VoIP 'gold rush' for financial firms

With many financial firms implementing VoIP to reduce their operating costs, Financial Sector Technology took a look at whether the benefits outweigh the risks.

Analyst Jessica Twentyman highlighted a recent survey of UK IT managers in the financial sector by research firm Vanson Bourne which found that 40 per cent were already using VoIP, with another third planning to implement it in the near future.

Such figures suggest a large amount of confidence in internet telephony, but Ms Twentyman said: "There are still genuine concerns about hacking, voicemail spam, caller ID spoofing and other security vulnerabilities."

However, she also noted that "it seems companies are prepared to try and work around these to gain the benefits of reduced running costs and enhanced flexibility and functionality".

To ensure the security and reliability of a new VoIP network, Ms Twentyman suggests a company call in specialists to carry out a survey of its current capability to carry voice over its network.

But despite the need to take risks into account, she concluded: "The increasing adoption rate for VoIP within the financial services sector proves that there are ways to avoid most of the common problems as long as you do your research and implement your rollout correctly. Do this and you too could strike gold."

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