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.
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.
Feature Image Source: Oracle