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Financial Services Sector First To Reap Benefits of VoIP in 2006

Financial Services Sector First To Reap Benefits of VoIP in 2006

• 40% of Financial Services IT managers already using VoIP solutions
• A further 32% looking to introduce VoIP solutions during 2006
• 56% see convergence as key driver for voice and data systems review in 2006

31st March 2006 – According to new research from Vanson Bourne, commissioned by leading storage, voice and networking distributor, Zycko, the Financial Services industry is leading the way towards VoIP adoption. Based on a survey of 3,000 UK enterprise IT managers, the research shows that 40% of Financial Services IT managers are already using VoIP solutions with a further 32% seeking to introduce VoIP during 2006.

Unlike in other industry sectors such as Manufacturing, and Retail Distribution and Transport, the majority of IT managers within the Financial Services sector (56%) see convergence as the key driver for reviewing voice and data requirements in 2006. Notably, cost cutting, voted the most popular reason for communication systems reviews by IT managers in all other industry sectors, was seen as a secondary driver for Financial Services IT managers (44%), who also considered having one supplier for voice and data (36%) and improving their existing quality of service (28%) as less important factors than convergence.

In terms of obstacles to reviewing voice and data requirements, IT managers within the Financial Services sector cited being content with their existing technology supplier and lack of in-house resource available to review requirements as the major causes of reluctance (both 44%). Lack of budget (28%) and knowledge about different solutions available (20%) were also concerns but, crucially, 64% of IT managers in this sector felt that these barriers would not affect their decision to proceed with voice and data procurement.

Commenting today, Phil Marshman, Director of VoIP Solutions, at Zycko said, “The Financial Services sector is characterised by businesses that are frequently calling many geographically dispersed locations. IT managers within this sector have clearly already recognised the business benefits of a converged solution which allows greater functionality and improved costs.”

In terms of drivers to adopting a converged voice and data solution, Financial Services IT managers’ biggest priorities were cost cutting (68%), followed by having tight security measures in place (56%), ease of implementation (52%) and then the assurance of high quality services from a trusted supplier and the ability of having free on net calls (both 36%).

Phil Marshman concluded that, “For IT managers within the Financial Services sector, it is certainly not a case of having to re-think their existing voice and data communications strategy as convergence is already firmly within their plans. As the Vanson Bourne survey findings show, by the end of 2006 up to 72% of IT managers within this sector will be using VoIP solutions. However, to truly experience the broad business benefits of converged communications, IT managers should be considering third generation, best of breed open-standards based solutions, which provide greater flexibility, scalability and cost effectiveness to the end user.”


Media enquires:
Kathryn Hughes/Peter Fitzpatrick
hbl media
+44 (0)20 7612 1830 /

Notes to Editors:

About Zycko
Zycko is a value-add distributor of best of breed IT infrastructure solutions - from corporate networks to open-system storage architectures to unified communications - through a channel of resellers, systems integrators and service providers.

Zycko is privately held and has been profitable since inception in 2000, when the company’s original charter was to market data networking accessories to resellers as a wholesale distributor. Zycko now employs over 150 staff, serving over 3000 resellers around the world from six offices on three continents. The company enjoys an annual turnover of more than $100m.

Zycko’s provision of cost-effective IT products and logistics management is supported by vital industry services such as technical support, custom configuration, training and marketing support. These combined factors make Zycko the channel partner of choice.

Zycko’s strategic partner base includes world-class companies such as Agilent, CommVault, Edgewater, Hitachi Data Systems, Huawei, LineUP, MGE, Polycom, Riverbed, and StoreAge.

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