HP uses Compaq services to woo financial IT users

Hewlett-Packard aims to court IT users in financial service industries following its merger with Compaq earlier this year, which...

Hewlett-Packard aims to court IT users in financial service industries following its merger with Compaq earlier this year, which included the former Digital services division.

Bill Visick, manager of financial services in the consulting and integration division of HP in the UK and Ireland, said it could offer customers advantages over traditional suppliers.

"[Companies] are interested in talking to HP because of our scale and the breadth of things we can do from business design, build and operation," he said.

HP announced a $2bn (£1.3bn) outsourcing deal with Canadian Imperial Bank of Commerce earlier this month, and was keen to secure similar "mega deals" in the UK, Visick added.

HP has also taken an equity stake in the financial services consultancy Capco.

Other priorities for HP's revamped consultancy arm include advising companies on how to get better returns on investment in customer relationship management (CRM) systems and the provision of datacentre services.

"There is a degree of cynicism within the industry about whether or not [CRM] technology has delivered the benefits promised," said Visick. Companies needed to integrate sprawling legacy systems to get better value from increasingly popular CRM technology, he said. "I think companies will want to outsource CRM systems over time."

Analysts said that although HP had previously struggled to make the transition from hardware into software services, it was now well placed to break into consultancy.

"HP is relatively late to the market so there are a number of established players that are quite strong," said Daniel Mayo, lead analyst at Datamonitor. "However, HP has a huge critical mass and a good business case."

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