NetSuite embeds fintech into ERP with SuiteBanking
NetSuite on Tuesday announced SuiteBanking, a new suite that embeds fintech capabilities into cloud ERP. The Oracle-owned software firm is partnering with HSBC to roll out SuiteBanking, offering customers a range of financial services like a global digital wallet and a virtual payment card.
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The new suite responds to customer demand for more digitized and more automated processes, so teams don't have to spend time on things like manually processing vendor payments.
"Ultimately, our customers are saying, 'I want to get paid faster,'" Jason Maynard, NetSuite's SVP of Global Field Operations, said to ZDNet. "Small businesses live and die by cash flow. We've taken a view of how do we accelerate their cash collection processes, how do we help them spend more wisely."
Meanwhile, for banking giants like HSBC, partnering with NetSuite gives them the opportunity to reach NetSuite's fast-growing customer base of small and midsized enterprises. NetSuite has about 27,000 customers, up from 11,000 five years ago. As fintech startups increase the competition in the sector, traditional banking firms are looking for ways to offer new services and get closer to customers.
"The world of financial services is moving faster than ever," Maynard said. "Every financial services firm is trying to understand how to leverage innovations on the tech side."
While HSBC is NetSuite's first partner, NetSuite will expand its SuiteBanking partners to serve customers that have existing banking relationships.
NetSuite focused on making SuiteBanking a comprehensive set of services so customers wouldn't have to deal with as many point solutions. It helps customers with accounts payable processes, accounts receivable processes, bank reconciliation spend management and expense management.
Meanwhile, NetSuite is also introducing a new analytics tool that analyzes data from NetSuite and external sources. The new NetSuite Analytics Warehouse is built on the Oracle Analytics Cloud and the Oracle Autonomous Data Warehouse. It's designed to help customers leverage all of their data without manually collecting and analyzing it with spreadsheets or multiple visualization tools.
Analytics Warehouse is automatically connected to a customer's NetSuite environment using prebuilt, secure data pipelines. Customers can extract, transform and load data from multiple sources, from spreadsheets to unstructured data, without coding. It includes more than 25 prebuilt connectors to platforms like Dropbox, Salesforce and Google Analytics, as well as prebuilt metrics and KPIs.
NetSuite this week also expanded its Advanced Customer Support service to offer customers "playbooks." Based on experience and data from thousands of implementations, the playbooks are designed to help customers with a range of challenges, including revenue recognition, project profitability, and supply chain management; cross-functional processes like quote to cash; and reaching growth milestones like geographic expansion or IPO preparation.