Massive changes are required within the financial sector as digital transformation proceeds. As a global leading ICT company, Huawei has introduced the contactless digital Loan One Box solution, hoping to meet the needs amid the changes. It is also an important initiative in driving financial inclusiveness, which is of paramount importance in such difficult times.

The COVID-19 pandemic has changed all walks of life. People are looking for numerous ways to keep themselves away from potential health hazards while maintaining their lifestyles with minimal disruption.

Such development, along with the deepening health concerns, drives increasing need for innovative, intelligent financial services. Contactless, digital and online services are at the forefront of fulfilling this need.

This is where contactless finance draws attention. It refers to services where customers and banks do not need to interact face-to-face. Via omni-channel, it supports plug-in-based services, built-in businesses, and out-of-the-box features, giving a wide range of access to safe and worry-free financial services to the general public.

It also comes with tremendous commercial value as it can help make banking much more convenient, while remaining user-friendly, timely, and professional, leading to better customer satisfaction, retention, and loyalty.

Partnering with software and technology services firm Sunline, Huawei has introduced this latest Digital Loan One Box solution to bridge the gap. Adopting an open strategy, this solution allows financial institutions to launch a wide range of contactless, intelligent services, such as online loan product campaigns, electronic know-your-customer process (E-KYC), risk assessment, fund disbursement, and post-loan processing.

Sunline's expertise in financial services since its establishment in 2002 is critical for the development of the Digital Loan One Box. In late September, Huawei and the publicly listed firm jointly launched this ground-breaking solution, leveraging Sunline's robust experience and Huawei's innovative mindset, to help reshape how financial institutions can work to intelligently catch up with this unstoppable trend.

Digital Loan One Box solution changes the customer experience

As Jason Cao, president of global financial services business unit in the enterprise business group at Huawei, descbribed, Digital Loan One Box, as part of Huawei intelligent finance solutions, comes at the right moment for many financial institutions which have been struggling through the ongoing pandemic.

"It can satisfy the demands of efficient lending and loan for both financial institutions and customers during such special times," he told attendees of the fifth edition of Huawei Connect that took place in late September in Shanghai.

This solution is built on Huawei FusionCube Hyper-Converged Infrastructure, adopting the enterprise-level microservices banking framework Enterprise Development Services Platform (EDSP) released by Sunline in 2020.

"The agile platform features high flexibility, loose coupling, high performance, and distributed deployment," Hongan Li, senior vice president of Sunline, said at the launch. "It meets the dynamic horizontal scaling requirements of financial institutions of any size at both the business and system demands."

This solution supports rapid, dynamic horizontal scaling on both the business and system demands. It also provides DevOps continuous delivery assembly line to meet the increasingly agile development requirements of financial institutions. And it also offers cost-effective total cost ownership that meets their investment expectations.

Digital Loan One Box has these features to fulfil the requirements of speed and performance in the following areas:

• Real-time remote account opening and biometric identity authentication via multiple approaches (MFA)
• Quick online loan origination, approval, and fund disbursement (three-minute application, one-second loan approval, and zero manual intervention)
• Real-time formulation of promotions and marketing campaign
• Flexible post-loan processing, immediate loan extension evaluation
• Real-time account information update and non-stop services
• Quick access for ecosystem partners via standard open APIs
• Highly standardized products which customers can easily understand
• Fast deployment which can go live within two months

It is set to roll out across various countries and regions, including Southeast Asia, the Middle East, Latin America, and Africa, where financial inclusiveness is still far from satisfactory.

Ecosystem for success

The right solutions need reliable partners to work their best for clients. Sunline is an iconic example of how partnerships work best. The best in class FinTech solution provider is continually reinventing its technologies to empower the financial service revolution and drive industry development. Currently, Sunline has provided more than 800 global financial institutions with integrated financial IT solutions, covering core business, internet financial business, big data, and management services.

On this front, Huawei is working hard to establish an ecosystem for the best results. As Cao described, Huawei is consistently collaborating with customers and partners in the industry, and seizing the opportunities of 5G across five major tech domains — connectivity, cloud, computing, AI, and industrial applications.

"Ultimately, we will provide scenario-based smart solutions and technologies to facilitate the digital transformation for financial customers," he commented, reiterating the importance of a robust ecosystem.

To date, Huawei has cooperated with more than 5,400 solution and service partners worldwide to support over 1,600 financial customers across 60 countries and regions. One of the critical missions for Huawei and its partner is to help financial institutions drive financial inclusion and business innovation with data, achieving full connectivity and service agility.

For more information about Huawei Intelligent Finance and the Digital Loan One Box solution, please visit our website.

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