Fifth Third Bank Transforms Customer Experience with Viptela SD-WAN
Fifth Third Invests in 5-year Network Upgrade as Part of $112M Contract
Fifth Third Bancorp has made a major investment in its electronic network as part of an effort to modernize its branches and partner with fintech firms.
The Cincinnati company discussed the five-year project to upgrade its network Thursday at American Banker’s Retail Banking 2017 conference in Miami. Part of a $112 million renewal of a preexisting contract, the upgrades will allow customer videoconferencing with remote experts, Wi-Fi inside branches, distance learning and real-time data feeds to fintech partners.
Fifth Third has already begun piloting self-service video kiosks in its branches. People tend to be intimidated at first, but once they use a video teller they become comfortable, said Jerry Frederick, chief infrastructure officer at Fifth Third. Wi-Fi in the branches is allowing staffers to help customers using computer tablets.
A benefit of the new software-defined, wide-area network is that it can be adjusted quickly, Frederick said. Previously a request for higher bandwidth took 60 days for the network provider to execute, but using new software-defined routers from Viptela, provided by Verizon as a managed service, can increase network speed at a location within a few days.
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