NetSuite is Adding Fintech Functionalities to Its ERP with SuiteBanking

NetSuite has announced the launch of SuiteBanking. SuiteBanking is a new suite that infuses fintech functionalities into its cloud-based ERP. NetSuite, which is owned by Oracle is joining hands with HSBC to launch SuiteBanking. 

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More about SuiteBanking

SuiteBanking offers customers a host of financial services such as a virtual payment card and a global digital wallet. With this development, NetSuite can fulfill the increasing demand for automated and digitized processes. It will enable teams to reduce the amount of time they spend on manually processed vendor payments. 

Jason Maynard, NetSuite’s SVP of Global Field Operations said that customers want to get paid faster. He also added that small businesses primarily depend on continuous cash flow. This step will accelerate their cash collection process and allow them to spend more efficiently. 

NetSuite has primarily developed SuiteBanking so that customers do not have to use multiple point solutions. The suite will allow customers with accounts receivable processes, accounts payable processes, expense management, and bank reconciliations. 

How does this deal help HSBC?

This partnership is a perfect opportunity for the banking giant to connect with NetSuite’s rapidly growing customer base of small and medium-sized businesses. Today, NetSuite has a customer base of 27,000 customers, growing from more than 11,000 in 2016. 

The fintech landscape is becoming increasingly competitive. This is why conventional banks are finding new ways to provide new services and cater to niche customer requirements. 

Maynard also said that financial services are progressing at a very fast pace. In the current scenario, financial services companies are looking to utilize innovations on the tech side. 

NetSuite is also launching a new analytics tool

NetSuite is also planning to launch a new analytics tool that evaluates data from external sources and NetSuite. The new NetSuite Analytics Warehouse is created on the foundation of Oracle Analytics Cloud and the Oracle Autonomous Data Warehouse. 

SEE ALSO: IBM and Atos Partner to Improve Cloud Migration in Financial Services

Feature Image Source: Oracle

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency.  At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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