While Wal-Mart is frequently linked with supply chain management, this approach to business is not exclusive to the company. The practice of supply chain management integrates both creativity and logic to improve a firm's overall processing system, spanning from initial raw materials through to final products.
Supply chain management in the banking industry has a unique focus on providing customers with vital financial information. However, this concept has evolved due to the emergence of "Everything, Everywhere", which demands that customers have access to all necessary services and information through the internet. To thrive in this new landscape, supply chain management has found its place in e-banking. Moreover, major financial institutions are striving to connect the global supply chain and finance chain by using standardized methods for file transfer and documentation.
In the opinion of Allan Beattie, the Head of Supply
...Chain Services at HSBC, supply chain changes are primarily driven by two factors: Globalization and Compliance. The former necessitates collaboration between CEOs, finance and trade heads, and treasury heads, while the latter requires visible logistics to meet supply chain demands physically and e-documents for IT. Despite these necessities, ensuring a successful supply chain requires continual attentiveness.
According to SWIFT (2006), mitigation measures can make changing the supply chain painless for both banks and corporates. Banks are reconnecting with corporates and using systems to accelerate entry into the supply chain tier, as well as aid others in doing so. Allan Beattie notes that 60% of data in supply chains is reused, re-keyed, re-entered, or re-validated. Although the future of supply chain management is unclear, change is unavoidable.
(Shister, 2006) The advent of E-banking has transformed the realms of commerce and
finance, presenting both advantages and hazards. Nevertheless, there are substantial potential gains for customers, financial institutions, and supervisory bodies. It is crucial to ensure that our strategies effectively manage the risks without obstructing the advancements and benefits furnished by E-banking.
The importance of enduring difficult times for long-term success has been acknowledged by both FT and International Financial Corporation. HSBC was named the winner of the inaugural FT Sustainable Banking Awards due to its ability to balance social, environmental, and business objectives (HSBC – News Archives 2006). However, maintaining this achievement requires significant effort in light of the uncertain and risky outlook for 2007 (World trade Magazine – The Fearless forecast, 2007). Therefore, HSBC's management across various areas such as security is vital in sustaining their success.
REFERENCES: Amicus (2006).The following information was obtained from the website http://www.amicustheunion.org/Default.aspx?page=4345 on January 06, 2006. It was originally published on August 03, 2006.The source of this information is from Bottomline Technologies (2006), which can be accessed at http://www.bottomline.co.The article with the URL uk/news/press_releases/hsbc.html was retrieved on January 05, 2007 and originally published on May 23, 2006.
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