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Telecommunications systems

Wachovia and HP Collaborate on $30 Million Branch-Automation Project

Strategic Insights

— 1 min read

Wachovia, an interstate bank holding company with dual headquarters in Winston-Salem, N.C., and Atlanta, has begun rolling out Hewlett-Packard Company workstations to nearly 500 branches across North Carolina, South Carolina, and Georgia. This $30 million initiative aims to improve customer service through technology. According to William C. Scales, manager of computing and network services at Wachovia, HP's workstations will enable tellers to provide better customer service today and in the future.

Key Takeaways:

  • Wachovia has deployed HP workstations to nearly 500 branches across North Carolina, South Carolina, and Georgia as part of a $30 million branch-automation project.
  • The project aims to improve customer service through technology and is expected to be completed in early 1996.
  • Wachovia's relationship with HP dates back to 1992, when the bank deployed HP servers and workstations for its bond-trading and investment operations.
  • Wachovia uses HP's network-management software, HP Openview, to manage distributed systems across the enterprise.
  • The deal expands Wachovia and HP's existing partnership, which has a significant client base in the financial services sector.
  • HP's Financial Services Business Unit works closely with world-class partners to design and build industry-specific solutions for banks, insurance companies, and securities firms.

Statistics:

  • $30 million: The estimated cost of the branch-automation project.
  • 1992: The year Wachovia initially partnered with HP for its bond-trading and investment operations.
  • Early 1996: The scheduled completion date for the teller-workstation rollout.
  • $42.9 billion: Wachovia's assets as of the mentioned period.
  • 1994 fiscal year: HP's computer revenue reached $19.6 billion in the United States.
  • 1994 fiscal year: HP had revenue of $25 billion.
  • 1986: HP began delivering PA-RISC-based business computers.
  • 1994 fiscal year: HP had 99,900 employees.

Sources:

  • BUSINESS WIRE, Palo Alto, Calif., Oct. 3, 1995
  • HP's Financial Services Business Unit
  • Wachovia Corp.

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