Press Release
Unique cloud-based approach enables banking institutions to differentiate services and enhance customer experience while also expanding the financial services offered directly to NetSuite customers
San Mateo, Calif.—Sep 25, 2018
To help banking institutions keep pace with evolving business and customer demands, Oracle NetSuite today announced NetSuite Banking as a Service. A unique open banking approach, NetSuite Banking as a Service strengthens bank-to-customer relationships and helps banks create new business models and revenue streams with end-to-end business process automation that is fast, reliable and provides strong security controls.
With innovative fintech providers reshaping the financial services industry, banks need to rethink traditional business processes to adapt to a new era of banking. 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 convert customer data into a strategic advantage.
“Customers are demanding deeper relationships with financial institutions and as banks have struggled to meet this demand, new fintech providers have emerged to fill the gap,” said Jason Maynard, senior vice president of strategy and marketing, Oracle NetSuite Global Business Unit. “NetSuite Banking as a Service closes that gap and enables banks to provide their customers with a digital experience that we, as consumers, now expect. With NetSuite, banks finally have the means to offer the right services to enhance the customer experience and ultimately increase revenue.”
NetSuite leads the cloud financials / enterprise resource planning (ERP) industry by extending existing ERP solutions to integrate bank processes. From cash forecasting, to trade finance, instant business loans and credit lines, NetSuite Banking as a Service allows banks to leverage their assets to offer these features as part of their own services to meet growing customer expectations. 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 additional information on NetSuite Banking as a Service, please contact BaaS@netsuite.com.
· “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 fintech 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."
Contact Info
Danielle Tarp
Oracle Corporation
+1 650.506.2905
Thanks for sharing such informational content, also when it comes to informational technology and erp solutions, aarialife is dedicated to provide with the best netsuite customization services.
ResponderEliminar