Oracle NetSuite has introduced banking as a service to help financial institutions address changing customer demands and business requirements.

The new cloud-based approach, called NetSuite Banking as a Service, aims to bolster bank-to-customer relationships. It will also help the banks to implement new business models and create new revenue streams.

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Oracle NetSuite Global Business Unit senior vice president of strategy and marketing 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 helps in integrating the bank’s existing enterprise resource planning (ERP) solutions with its processes to fulfil the customer demands.

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The NetSuite Banking as a Service will allow the financial institutions to utilise their assets to offer cash forecasting, instant business loans and credit lines as their own services.

The service will also give NetSuite customers direct access to various financial services including embedded payments, reconciliation and lending, as an extension of their ERP.

Overall, it is expected to improve operational efficiency and reduce costs for NetSuite customers.