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Strategic Information Management - Essay Example

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Introduction Internet has revolutionized every aspect of live including life styles, education, work and collaborative efforts. Likewise, the driving factor is the technology that has pushed forward from back office scenario to the leading edge. Digitals channels came in and introduced new ways to interact with customers and also introduced new online shopping experience…
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Strategic Information Management
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Download file to see previous pages Moreover, a continual research and development by researchers has enabled business organizations to customize their business strategies. Similarly, research and development in the digital marketing sector has enabled financial institutions to deploy fully automated online banking systems that are capable of providing online banking experience to their customers. However, security breaches have also resulted in massive losses for these systems. Studies has shown that organizations have to learn customer preferences along with aligning their marketing strategies with allocated budgets, procedures, skill set and significances (Edelman 2010). As mentioned earlier, these digital channels are now business models that are customized in a way to generate online sales and revenue for the organization. Likewise, by incorporating other small applications such as Short Message Service (SMS), Really Simple Syndication’ (RSS) feed, advertisements on the cell phone are all part of the business model. Furthermore, for enhancing the customer online experience specific to online banking, clarity of text, quality of information, ease of use, privacy policies and reputation of the bank is considered. In order to gain competitive advantage and customer loyalty, Push digital marketing’ strategies are incorporated to gain user attention to spent more time on the website and browse details of associated online banking products and services. Performance Analysis The Lloyds banking group stated its net profit in 2010 was about 2.2bn (Flinders 2011). This profit returned is reported via bank’s cost reduction policy along with the IT strategies incorporation with the Halifax bank of Scotland (HBOS). (Flinders 2011) Moreover, while comparing the loss in 2009 that is around 6.3bn 2010’s profit is remarkable with the support of the above mentioned strategies. In September 2009, Halifax bank of Scotland (HBOS) obtained 12.2bn through government encouragement from the Lloyds TSB. For this reason, mark fisher who is working in the integration of parts of Dutch bank ABM AMRO was selected as a director of IT operations by the Lloyds TSB bank. According to the Lloyds banking group, the progress is being observed shortly after the merger of HBOS and Lloyds TSB banking systems (Flinders 2011). The Lloyds banking group states that “We achieved savings across a wide range of Group activities, including implementing improved processes which are now being used on a harmonized basis across the Group, and driving savings in property and procurement." (Flinders 2011) Furthermore, the Lloyds banking group affirms that around 1.4bn was estimated to be saved by reducing replication. The implementation of new systems that will help in better integration initiates in 2011 as said by the bank “"As part of the integration, we have also commence the implementation of a number of major systems changes, which will complete in 2011." (Flinders 2011) In 2010, the HBOS spend approximately around 2.7bn on IT integration systems. In comparison with the previous year the IT expenses were reduced by 4% that includes staff cuts, thousands of IT and back office jobs (Flinders 2011). Unfortunately, 26,000 total reductions were detected ever since the possession of HBOS. Therefore, in 2009 the unions unite blamed the ...Download file to see next pagesRead More
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