To help banking institutions keep up with evolving business and customer demands, Oracle NetSuite announced the release of Banking as a Service. As unique open banking approach, NetSuite Banking as a Service strengthens bank-to-customer relationships and help banks create new business models and revenue streams with end-to-end business process automation that is fast, reliable and provides strong security controls.
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. 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 customers.
According to the announcement, banks need to rethink traditional business processes to adapt to a new era of banking. In fact, Forrester Research’s 2018 banking technology predicts, “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.”
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