An article relating to this blog post on Finextra:
HSBC talks up IT integration initiative
British banking group HSBC says a programme to migrate its global operations onto a single technology platform is gathering momentum, with deployments in seven countries in the first half of 2008.
Here at Finextra
we've been keeping a close eye on the progress of One HSBC, an ambitious five year programme that aims to migrate the bank's global operations onto a single technology platform.
It was good to see chairman Stephan Green recognising the importance of IT standardisation and using the publication of annual results yesterday to reaffirm the bank's commitment to the project.
Said Green: "This programme is core to Joining up the Company. It is delivering higher quality IT and Operations at lower cost across the Group. It allows us to service individual and corporate customer needs seamlessly across borders."
With the bank posting a 62% drop in pre-tax profits and launching a £12.5 billion rights issue, an integrated IT strategy that has the potential to save hundreds of millions of pounds is clearly worth the investment.