The scale at which data is processed today is staggering. If you look at the financial industry specifically, you’ll find that the transactions that take place across the world now number in the billions every day.
More so than in other industries, FSI organisations are being pushed by their customers to provide faster and more personalised services. As a result, financial firms are embracing emerging technologies to supercharge their capabilities. From detecting fraud in real-time to offering cryptocurrency to personalising insurance quotations for millions of customers, it’s evident that the power of data is transforming how banks and financial institutions operate.
Before they are able to reap the benefits of technology, however, FSI companies must overcome the limitations of legacy systems and become data-driven. They must begin by modernising a critical foundation that makes it all possible – their storage infrastructure. Doing this correctly will supercharge their whole digital journey.
The Storage You Choose Makes a World of Difference
To achieve lightning-fast performance at scale, changes need to be made in legacy systems to support the storage and analytical processes that will be the building blocks for financial institutions to become “data-centric”.
Huawei has long been at the forefront of providing storage systems which support these changes and has the experience and technology to help banks and financial institutions ensure a successful transformation. Recorded as the world’s fastest all-flash storage by the Storage Performance Council, Huawei’s OceanStor Dorado All-Flash Storage Array has been adopted by more than 100 large financial institutions globally.
But it isn’t just about speed. After years of working closely with FSI customers, Huawei discovered that they require storage that provides them with security, scalability and flexibility as well as support for multi-cloud deployments because data is no longer located completely in the data centre. Now, data is everywhere and the challenges that organisations face have grown exponentially.
For each of those challenges, Huawei is able to provide the critical foundations for success.
Piraeus Bank is an example. The Greek bank needed to implement leading technology such as AI, big data and containers, and upgrade its legacy systems. With Huawei’s advice and the OceanStor Dorado as its cornerstone, the bank was able to complete its transformation successfully and experienced significantly improved performance and response, making it possible to enhance its growth and meet customer demands.
Another example is Switzerland’s CSS Insurance. This insurance company was going through accelerated growth – which is good, but one of the biggest challenges was that it needed to process data for its claims approval processes at much higher speeds. Its IT system simply could not keep up with rapid business development.
To solve this, CSS installed Huawei all-flash devices to revamp its storage. Now, CSS has improved their response rate and addressed pressing issues while ensuring costs are contained.
Flash Storage Really Does Make a Difference
The services that modern banks and financial organisations provide vary widely – from providing loans to consultancy and even digital “e-wallet” banking – the list of services as well as customers is growing quickly.
The underlying storage has to be adaptable and able to handle the varying types of workloads. For that reason, Huawei OceanStor Dorado V6 all-flash storage systems are purpose-built for both mission-critical and common services that are ideal for use with databases, Virtual Desktop Infrastructure (VDI), Virtual Server Infrastructure (VSI) and file sharing. FSI customers have found that OceanStor Dorado was designed to facilitate the smooth transition to an all-flash solution for their organisation.
Financial institutions using this award-winning all-flash storage offering will see dramatic performance improvements in areas such as:
Omni-channel online transactions – OceanStor Dorado comes with flexible transaction capabilities – able to cope with surging needs. The multi-channel access capability eliminates contention during peak hours while financial institutions will have twice the online service scale, all with 24/7 availability of core applications.
Batch processing – By supporting real-time analysis for quick decisions, financial institutions can shorten data analysis time by 50% without having to change applications, service processes or programming.
Development and testing – Exponential data growth requires agile development and quicker services. Developers can cut batch-test operation time by half while at the same time doubling version test efficiency, all without compromising performance. With 5:1 data reduction ratio, capacity requirements and power consumption are reduced.
Learn More by Joining this Summit
Join Huawei’s online summit, where you will have the chance to learn how Huawei is providing the building blocks that are enabling financial institutions to modernise and thrive in the data economy.
Learn from executives of globally-renowned companies such as DBS on how they have used Huawei storage as a foundation for their transformation. Watch a not-to-be-missed panel discussion where industry leaders will share how data will shape the future of the finance industry. Then get taken on a virtual innovation tour of Huawei’s largest storage research and production centre where you will explore the cutting-edge technologies and comprehensive quality assurance behind the game-changing OceanStor enterprise storage arrays.
Click here to find out more.