Huawei, a leading global provider of information and communications technology (ICT) infrastructure and smart devices, has joined forces with the Bahrain Association of Banks (BAB) to accelerate digital transformation within the Kingdom’s banking sector.
Together, they hosted an online Innovation Day event for experts within the industry, entitled ‘The Road to Financial Digital Transformation’ to share best practices in dealing with the “new normal” in the post-pandemic era, involving accelerated mobile first implementation powered by the capabilities of emerging technologies to ensure business continuity, reshape financial services models to fuel digital banking transformation.
Dr Waheed Al Qassim, CEO of The Bahrain Association of Bank, said: “The Bahrain Association of Banks is committed to working with the Kingdom’s banking sector, promoting the industry’s best interests, and introducing global best practices to our local banks. Now is the time to adopt a new approach to banking; we must evolve the banking sector in line with the demands of an increasingly connected world. Digital transformation offers the convenience and accessibility that customers expect.
“We recently celebrated the 100th anniversary of the establishment of the banking sector in Bahrain, which was also an occasion to learn about the scope of this sector’s development, and there is no doubt that modern technologies are the main pillars of this development based on the merging of financial and banking services on the one hand and information technology on the other hand,” Dr Al Qassim added.
“Year 2020 is destined to be an unusual year. The Covid-19 pandemic has tremendously impacted life and work worldwide, casting a shadow over the global economy. Financial institutions, which serve hundreds of sectors, are no exception, and face huge challenges in both the short and long term,” said Ron Raffensperger, Senior Transformation Expert of Financial Industry, Huawei. “I was impressed by banks’ response in Bahrain to the pandemic that clearly shows that embracing Cloud Computing as a key technology, along with digital and mobile capabilities are critical to addressing business challenges in the kingdom.”
He added: “While many banks are already exploring the possibilities of digital transformation, the restrictions of the Covid-19 pandemic have brought about disruption in a way that intelligent connectivity can help to mitigate and overcome. In collaboration with the Bahrain Association of Banks, Huawei is keen to help guide banks in Bahrain along their digital journey, helping to realise the value of mobile-first implementation, developing a digital core, and adopting a cloud-oriented transformation strategy that will lead to sustainable and scalable growth within the financial industry.”
During the Innovation Day event, experts from Huawei and the banking sector shed light on best practices of dealing with the “new normal” in the post-pandemic era, and discussed topics involving the importance of Intelligent finance to drive banking opportunities, accelerated mobile first implementation, cloud-oriented IT infrastructure transformation, the roadmap of banks’ hybrid cloud transformation, and the key concerns of banks about to embark upon cloud transformation.
Huawei has numerous cutting-edge products and solutions that can be tailored to meet the needs of Bahrain’s banks as the sector transitions towards intelligent finance. From cloud-based solutions to artificial intelligence, Huawei’s experts can create customized ecosystems specific to each customers’ requirements, enabling them to roll-out digital and mobile capabilities quickly and easily.
Huawei helps financial institutions digitally transform in terms of inclusive finance, data-driven business innovation, open banking, and providing customers with inclusive, stable, secure, and convenient financial services. To date, Huawei has served more than 1,600 financial institutions worldwide, including 47 of the world’s top 100 banks. In addition, it has established comprehensive strategic collaboration with 20 large-scale banks, insurers, and securities companies around the world, and has become a trusted strategic partner for customers’ digital transformation. – TradeArabia News Service