Geopolitical events, increasing regulations, an uncertain economic environment and the ongoing need to digitalize their operations are all impacting financial services firms right now. The latter is an especially important point for organizations that are also facing a labor shortage and responding to customer demand for more digital services.
“Digital innovation continues to reshape the financial services sector,” EY points out in 8 areas of change for financial services regulatory policy in 2023. “The pace and scale of technological change is only likely to increase due to factors such as artificial intelligence (AI), cloud and the entry of new, non-bank players offering bank-like services, such as retail payments.”
According to United Consumer Financial Services (UCFS), companies in the financial sector are also dealing with the growing threat of data breaches, the need to exceed consumer expectations and a wide range of competitive pressures. They’re also generating a lot of data, much of it unstructured and stored on spreadsheets and/or disconnected computer systems.
“The various data types coming in [is] one of the biggest challenges facing financial service companies,” UCFS states. “The challenge for financial service companies is to sort through all their data and determine what is useful and what isn’t.”
Putting the Power in Your Hands
By providing a unified, centralized database that’s accessible to all authorized users, NetSuite puts the power of data control back into the financial services firm’s hands. Rather than poring over spreadsheets and manually generating reports based on that information, for example, companies get up-to-date dashboards for monitoring performance, responding to regulatory requests and staying compliant.
A comprehensive, cloud-based financial management platform, NetSuite helps financial firms:
- Adapt to change: Improve business agility, respond quickly to regulatory and market changes and meet evolving customer needs head on.
- Streamline compliance: Manage risk and track performance with fully auditable business processes and enterprise analytics.
- Innovate: Modernize systems to increase speed to market and accelerate growth.
- Budget and forecast: Equip your organization with planning, budgeting and forecasting tools to ensure financial stability and growth.
- Make smarter procurement decisions: Acquire goods and services and keep costs in check using better spend management.
- Manage customer relationships: Gain a full understanding of customer interactions and preferences.
- Manage revenues: Report revenue with confidence and accuracy.
- Leverage business intelligence: Empower your support team with a 360-degree view of each and every customer.
- Manage your human capital: NetSuite helps you maximize the value of your organization’s most valuable resource.
Reach Your Global Expansion Goals
Using NetSuite OneWorld, financial services firms can manage multiple subsidiaries, business units and legal entities all from a single cloud ERP. When the entire organization uses the same system, metrics and processes, people are more productive, your business runs more smoothly and performance improves.
Used in over 217 countries and dependent territories, NetSuite OneWorld enables companies to manage multiple subsidiaries, business units and legal entities from a single ERP. Support for 27 languages and 190 currencies makes it easy to work with customers and suppliers around the world, while country-specific configurations help ensure compliance with local accounting, tax and regulatory requirements.
Built to support both global standards and country-specific audit, tax and data security requirements, NetSuite OneWorld also enables compliance with complex, ever-changing rules and regulations. With OneWorld, you get real-time visibility into operational and financial performance and the ability to standardize core processes, manage risk and control costs across the entire organization.
“Manage multiple subsidiaries, business units and legal entities from one solution,” NetSuite adds. “When the entire organization uses the same system, metrics and processes, people are more productive, your business runs more smoothly and performance improves.”
Proven, Comprehensive Business Management
For financial services firms, NetSuite delivers proven, comprehensive business management capabilities built to handle change and complexity. While executing your business strategy and seeking new sources of revenue, NetSuite takes your financial services organization beyond traditional accounting software by streamlining operations across your entire organization and providing the real-time visibility you need to make better, faster decisions.
Used by more than 33,000 customers across the globe, NetSuite helps financial institutions meet their unique needs with a single, powerful application and proactively balance risk and opportunity across business processes.
To learn more about how NetSuite can help your financial services firm operate more confidently and competitively in today’s business environment, please contact us today.