How to deal with the financial system in the big data age

"It was the best of times, it was the worst of times." This is the beginning of the first sentence of the Dickens tale of two cities.

With large data, mobile internet waves like the surge of the current era is undergoing drastic changes, if you seize it, this era is the best for you, if you miss this opportunity, it may mean that you and this era pass, until annihilation.

As one of the largest producers and owners of large data, financial banks cannot escape from the advent of large data ages.

The new financial system is being reconstructed in the big data age

One big thing that hit the tech industry in 2012 was the large data program unveiled by the Obama administration. The message was interpreted by the industry as having the same status as the Internet revolution. The keen global financial industry has also sniffed out the importance of large data and has been actively exploiting and experimenting with large data.

In the UK, a company called Wonga is using massive data mining algorithms to make loans, using social media and other network tools to correlate customer information fragments, predict customer default risks, and provide a basis for their credit operations.

In China, Alibaba's Ali credit has been fully open to ordinary members since August 2012, offering unsecured, unsecured loans of low levels. And it depends on the hands of the vast number of customers operating data, which makes Alibaba on the customer's credit status, so as to minimize the risk of credit operations.

With the advent of large data and mobile Internet, traditional financial systems and business models are being reconstructed.

What can big data bring to the fastest-growing rural commercial bank in the Bank of China?

Relevant data show that by the end of 2012, rural commercial banks to 47.1% of the growth of all types of commercial banks have been the fastest growing assets of banks. By the end of 2011, China's rural cooperative financial institutions in the total assets and deposit and loan scale has ranked second in the national banking sector.

Facing the rural finance which has the vast potential market, the agricultural credit system has already ushered in the unprecedented high speed growth period.

This is thanks to a variety of new business products developed by rural credit systems around the world, providing a wide range of financial services, as well as even more diverse, to the vast majority of village clients.

As these new business products come online, a lot of customer information and transaction data are added every day. Can these huge data drive business, help analyze customer business needs and develop new businesses, and bring more growth to the rural credit system? Or is it in the current fiercely competitive financial markets, the result of a pile of "dead data" or faulty and outdated data that has become a drag on the continued growth of the rural credit system?

This is the current issue of concern of the rural credit system.

Therefore, the Bank funds clearing Center in November 2013 19-22nd in Shenzhen held a "Big data and Internet financial innovation" as the theme of the Summit forum. Huawei Storage has become an invited object, with experts from more than 20 provinces and cities to exchange information, discuss how the rural credit system in large data trends, how to achieve Internet financial innovation and business continuity.

"Big" data requires "big" protection

In January 2012, the Davos Forum published a report, Big data, big impact, claiming that data, like money and gold, had become a new economic asset. The financial industry also has both of these tangible intangible treasures.

How to protect this intangible, new, huge economic assets, Huawei in the Agricultural Credit Summit Forum put forward a special cloud disaster solution, it can meet with the rural credit system as a representative of the financial industry users of disaster-tolerant needs, its industry-leading 32:1 data replication ratio, can easily achieve the branch of centralized disaster preparedness, Very fit with the current mode of the vertical system disaster preparedness of financial institutions, but also through the Oceanstor Replicationdirector disaster management software and esight Storage Resource Management kit, to achieve the overall management of disaster-tolerant system, These advantages are the best choice for financial companies with multiple branches.

The rural credit system needs intelligent large data storage platform

Large data is like a sleeping treasure, its invisible value is no doubt, the agricultural credit system in the mining of these massive data to analyze before, must first build high-speed high-capacity large data storage platform, and it must be intelligent.

Huawei's Oceanstor 9000, designed for large data storage, is a magic wand to awaken large data treasures, it realizes the trinity of storage, analysis and archiving, under the dispatch of Data Unified module, the data can flow effectively between multiple domains, eliminating data from production system to analysis system to load and migrate across equipment data, Improves storage efficiency by 60%.

Oceanstor 9000 storage, analysis, archiving "Trinity" of the innovative architecture, to ensure that the lifecycle of data-centric, maximize the value of data. Moreover, the rural credit system can be used in the initial configuration, reduce the capex cost, with the development of new financial products, the rural credit system can be rapidly expanded, should be required and change.

Through this big data and the Internet Financial Innovation Summit Forum, I believe that the rural credit system can find the most suitable for their own answers, and this answer must have Huawei storage contributed by the industry understanding and it wisdom.

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