Islamabad: Pakistan’s largest Sharia-compliant Meezan Bank and Huawei Pakistan signed a Memorandum of Understanding (MoU) to cement their strategic partnership, through projects focused on Cloud Transformation and technological innovation, enabling Meezan Bank to augment its existing processes and systems. Group Head Information Technology, Mr. Faiz Ur Rehman, Group Head Digital Transformation and Innovation, Mr. Iqbal Ali Khan were present at the signing along with representatives from Huawei’s side as well. According to the signing, Huawei and its partners will seek to aid the bank in hybrid cloud transformation and enhance the technology adoption.
Banks have the ability to capture and store enormous tranches of customer data on a daily basis. The problem is, that with legacy methods such as data storage siloes, banks are severely limited in how they use and connect this data, if at all. Cloud technology can centralize the data capture, storage, and interpretation processes. It can also reduce the costs associated with these critical processes and generate far richer, more precise, faster data-led insights, which banks can use to drive performance. The advancement to Cloud Transformation in banking is something that’s happening all around the world and in Pakistan as well. Pakistan’s Central Bank, State Bank of Pakistan is also actively reviewing the present regulatory framework to allow banks to adopt innovative Cloud technologies.
Mr. Iqbal stated his thoughts at the signing, “Meezan Bank is focused on digital transformation to ensure it is able to consistently deliver on its commitment to excellence in customer service and improving customer experience. To achieve this objective we are confident that Huawei Cloud’s long term investment in Pakistan will enable Meezan Bank to deliver on its transformation agenda. Huawei’s leading edge technology with a Cloud-oriented focus to deliver quick-to-market customer solutions is critical. ”
According to Gartner’s Market Share- IT Services, Huawei Cloud rose to No. Two in the global market in China and No. Five in the world . In addition, Huawei Cloud serves 80% of China’s top 50 Internet companies, six state-owned banks, all of the 12 joint-stock commercial banks, and top 5 insurance institutions.
By switching to cloud technology, the need for on-site infrastructure maintenance, security patch updates, and storage is removed. This means that banks either don’t require a team of employees to provide this specialist maintenance or they can redeploy such staff to concentrate on other urgent areas of business. The risks of delaying a mass infrastructural shift to the cloud are numerous. It allows competitors to improve their own operations and use the benefits that the cloud can bring, such as the ability to drive better customer engagement.