CHARLOTTE, N.C., and SAN JOSE, Calif., March 29, 2010 — Bank of America and Cisco today announced an agreement to deploy the largest network of Cisco TelePresence systems, with an initial 200 units being installed across the bank's global operations by year-end.
Cisco TelePresence uses high-definition video and audio to create the experience of face-to-face meetings. People appear life-size around a virtual conference table, creating a unique experience where meeting participants feel as though they're sitting in the same room.
The bank will use this innovative technology to enhance associate and team effectiveness by providing the bank's global workforce with a world-class virtual meeting capability.
Bank of America Chief Technology Officer Marc Gordon said deploying Cisco TelePresence will provide the bank with significant, sustainable benefits.
"This global Cisco TelePresence deployment will help our associates collaborate and integrate even more effectively as we deliver all of our capabilities to customers and clients worldwide," he said. "This is an example of our commitment to use innovative technology to address real business opportunities.
"The technology also will help associates better manage work-life balance by providing flexible meeting options, and in some cases reducing the need to travel. When TelePresence helps reduce travel, it also supports our commitment to address climate change."
Cisco TelePresence uses the bank's existing network to create an immersive in-person experience, with these advantages:
- Scheduling is easy; meetings can be set up without a phone call and without IT support.
- In-room controls are user-friendly and intuitive.
- Collaboration applications are plug-and-play.
- Participants can meet in up to 48 locations in one meeting.
- Users can easily record and share high-quality video.
Cisco TelePresence will become the new standard for room-based video conferencing at Bank of America. The bank will deploy various configurations including one for business meetings with up to six participants per room, and another that seats up to 18 people.
Bank of America currently uses 28 Cisco TelePresence systems for associate meetings and training.
Under a managed service agreement, Bank of America will enjoy multiple benefits:
- Simplified adoption and management: The managed service approach allows the bank to deploy TelePresence quickly and under a unique arrangement, obtain full service from Cisco. Cisco will install, support, refresh and maintain the TelePresence equipment. Cisco also will provide active monitoring, technical support and concierge service.
- Use of existing facilities: Bank of America can take advantage of its own facilities and core data network.
- Intercompany collaboration: Cisco will work with its certified channel and service-providers to enable Bank of America associates to use Cisco TelePresence to meet with external partners who also have TelePresence technology.
Gordon described the agreement as mutually beneficial. "With this unique partnership, Bank of America and its associates will enjoy the benefits of Cisco's global video conferencing technology, and Cisco enjoys the opportunity to continuously improve TelePresence by managing the system across our global environment."
Marthin De Beer, senior vice president of Cisco's Emerging Technologies Business Group, said, "This managed service model, similar to those typically available from Cisco's certified service provider partners, enables organizations like Bank of America to rapidly deploy Cisco TelePresence and to immediately reap the benefits of virtual collaboration.
"Cisco is excited about extending our relationship with Bank of America, and we look forward to helping the bank's associates use our innovative collaboration technology to effectively and efficiently bring together even the most geographically dispersed teams."
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Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 59 million consumer and small business relationships with 6,000 retail banking offices, more than 18,000 ATMs and award-winning online banking with nearly 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.