Some thoughts on the information construction of the financial industry

The rapid development of information technology has brought about a huge change in people's consumption behavior. The rapid development of the Internet has given rise to social media, giving people more control over information exchange and multiple choices. The emergence of smartphones has allowed people to connect with the outside world anytime, anywhere, and on demand. The rise of mobile financial services such as "mobile banking" and "Alipay" has turned "everyone into a bank."

These huge changes in consumer behavior have had a great impact on the retail business transformation of traditional finance and the direction of national regulatory policies. Banks are no longer an entity but a "behavior". End users use bank services in the way they think best, and bank services are provided anytime and anywhere according to demand, becoming ubiquitous. As a result, the traditional financial industry has begun to re-examine today's market trends in order to seek change.

Nowadays, big data technology is widely used, data is growing explosively, and typical non-core applications require larger storage space. With the accumulation of historical data, huge data volume, large data differences, inconsistent formats, and complex sources, data storage and processing face huge challenges. Although IT infrastructure based on distributed storage can solve some problems, most distributed storage software is developed based on open source (Ceph), and its availability, reliability, security, and robustness remain to be tested.

Secondly, the domestic financial market has been gradually liberalized, and domestic banks are gradually entering foreign markets; there are many financial institutions at all levels, but their business levels vary greatly, and there is no unified regulatory reporting platform; many financial institutions have established algorithm models and scoring models, and used big data analysis to conduct internal and external supervision. This regulatory model has brought great pressure to the system; financial development is increasingly dependent on IT technology, but the country has not yet truly achieved independent control, and there are still security risks in the underlying data, and there are huge risks in IT technology itself.

In addition to the above, innovative businesses continue to emerge, and the business model of offline transformation to online has become mainstream; more and more artificial intelligence technologies such as facial recognition and automatic voice intelligent response are deeply integrated with businesses; the "Internet + Finance" strategy is constantly being implemented, how to make intelligent decisions and intelligent operations and maintenance of businesses, how to integrate development and operation and maintenance, and achieve agile development and rapid deployment, these are all challenges that the traditional financial industry is currently facing.

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Looking at the changes in market trends, the traditional financial industry needs to actively use the technologies of the Internet and big data, combine and apply business with the Internet, focus on cross-border alliances, and have platforms for products, transactions and payments to adapt to the development of the times and changes in people's consumption behavior.

In fact, most domestic banks have APPs for smart terminals, but the service content varies due to restrictions on systems, processes and compliance. It can be seen that traditional financial services are being eroded or even blocked by Internet finance. Although the impact of Internet finance has been controlled after the optimization of the national regulatory mechanism, traditional financial services must grasp the fundamental problems and transform them to get rid of the current situation. Therefore, the financial industry understands the opportunities brought by the Internet and begins to actively think about the combination and application of new services and the Internet.

The traditional financial industry has found that in today's retail financial services environment, branches and branch employees are not the ones who actually sell products. What can really sell financial products into the hearts of users is the brand, and the brand is defined by the user through the comprehensive experience of multiple channels and social media. Therefore, big data and precision marketing have become very important, and the battle for traffic and entrances is imminent. The information system of the financial industry must also undergo fundamental technological changes to provide users with a better experience and establish a brand.

Therefore, if the traditional financial industry wants to ensure the healthy development of its business, the first problem to be solved is to obtain end-user behavior and potential opportunities through effective channels, develop new businesses and customers, and improve customer stickiness and operational efficiency. In addition to solving the problem that IT personnel in the traditional financial industry are unfamiliar with Internet technology, the entire IT architecture needs to be upgraded based on compliance risks, interconnection and interoperability, and business application cycles.

However, the traditional financial industry's IT silo construction and operation and maintenance methods (tightly coupled with applications) have resulted in traditional IT solutions being unable to meet the construction requirements of Internet finance, unable to achieve the goals of agile development and rapid and continuous delivery in line with business needs, and difficult to achieve integration and Internetization. The traditional financial IT architecture has problems matching technical capabilities with the existing IT operation architecture in the development of new businesses.

In today's data explosion, storage is becoming increasingly important in the existing IT architecture. However, compared with the standardization and openness of resources such as servers, storage systems are closed: storage devices are fragmented, management interfaces are different, functions are uneven, and personnel are difficult to maintain, making it difficult to standardize storage construction in the future. Storage systems have become the most difficult gap to overcome in the development of financial industry information construction!

From the perspective of daily management, the fragmentation of storage systems makes daily maintenance and use very complicated. IT managers need to spend a lot of time and energy to manage devices of different brands and models. In addition, IT managers also need a lot of time to learn different storages. The fragmentation of storage systems increases the cost of maintenance, use, and learning.

From the perspective of financial information construction, the IT construction of enterprises will inevitably require intelligent control of their resources as their business develops. The fragmentation and closedness of storage systems have led to the convergence of each manufacturer's solution including its own storage system, which will gradually change from the device level to the platform level. On the other hand, innovations in the operation and maintenance layer, platform layer, and application layer are inseparable from the intelligent scheduling of storage. The closedness brought by the fragmentation of storage makes it difficult for enterprises to realize their IT innovation thinking.

In response to the above considerations, Tongyou Technology, which has been focusing on the storage industry for 30 years, is committed to building an internal storage API economy for enterprises, unbundling and opening up storage systems, and making them perform their respective functions so as to better cooperate with people, platforms, and applications, to help users achieve intelligent, agile, and efficient IT, and jointly enter the era of the Internet of Everything.

What is the storage API economy within the enterprise?

Build a platform-level product that provides standardization and intelligence for enterprise storage systems in all aspects, from monitoring to control. The storage cloud service it provides can monitor and control the storage system in a unified manner, standardize all related behaviors, and open standardized interfaces to the outside world, helping enterprises to completely break the closed bottleneck of storage construction. Not only can operation and maintenance manage storage systems equally, but also upper-level platforms, applications and other programs can collaborate with various storage systems in a friendly manner and operate and maintain at the same time. Developers can create innovative "operation and development" models based on these standardized storage systems to achieve the strategic goals of "agility" and "intelligence".

Tongyou Technology will always pay attention to the development trend of informatization in the financial industry. Under the favorable background of national policy support, we will seize the best opportunity for IT construction innovation in the financial industry, provide support for users' deep digital transformation, and welcome the bright future of "Digital China" with everyone!