BITS Connecting Community Banks
With bank regulatory requirements closely in mind, BITS built and continuously updates a platform which has been designed based on industry best practices and guidance. Keeping state and federal examiners in the loop on our progress, BITS continues to maintain our status and a known best-practice solution for community banks. We are SAS70 (pending SSAE 16) and Cisco Powered Managed Services certified.
Financial institutions continue to face an increasing number of complex regulatory mandates. Preparing for an internal audit or IT exam, performing risk assessments, and assuring compliance with FFIEC, FDIC, State, and OCC guidelines, take up increasingly more time and resources. Failure to properly manage and maintain your bank’s telecommunications network could have implications on your ability to assure Business Continuity, Disaster Recovery, and Customer Privacy. Neglecting to comply with recent mandates has negatively impacted many Financial Institutions and affected the way they conduct business. As a result, managing a secure redundant network environment while simultaneously relying on multiple telecommunications vendors has become a daunting task.
In response to this challenge, it is recommended that community banks minimize exposure to multiple public networks and vendors to assure network security. Additionally, banks are also increasing data circuit redundancy throughout their network environment. And finally, more and more organizations are employing managed service partners with network compliance experience to manage their increasingly complex networks and monitor their network security 24/7.
BITS’ all-in-one solution allows community banks to achieve these compliance goals by limiting the number of vendors, and potentially exposure, associated with critical network management, telephone systems, data transport and Internet security. BITS reduces a bank’s exposure to external threats and multiple vendors.
BITS simplifies compliance by centralizing firewalls and intrusion monitoring systems, enhancing network security, replacing legacy branch (WAN) communications (Frame Relay, Point to Point, or other types of broadband connections), removing unnecessary network components, and eliminating antiquated stand alone phone systems. Our next generation network is specifically engineered to not compromise network redundancy, performance, or security.
In addition, BITS simplifies audit preparations by providing our customers with security and audit certifications, network diagrams, and product descriptions that decrease internal work efforts required for proper vendor management practices.
BITS’ technology solutions deliver substantial savings to banks’ ongoing operating costs. The company’s wholesale pricing and fixed 5% profit margin offers consistent pricing over 60 months. Cloud-based services reduce capital and operating costs at every turn. And our centralized, aggregated services reduce costs to BITS and our partner banks.
BITS’ technology solutions deliver substantial savings to bank’s ongoing operating costs
• wholesale pricing and fixed 5% profit margin
• cloud-based services reduce capital and operating costs at every turn
• fixed monthly pricing over 60 months
• centralized, aggregated services reduces costs to BITS and our partner banks
On average, BITS reduces the number of vendor relationships from about six to one.
In addition to the the efficiencies gained from cleaner operations, the BITS system frees up staff and bank executives to focus on the future, to grow their business. A partnership with BITS reduces a bank’s cost for telecommunications and Wide Area Network management related certifications for internal staff. Community banks can seamlessly tap into the latest and best practices, free-up internal resources and reduce risks from multiple contracts. Simply stated, a partnership with BITS allows you to stay focused on what community banks do best – building the community and the customer base.
More than 100 community banks have made the executive decision to benefit from what’s becoming the new industry standard in the banking industry – BITS’ all-in-one next generation network for all of your voice and data communications. As a result, BITS customers have already saved millions. And streamlining is a big part of the savings. Until BITS was established, community banks have been forced to deal with multiple service providers for:
• Voice circuits
• Core processing circuits
• ATM circuits
• Data circuits to connect branches together
• Internet circuits
• Voice hardware vendors
• Data Network vendors
• Network security companies (IDS/Firewall)
• Support & maintenance companies
Multiple vendors tie up internal resources, create inefficiencies, drive up costs, and generate finger pointing when something goes wrong. BITS consolidates all these services by providing a proven all-in-one solution designed specifically for community banks. We are experts in safely and efficiently transporting all of your Bits and Bytes at the lowest cost possible. Our next generation technology delivers, all the way to the bank.
BITS provides the most scalable solution for any community bank, removing the burden and cost of adding resources to expand “piecemeal.” BITS removes technology barriers and their associated capital costs as we operate a hosted and managed platform. Since there are no ‘bank-owned’ infrastructure limitations to scale, incremental costs to expand are low.
• Remove technology barriers and their associated capital costs
• No “bank-owned” infrastructure limitations
• Incremental costs to expand decrease with more branches