RiskTech Forum

Oracle NetSuite Launches Banking as a Service

Posted: 28 September 2018  |  Source: Oracle

To help NetSuite customers further streamline financial services operations, Oracle NetSuite today announced NetSuite Banking as a Service. A unique open banking approach, NetSuite Banking as a Service enhances services delivered through its platform to its customer base while also allowing banks to strengthen bank-to-customer relationships, create new business models and revenue streams.

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.