At HUAWEI CONNECT 2020, International Data Corporation, along with Huawei, has released a White Paper titled, ‘Banking Industry Rises up to the New Normal.’
In the report, IDC and Huawei surveyed the impact that the COVID-19 pandemic has had on the banking industry and outlined steps to be taken by banks to ensure future success.
As part of the report, IDC and Huawei developed a ‘Banking Resilience Index,’ which quantifies the current status of banking by region in terms of six key measures.
The index shows major regional differences and can be used by banks to assess their own resilience and provides guidance for where to focus on regarding future success.
“At HUAWEI CONNECT 2020, Huawei and its partners are showing the wide range of FSI solutions, including financial cloud, smart branches, digital CORE, and intelligent data platforms. These solutions allow banks to reduce costs, increase agility to the rapidly changing FSI environment, attract and retain customers and position themselves against emerging competitors,” the telecoms firm said in a statement.
According to Huawei, the recent disruptions to everyday life have moved the focus of financial services to mobile with the telecommunications giant supporting the move to mobile interactions globally, based on the early experiences in China.
It added, “The insights we are sharing are allowing financial customers globally to respond and support customers in these trying times.
“These experiences led Huawei to work with IDC on this report. Some of the major findings in the report concern the financial impact of the pandemic on banks’ balance sheets, the exponential increase in digital payments from mobile devices and the dramatic shift in the role of branches in banking services.”
