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In line with HSBC’s aim for development with global focus, the company was able to adopt a strategy, which enhances its technology development through information systems operations. This strategy was able to increase staff retention rates, and decrease staff turnover, which brings greater continuity and efficiency to the company’s projects (Annesley 2006).
Moreover, in terms of internet communications, HSBC has a single global center of excellence for e-commerce IT, made up of collocated businesses and staff, distributed in international offices, such as in New Jersey, Chicago, Canada, Hong Kong and London. In accordance to this, HSBC was also able to implement and introduce another feature of HSBC. com, the HSBCnet, which is its developed key global platform, designed for commercial customers in other countries.
HSBCnet includes services for global markets, global cash management and investment banking that are being used regularly by corporate customers. Moreover, as an response to the need of security, the company has developed a second-generation internet technologies, exposing customers to intelligent, personalized content and better targeted marketing, and this feature allows the customers to save time, avoid repetition of tasks by pre-filling in application forms, to come back to a product offer, and get to the end of an application process (Annesley 2006).
Furthermore, the company has also developed the successful credit card authorization and accounting platform, which consists of linked applications, such as credit assessment, risk-based pricing, card ordering and transaction processing and reporting (Annesley 2006). These strategies enabled HSBC to gain competitive advantage over their competitors, by implementing an effective and efficient Internet-based information system. These strategies become relevant to the problems of Nokia because like HSBC, they can also develop the same strategies and use them for their own advantage