Summary Article of the Impact of Information Technology on Customer and Supplier Relationships in the Financial Services
Introduction
Information technology plays an important role to support the relationships between customers and suppliers in financial industry. Different industry faces different competitive and different business practice. Besides, we can use information technology to determine the opportunities and threats to the relationships between customers and suppliers.
In this research, it focus on the financial service industry that is motivated by three factors which are the paucity of research in customer and supplier relationships in service industries relative to manufacturing industries, the sheer size of the financial service sector relative to other service sector and the potential for information technology to positively impact firm performance through channel expansion, cost mitigation and service level enhancement.
Financial service industry includes all Standard Industrial Classification (SIC) codes starting with the digit six. In this research, we only focus on those services typically classified as “financial”. Financial service companies are the earliest commercial users of information technology. Economic forces and technological advances, especially Internet has driven this consolidation across international boundaries and across type financial services. The financial service companies are relatively unique in regard to their value chains. Without possessing any intermediate product can add value to the finish product.
The financial services industry has been doing business electronically for many years. Some customer and regulatory statutes demand the use of paper-based transaction audit trails and reporting those transactions. However, the industry leaders will pressure them to adopt electric distribution and information management methods.
This report concerns on electronic connectivity, alliances and partnerships. There is a lack of understanding of and available insight into the emerging role of e-business as a delivery channel
Information technology plays an important role to support the relationships between customers and suppliers in financial industry. Different industry faces different competitive and different business practice. Besides, we can use information technology to determine the opportunities and threats to the relationships between customers and suppliers.
In this research, it focus on the financial service industry that is motivated by three factors which are the paucity of research in customer and supplier relationships in service industries relative to manufacturing industries, the sheer size of the financial service sector relative to other service sector and the potential for information technology to positively impact firm performance through channel expansion, cost mitigation and service level enhancement.
Financial service industry includes all Standard Industrial Classification (SIC) codes starting with the digit six. In this research, we only focus on those services typically classified as “financial”. Financial service companies are the earliest commercial users of information technology. Economic forces and technological advances, especially Internet has driven this consolidation across international boundaries and across type financial services. The financial service companies are relatively unique in regard to their value chains. Without possessing any intermediate product can add value to the finish product.
The financial services industry has been doing business electronically for many years. Some customer and regulatory statutes demand the use of paper-based transaction audit trails and reporting those transactions. However, the industry leaders will pressure them to adopt electric distribution and information management methods.
This report concerns on electronic connectivity, alliances and partnerships. There is a lack of understanding of and available insight into the emerging role of e-business as a delivery channel