting in hundreds of billions of “intelligent things” being connected. This has huge ramifications on business and daily life, forming a basis for cars with intelligent sensing and autonomous services, smart homes, smart factories, smart logistics and other innovative applications. In this context, SPD Bank and Huawei propose a brand-new concept — BoT or Bank of Things. This concept extends direct service targets from people to “intelligent things”, builds a scenariocentered business model and establishes a risk management model based on an objective credit system. BoT is a business form in which “things” become one of the core production materials of future banks, and a component of the next-generation financial infrastructure with pan-financial service capabilities.
Banking and Finance news in the MEA market
Alaa Elshimy, Managing Director & Senior VP of Enterprise Business Group, Huawei Middle East
“Things” here refer to physical entities that directly engage in financial activities. By connecting physical and digital spaces, “things” become business data, intelligence, scenarios and customers. Information of “things” is the increment of data elements; intelligence of “things” is the increment of technical elements; interaction of “things” is the increment of scenario elements. By improving these three key elements, BoT can discover more financial and non-financial requirements of enterprises and individuals, thereby generating customer profiles with greater accuracy. This can expand service receivers, enrich business models, and enhance risk management capabilities. Features of BoT With AI development, “things” will become more intelligent. They will obtain autonomous decision-making capabilities and participate more in the social activities of humans. In the future, “things” will help people process
