Oracle NetSuite has introduced banking as a service platform, a unique cloud-based approach which will allow banking institutions to differentiate services and improve customer experience.
The NetSuite Banking as a Service will enable banks to develop new business models and revenue streams with end-to-end business process automation, as well as strengthen bank-to-customer relationships.
The cloud-based approach allows banking institutions to differentiate services and optimize customer experience, as well as expand the financial services offered directly to NetSuite customers.
Oracle NetSuite global business unit strategy and marketing senior vice president Jason Maynard said: “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.
“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 will help expand existing enterprise resource planning (ERP) solution to incorporate bank processes.
The banks can deploy the NetSuite Banking as a Service for various applications ranging from cash forecasting to trade finance, instant business loans and credit lines.
NetSuite Banking as a Service will enable banks to leverage their assets to provide these features, as part of their own services.
With the support of NetSuite, the customers can directly access financial services such as embedded payments, reconciliation and lending delivered as an extension of their ERP.
NetSuite offers a suite of cloud-based applications, comprising of financials / enterprise resource planning (ERP), HR, professional services automation and omnichannel commerce.
According to the company, NetSuite is used by more than 40,000 organizations and subsidiaries in 199 countries and territories.
Constellation Research principal analyst and founder Ray Wang said: “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.”