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Home > Why BITS? > Overview

Overview

Senior stakeholders from more than 70 community banks have made the executive decision to benefit from what's becoming the new industry standard in the banking industry - the BITS Foundation - Managed Branch-to-Branch Connectivity. Our comprehensive managed services deliver all your Voice & Data connectivity needs. As a result, BITS customers have saved millions of dollars on their expenses!

BITS provides efficiencies on all levels!

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 hardware vendors,
• network security companies, and
• 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 an approved 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 possibly. Simply put, BITS provides the "next generation plumbing" for all community banks' Voice & Data communications.

Customer demand is changing Banking

Banking is no longer what it used to be. Over the next 10 years, community banks' revenue generated from "generation next" customers is likely to surpass the "baby boomers." Next generation customers have high expectations for technology. Online banking and remote capture are only a few examples. The new generation customers want the ability to quickly open a new account online or initiate a voice and video conversation with your staff.

Community banks have to prepare for the future

The increased use of technology driven banking services generates a new set of requirements on a bank's communications infrastructure - the Voice and Data network. Most community banks still use legacy data infrastructure that is not designed to easily support increased bandwidth requirements, or to comply with regulatory requirements for redundancy, business continuity, and scalability through branching. The implementation of new banking services and growing your bank through branching may be limited by what your outdated data network can support.

Nationwide banks are prepared for the future

Many nationwide banks and BITS community banks have already implemented next generation converged network technology (voice and data sharing the same network and circuit connectivity). BITS provides the very same technical platform used by most of the largest US banks. The investment in a modern communications infrastructure is critical, as this will prepare your bank for the technology based products and services the next generation customers are asking for. This is a strategic investment which lays the foundation for your bank's ability to compete in the future!

Resume focus on your core business

Internal IT staff is focusing more and more of their time on maintaining increasingly complex Voice and Data networks rather than focusing on customer related services. BITS managed Voice and Data services allows your internal IT staff resources to re-focus on what's most important to your organization: driving new revenue and increasing profitability by adding technology related products and services that will benefit your customers.

Is your bank missing the boat?

Banks that do not have a clearly defined strategy on when to implement the next generation data network infrastructure may be putting their institution in an uncompetitive position for years to come. Bank executives are often unaware that their branch data circuit contracts are locked in for three to five years each time they are renewed. Also, recent hardware investments (routers, switches, and phone systems) in yesterday's network technology are often non-compatible with the next generation networks. This may preclude your banks ability to move to the next generation communications infrastructure for another 3 to 5 years, depending on equipment depreciation timeframes.

It's not a matter of "if", it's a matter of "when"

It's not a matter of if BITS is right for you, it's a matter of when. Find out if the timing is right for you to move to the BITS platform now. Complete the BITS questionnaire and submit it to BITS for a free analysis of when the timing is right for you.

No cost - no obligation

At no cost or obligation, BITS is happy to assist community banks in determining the current costs for Voice and Data infrastructure. If the time is right, BITS will also provide a Return on Investment proposal in addition to the 5 year Total Cost of Ownership analysis. BITS will help you prepare for the future!