BITS Connecting Community Banks
The Short Story
BITS is a best-in-class telecommunications services provider that exclusively caters to community banks. We offer a complete platform of next generation telecommunication services, specifically developed to simplify banks’ technical, operational, and regulatory requirements. Our services provide cost savings, unmatched efficiencies, risk reduction, streamlined solutions, and peerless, always-on customer support. BITS is funded and owned by several banker’s banks as well as community bank investors. Our services are highly customized to help community banks improve their efficiency ratios by reducing existing costs for all Voice, Data, Internet, Network Security, Core, and ATM circuits.
The company is an exclusive co-operative, which operates on a 5% profit margin. Our unique ownership provides the insight needed to understand and address the unique challenges facing community banks. To date, BITS has saved community banks up to 40% on their second largest non-interest expense after salaries and benefits. Over a five year contract term, this savings often translates into six or even seven figure savings to the bottom line. More than 100 community banks have already benefited from our services. BITS reduces the regulatory burden community banks encounter as it is a proven communications provider who is reviewed by the FFIEC. In addition, BITS is Service Organization Control (SOC) 2 Compliant and endorsed by multiple Bankers Banks and State Banking Associations.
BITS has partnered with the most reliable technology companies in the world and has negotiated wholesale pricing to bring cost savings to our community bank customers. Our partners include Cisco, AT&T, Level 3, and Dell SecureWorks.