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The Huawei Intelligent Finance Summit 2023 saw the launch of Huawei’s new data centre infrastructure architecture for the financial services industry (FSI) – F2F2X (Flash-to-Flash-to-Anything).
The architecture is a response to today’s data storage and management challenges and forms a reliable data foundation to help cope with data proliferation, an increasing number of apps, and the need for resilience around that. Indeed, data is a bank’s core asset. Data stability, security, and data computing power all have an impact on the service that customers receive and the productivity of a bank. There are three major challenges in particular for the existing data infrastructure of banks. Data proliferation, its storage, performance and having the right resilience capabilities. Therefore, robust management is a must if banks are to successfully deal with. Indeed, new business models and services including customisation, smart contracts, digital assets, and metaverse banking all create more data to store and manage. The IDC estimates that by 2025, the amount of data generated by banks worldwide will reach 48.6 zettabytes, with a compound annual growth rate (CAGR) of 26.2%. 80% of new data will be unstructured production data and structured data is likely to increase tenfold. Keeping data safe is another challenge; the average ransomware attack costs its victim an average of $7.8 million and they are happening more and more. Data resilience is the third issue. If there was a network-side protection failure, a firm would need to be able to act quickly to prevent data from being encrypted, and provide prompt attack warnings. If that cannot be done quickly enough and data ends up encrypted or worse, the entire data centre is “contaminated”, then a firm need the ability to retain a complete and clean data copy for rapid recovery of the service system. The advent of the multi-cloud era also adds to the challenges of data management and mobility – an estimated 89% of enterprises will soon become multi-cloud. This will give rise to the need for data management for app containerisation. In addition, efficient data flow between different apps and media will become a new challenge for banks’ data management. All of this has implications for storage capacity, performance, and energy efficiency – existing systems are already under strain. (...) Michael Fan, vice president of global data centre marketing and solution sales dept, Huawei Enterprise BG, said: “Huawei’s data infrastructure products and solutions have served more than 1,300 financial institutions worldwide. Our customers’ need for 4+ data centres drives us to innovate non-stop. We will continue to invest in a more reliable, more efficient, and greener’ data foundation for the financial industry to address business challenges in the intelligent era.” All in all, the launch and adoption of this data infrastructure solution should help banks to more effectively manage their data – thus leaving them free to leverage it to maximum effect for their various business lines as well as to use it strategically for business growth and strategic expansion. The direction of travel for the industry as a whole is clear – without robust data management banks will fall down in being able to perform the most basic of tasks, much less be able to effectively manage and use data both for themselves and clients, solutions that take the data pain away are crucial for this rapidly changing and evolving industry. Source
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