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Hewlett-Packard Company : HP and Yorkshire Building Society Boost Agility for Financial Services Providers

08/29/2013 | 06:12pm US/Eastern
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LONDON -- HP Enterprise Services UK Ltd. today announced it has established a Shared Services Alliance with Yorkshire Building Society (the Yorkshire) to enable U.K. financial services institutions to become more agile, more customer-centric and better able to manage their costs.

Built on HP Enterprise Cloud Services - Virtual Private Cloud, the new Shared Services Alliance will enable building societies and banks to respond rapidly to changing market conditions while driving down IT expenses. HP Enterprise Cloud Services - Virtual Private Cloud, part of the HP Converged Cloud portfolio, will provide Shared Services Alliance customers a world-class cloud services platform with data center, service management, application development and client support, while the Yorkshire will contribute its core application software, industry expertise, regulatory compliance and financial services knowledge.

The Yorkshire is the U.K.'s second largest building society, with assets of more than $45 billion, and a pioneer in providing shared IT services for the building society sector.

"The flexibility to meet ever-changing market needs and customer expectations presents major challenges for any organization, but especially financial institutions," said David Henderson, general manager, Group Change, and chief information officer, Yorkshire Building Society. "Although the Yorkshire is already a successful provider of IT services through our Yorkshire Key Services subsidiary, this cloud-based Shared Services Alliance will offer a new way of working for the U.K. financial services market by moving away from a capital model to a service model, reducing costs and time to market."

HP, supported by the Yorkshire, will deliver fully hosted core applications for retail finance services, enabling U.K. banks and building societies to be more competitive in a complex market. Services will include a complete mortgages and savings solution, regulatory reporting, business intelligence and business process outsourcing. HP will develop the software and services to meet the needs of its Shared Services Alliance customers.

"Becoming more customer-centric whilst driving down operating costs is no longer a choice for retail financial services institutions-it's essential to survival," said Jeremy Suddards, vice president, Financial Services Industry, HP Enterprise Services, UK&I. "The key to success is to leverage the latest technology-like HP Enterprise Cloud Services-that delivers real value and the ability to adapt rapidly to change"

HP's premier EMEA client event, HP Discover, takes place Dec. 10-12 in Barcelona, Spain.

This news advisory contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements of the plans, strategies and objectives of management for future operations; any statements concerning expected development, performance, market share or competitive performance relating to products and services; any statements regarding anticipated operational and financial results; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the need to address the many challenges facing HP's businesses; the competitive pressures faced by HP's businesses; risks associated with executing HP's strategy; the impact of macroeconomic and geopolitical trends and events; the need to manage third party suppliers and the distribution of HP's products and services effectively; the protection of HP's intellectual property assets, including intellectual property licensed from third parties; risks associated with HP's international operations; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution and performance of contracts by HP and its suppliers, customers and partners; the hiring and retention of key employees; integration and other risks associated with business combination and investment transactions; the execution, timing and results of restructuring plans, including estimates and assumptions related to the cost and the anticipated benefits of implementing those plans; the resolution of pending investigations, claims and disputes; and other risks that are described in HP's Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2013 and HP's other filings with the Securities and Exchange Commission, including HP's Annual Report on Form 10-K for the fiscal year ended October 31, 2012. HP assumes no obligation and does not intend to update these forward-looking statements.

© 2013 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. The only warranties for HP products and services are set forth in the express warranty statements accompanying such products and services. Nothing herein should be construed as constituting an additional warranty. HP shall not be liable for technical or editorial errors or omissions contained herein.

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