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This article from
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Coms revolution
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STEVE ELDRIDGE
Marketing services manager, Cable and Wireless
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AS communications technology continues to develop, the financial services industry is experiencing challenges that demand increasingly sophisticated solutions from telecommunications operators.
Competition in Jersey will bring improvements in the provision of telecommunications services to the Island. More choice will be combined with more innovative communications solutions as providers seek to differentiate their service offerings. There will be downward pressure on pricing as more companies compete but also a more efficient use of resources to enable prices to be lowered. The economy, and indeed the reputation of Jersey as a business centre, will also benefit. The broader range of telecommunications services which will be on offer will stimulate inward investment while those in the telecommunications industry will have to demonstrate the capability to harness communications for new business development.
In the past, the financial services industry in Jersey has often relied on the individual skills of IT managers to assess business telecommunications needs. Increasingly, this role must also be met by the telecommunications supplier in a collaborative relationship.
Access to financial markets depends on communications with global reach and reliability. This enables information to be shared and transactions with customers to be conducted internationally. Communications at this basic level have led telecommunications companies the world over to offer service level agreements and guarantees based upon the reliability of their networks and the underlying technology.
With demand for real-time information and a growing number of ways to access information and conduct transactions, the choice of communications provider for financial services companies is now influenced more by performance than theory. Network reach and availability are the critical measures, since a global market requires a global network.
Network operations at Cable & Wireless are conducted on a truly global scale. The company owns or has investments in 78 global cable systems and over 20 geo-stationary satellites. Seven Global Operation Centres manage the daily operations of the core network, designed to deliver seamless operational capability enabling the organisation to serve customers globally and provide capacity ahead of demand. With experience in financial centres throughout the world, from London to Hong Kong, Bermuda, the Cayman Islands and many more, Cable & Wireless has developed core skills in understanding and delivering the requirements of financial institutions.
A Jersey financial services company, for instance, would have the advantage of being able to order and manage telecommunications services for any part of its global operation using a single point of contact and irrespective of time zones.
The capability to deliver real-time information is significant for the financial services industry for processing information and managing funds. The underlying network is only one of the considerations for the IT manager tasked with developing the capability. Equally important is the integration with the company’s legacy systems. Often development of new applications is required.
The skills required to develop applications are rarely found in one place. Instead, the value that the telecommunications provider can bring is in its strategic partnerships with other leading suppliers in the field. One primary example is the recent development of Real Time Nostro, which enables banks and other financial institutions to increase liquidity, reduce risk and make better use of capital by tracking their foreign exchange dealings as they happen. Real Time Nostro is the result of collaboration between Cable & Wireless, data providers and application vendors who are increasingly providing the service as part of the solution they offer to financial institutions. With companies also coming under increasing pressure to deliver information by extending network access to customers, partners, suppliers and across a range of new mobile and internet devices, the security of data is a vital consideration. Opening up networks is problematic because of the threat of hackers, viruses and other malicious attacks but the option of limiting network access represents a major competitive disadvantage. E-commerce, supply chain management, collaborative working and information exchange mean that access is often required at all levels of the organisation. Doing business today means doing business online. Recognising that security is an essential part of network design, Cable & Wireless operates seven secure operations centres worldwide to manage global network security and provide one of the largest pools of security expertise in the world.
Widening access to the company network is also one of the key drivers behind the development of network infrastructure. Crucially, it is about delivery of a business-class internet infrastructure rather than simply the public internet. Achieving this means delivering the values of traditional telecommunications – global connectivity, reliability, performance and security – but using Internet Protocol (IP).
The Cable & Wireless backbone network offers connectivity to over 70 countries and is one of the fastest, most reliable and most extensive IP networks in the world. It is enabling financial services companies to serve a global customer base and execute transactions securely over the internet as well as over the phone.
But the benefits of IP go beyond this when they are used in the corporate network infrastructure. A single infrastructure used to carry voice, data and video achieves economies of scale, reduces network costs and enables a wide range of integrated applications that can boost efficiency and customer service. IP-enablement means running software on a network server allowing full computer-telephony integration to the desktop alongside unified messaging and advanced meeting applications for audio and video-conferencing. Advances in communications and the developing requirements of financial services mean telecommunications supplied as a product add little value. A strategic partnership that delivers real value relies on deep industry expertise and understanding of the challenges faced by IT managers today.
As business in Jersey is set to benefit from the multiplier effect of competition, for financial institutions, their staff and customers, a new perspective on communications services is within reach.
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