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.

Read the entire article from U.S Banker by clicking here.