With innovative fintech providers reshaping the financial services industry, the relationship between businesses and banks needs to evolve, and NetSuite’s Banking as a Service will enable this change. In fact, according to Forrester Research’s 2018 banking technology predictions, “More than 50% of banks will fail to exploit open banking, starting down the slow, painful path to becoming an unintentional utility.” To be successful in this new digital reality, banks must turn to open banking solutions to differentiate their services and make banking as easy as possible for customers.
NetSuite leads the cloud financials / enterprise resource planning (ERP) industry by extending existing ERP solutions to integrate bank processes. NetSuite customers will benefit from direct access to financial services such as embedded payments, reconciliation and lending delivered as an extension of their ERP. This will help increase operational efficiency and improve workflows, driving down cost and creating peace of mind for NetSuite customers.
“For decades, business owners have been frustrated by the need to use disparate point solutions to run their businesses,” said Jason Maynard, senior vice president of strategy and marketing, Oracle NetSuite Global Business Unit. “NetSuite Banking as a Service helps solve this challenge by enabling our customers to benefit from direct access to financial services, allowing them to streamline operations and experience significant cost savings.”
Services from cash forecasting, to trade finance, instant business loans and credit lines, NetSuite Banking as a Service will also allow banks to leverage their assets to offer these features as part of their own services to meet growing customer expectations.
Supporting Industry Quotes
“One of the most exciting categories in the financial services market is banking as a service. This uber category creates big opportunities across the infrastructure, platform, and fin tech app level,” said Ray Wang, principal analyst and founder, Constellation Research, Inc.
“Providing our clients the ability to seamlessly connect to J.P. Morgan is part of our overall transaction banking strategy,” said Jason Tiede, Head of Innovation, J.P. Morgan Treasury Services. “We are excited to offer connectivity to NetSuite’s ERP system which will facilitate a better, more efficient experience for our clients.”
“The Banking as a Service helps banks regain control over the customer experience, increase revenue opportunities by connecting efficiently with their corporate clients and getting access to new customers and real-time trade data,” said Rob Barnes, CEO of TradeIX. “On the other side, customers using Oracle NetSuite have a single access channel to connect to existing and new financial institutions, thus widening the range of funding opportunities.”
About Oracle NetSuite
For more than 20 years, Oracle NetSuite has helped organisations grow, scale and adapt to change. It provides a suite of cloud-based applications, which includes financials / Enterprise Resource Planning (ERP), HR, professional services automation and omnichannel commerce, used by more than 40,000 organisations and subsidiaries in 199 countries and territories.
First published by Oracle NetSuite 25.09.18
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