HISTORY BITS is a nonprofit industry consortium whose members are 100 of the largest financial institutions in the United States. BITS was formed by the CEOs of these institutions to serve as the strategic “brain trust” to provide intellectual capital and address emerging issues where financial services, technology and commerce intersect, acting quickly to address problems and galvanize the industry. BITS’ activities are driven by the CEOs and their appointees—CIOs, CTOs, Vice Chairmen and Executive Vice Presidents—who make up the BITS Executive Committee and BITS Advisory Council. These leaders identify issues, develop strategic recommendations and implement the CEOs’ decisions. BITS also facilitates cooperation between the financial services industry and other sectors of the nation’s critical infrastructure, government organizations, technology providers and third-party service providers.
MANDATE
Facilitate the growth of electronic banking and financial services
Facilitate development of superior, market-driven technologies
Maintain the industry’s role at the heart of the payments system as e-commerce evolves
Sustain consumer confidence and trust by ensuring the safety, soundness, privacy and security of financial transactions
Leverage resources and infrastructure across the industry
BITS is a nonprofit industry consortium whose members are 100 of the largest financial institutions in the United States. BITS was formed by the CEOs of these institutions to serve as the strategic “brain trust” to provide intellectual capital and address emerging issues where financial services, technology and commerce intersect, acting quickly to address problems and galvanize the industry. BITS’ activities are driven by the CEOs and their appointees—CIOs, CTOs, Vice Chairmen and Executive Vice Presidents—who make up the BITS Executive Committee and BITS Advisory Council. These leaders identify issues, develop strategic recommendations and implement the CEOs’ decisions. BITS also facilitates cooperation between the financial services industry and other sectors of the nation’s critical infrastructure, government organizations, technology providers and third-party service providers.
