HP Expands Solution-Integration Offerings With Global Financial Services Industry Solution Centers; New Solution Centers Specialize in Effective Application of Technology as Enabler for Financial Institutions.
NEW YORK--(BUSINESS WIRE)--June 4, 1996--Hewlett-Packard Company today announced the worldwide expansion of its Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page. Solution Centers, an industry-focused solution-integration practice in HP's Professional Services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. Organization (PSO PSO - Oracle Parallel Server ).
HP made the announcement here at the Securities Industry Association Information Management Conference and Exhibit.
The Solution Centers, which work closely with HP's Financial Services Business Unit, are chartered to help financial institutions use information-technology solutions to enhance and expand their channels of customer-service delivery, manage risk and automate To turn a set of manual steps into an operation that goes by itself. See automation. their trading operations.
HP'S FINANCIAL SERVICES SOLUTION CENTERS
The new Solution Centers comprise consultants with extensive experience in applying information technology to the financial-services industry. Solution offerings include information-systems strategy, IT architectural planning, information integration and modeling and infrastructure implementation.
Financial Services Solution Centers consultants work with banks, insurance companies, securities firms and diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment institutions throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . HP is extending the Financial Services Solution Centers into Europe, Australasia and Japan.
FUTURE DIRECTIONS FOR SECURITY AND INTERNET BANKING
The pressures on financial institutions, including mergers and acquisitions; shifting government regulations; global competition; and the emergence of non-traditional competition, are changing the fundamental business practices of financial-services firms. They have been forced to re-engineer business processes, partner with other companies, sharpen sharp·en
tr. & intr.v. sharp·ened, sharp·en·ing, sharp·ens
To make or become sharp or sharper.
sharp customer service, cut costs and bring products to market faster. The global nature of financial services today also taxes traditional centralized systems In telecommunications, a centralized system is one in which most communications are routed through one or more major central hubs. Such a system allows certain functions to be concentrated in the system's hubs, freeing up resources in the peripheral units. to deliver the required levels of customer services and risk management. HP believes that in all cases, information technology plays a crucial role.
"We recognized that distributed computing (1) The use of multiple computers networked throughout a wide geographical area, or the world via the Internet, in order to solve a single problem. See grid computing.
(2) The use of multiple computers in an enterprise rather than one centralized system. is key to reducing time-to-market and providing better service," said Catherine Kinney, executive vice president of the New York Stock Exchange New York Stock Exchange (NYSE)
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE NYSE
See: New York Stock Exchange ). "We chose HP to help us achieve our long-range objectives because we wanted a partner that could help us find solutions and also offer advanced technologies and a great deal of technical expertise."
"Financial institutions increasingly are searching for partners to help them create new products and services based on open-systems distributed computing," said Paul King Paul King is the name of:
HP MEETING THOSE GOALS
The Solution Centers will focus on four main solution areas:
-- Retail Financial Services Delivery -- helps financial
institutions improve customer service and expand into
new delivery channels to reach new customers.
-- Decision-support Solutions -- help financial
institutions manage risk, measure profitability, manage
assets and customer relationships through information
modeling and integration.
-- Business Messaging -- provides financial institutions
with integrated solutions to automate and streamline
the investment process.
-- Security -- helps analyze security requirements and
policies and implements tools and methodologies to
architect and design security for a distributed
HP is currently providing technology consulting and solution integration to financial-services customers Wells Fargo Wells Fargo
armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147]
See : Protectiveness
company that handled express service to western states; often robbed. [Am. Hist. Bank, Wachovia Bank, Citibank and the New York Stock Exchange. Said NYSE's Kinney, "It's imperative that NYSE's trading services reliably be available to the 2,600 NYSE-listed companies and the trading public. Even though we brought HP a number of issues that were very critical to the implementation of our program, HP helped us find solutions."
The Financial Services Solution Centers work in conjunction with HP's Financial Services Business Unit, which includes research and development labs dedicated to creating new products and services for the financial-services industry. The Solution Centers also have access to the technology in HP's product-development advanced technology facilities, giving customers access to HP's world-class technologists.
In addition, the Solution Centers are linked to HP's Internet Consulting Practice, HP's Open Systems Transition Center and the HP Solution Centers that serve the manufacturing and telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. industries worldwide. With an emphasis on open-systems distributed computing technology implementation and integration, Financial Services Solution Centers work closely with independent software vendors, hardware vendors and other third parties to provide optimal solutions for financial-services customers.
HP's Professional Services Organization is the leading provider of open, client/server systems integration, technology consulting and education services to businesses in many industries. The company's professional services consultants help organizations apply open-systems distributed computing technologies to meet business challenges in today's fast-changing, competitive environment.
Hewlett-Packard Company is a leading global manufacturer of computing computing - computer , communications and measurement products and services recognized for excellence in quality and support. HP has 108,300 employees and had revenue of $31.5 billion in its 1995 fiscal year.
Information about HP and its products can be found on the World Wide Web at http://www.hp.com.
CONTACT: Hewlett Packard Company
Sheri Elpern, 408/447-1544
The Hoffman Agency for HP
Lisa Warren-Plungy, 408/447-6928