Transforming Business with IP Communications

Roger Farnsworth, Cisco Systems
July 6, 2005

In a business built on trust and security, change is often tempered by caution; however many credit unions are finding that IP communications solutions, including voice over Internet Protocol (VoIP) and related applications, offer the potential for more secure and reliable communications options than ever before possible. The fact that these solutions promote higher productivity and help reduce communications costs while improving customer experience make IP communications an attractive area of focus for industry innovators.

The convergence of voice, video, and traditional data applications holds great promise for improving customer relations. Freed from the rigid construct of voice or text-only communication, financial institutions can use the latest rich-media communication tools to offer innovative multimedia solutions to their clients that are both less expensive than direct personal contact and more fulfilling to customers. For example, video-enhanced collaboration tools allow much more effective interpersonal communication while reducing the inconvenience and expense of travel.

Empowered by the network, IP communications offers unprecedented integration of interpersonal communications technology with other critical business data. Customer records, transaction data, financial analysis tools, and other business applications are currently delivered in a highly secure, reliable way over the corporate data infrastructure. As voice and video enter the mix, the capabilities of the network can be incrementally extended to them with the same level of protection. So when employees do interact directly with customers, more and more accurate information is readily available to them, increasing their effectiveness and productivity.

By providing a more intelligent and integrated communications system, IP communications tools make it easier than ever to conduct business. Through tightly linked applications, voice, video, conferencing, messaging and scheduling tools work together to make meetings more productive, ease administrative tasks, and help foster creativity. Thus empowered, employees spend less time trying to communicate and more time actually sharing ideas.

The integration of voice and video communications with traditional data systems can also result in smarter, more efficient overall operations. As communications systems transition to integrated IP-based solutions, the complexity of running multiple redundant systems is reduced along with telecommunications expenses. This benefit of convergence translates into real, even compelling, cost savings and attractive returns on investment.

IP communications hold even more interesting promise for business in the future. Network-based communications systems that can find and connect individuals, using the contextually appropriate media, literally at the touch of a button or a simple voice command, will further enhance the flexibility, capability, and productivity of the organization that adopts them. And the investment protection afforded by today’s modular, standards-based systems helps lay the foundation for the future.

Secure, reliable, and intelligent: IP communications solutions hold the key to unlocking competitive advantage in the credit union environment.

Roger Farnsworth is senior systems marketing manager, IP communication security, for Cisco Systems. Contact him at rfarnswo@cisco.com or 408 526-8992.