Banks Save Big Using VoIP
The fastest adopters of VOIP in the financial industry are small and mid-sized banks, who are trying to keep up with the larger institutions by getting creative with customer service.VoIP is now heading for full-blown adoption in financial services, with claims that it can shave up to 50 percent off banks telecommunications bills. One example is SouthTrust Bank, a Birmingham, AL-based regional with more than $53 billion in assets, 12,000 employees and 700-plus branches across Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee and Texas. THe bank is saving more than $5 million annually in telecommunications expenses and other costs. SouthTrust recently completed replacement of its patchwork time-division multiplexing phone system with VoIP from Cisco Systems. Southtrust, recently acquired by Wachovia, realized a huge benefit it hadnt even anticipated: better business-continuity planning. All data circuits can route to different locations so that if any building is damaged or destroyed, data integrity and connectivity isnt compromised.
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