Financial Services

Adopt new digital business models and processes to protect your
customers’ financial health, property, and business.

Industry Trends

It is anticipated that other technical innovations, such as fintech ERP, will lead the way. These will provide banking, investing, and insurance with more inventive, economical, and efficient solutions.

  1. Generative AI
    A new realm of technologies that can aid in personalising investment management and financial planning has been made possible by generative AI. Insurance is one area where this is evident. AI assists insurers in developing customised solutions by identifying patterns in data, which may result in more precise risk assessments and lower insurance prices for individuals.
  2. Process Automation
    Automation of manual and repetitive back-office activities will still be a key factor in productivity and change. AI will be used more and more to handle tasks including onboarding new clients, handling regular transactions, document verification, checks, and compliance.
  3. Hybrid Cloud Technology

    Tools like cloud computing are probably going to become more and more common as more businesses realise how beneficial it is to have on-demand access to servers, infrastructure, apps, and more through the internet. It is probable that an increasing number of organisations will shift to hybrid cloud models in order to better manage and carry out compliance tasks as well as their workloads. It’s critical to understand that hybrid cloud by design differs from hybrid cloud by default. Finding a hybrid cloud infrastructure does not guarantee that a business will have the best possible functionality, scalability, or efficiency. Financial institutions must thus monitor digital transformations and the integrations required to foster competitiveness and growth in a well-curated hybrid cloud environment.

Why NetSuite for Financial Services?

Accounting Software

  • Simplify the process of recording transactions, managing payables and receivables, collecting taxes, and closing the books and get a complete view of cash flow and financial performance.
  • Gain full visibility into your integrated financials with prebuilt, accounting-intelligent capabilities.
  • Accept and process electronic payments from your customers in a secure and reliable manner.
  • BIR CAS-compliant with embedded BIR Tax Report and Supporting Documents, which meets the Philippine accounting standards.
  • With real-time access to financial data, you can quickly drill into details to resolve issues and generate statements and disclosures to comply with multiple regulatory financial compliance requirements.

Budgeting and Forecasting

  • Model and evaluate unlimited “what if” scenarios between actuals and projections and update forecasts as needed.
  • Establish rolling 12-month forecasts and analyze variance between actuals versus project results.
  • Create and consolidate driver-based plans with customized data entry sheets and reusable formulas and allocation methods.
  • Provide self-service and easy-to-use reporting across the organization.

Customer Relationship Management

  • Generate a single view of a customer across all channels for complete visibility into all online, and call-center transactions and interactions.
  • Build rich customer profiles based on behaviors and interactions that can be made available to sales, marketing and support personnel.
  • Create target segments for highly focused, personalized upsell and cross-sell campaigns and promotions.
  • Understand your customers’ true lifetime value.
  • Reduce service costs, improve customer satisfaction and retention, and provide a consistent customer service experience across all channels.

Revenue Management

  • Automate revenue recognition with financially intelligent capabilities to report results in accordance with accounting standards.
  • Automatically generate and dispatch invoices at recurring intervals on time.
  • Schedule renewals automatically or set reminders in advance to pursue upsell and cross-sell opportunities.
  • Package and offer the service you want based on the type of rates and duration needed.

Global Business Management

  • Adjust for currency, taxation and legal compliance differences at the local level, with regional and global business consolidation and rollup.
  • Global CRM provides visibility into every aspect of your multinational organization, even with multiple languages and currencies, including forecasts and campaigns.
  • Manage inventory and fulfillment across multiple locations.
  • Run multi-store/multi-country/multi-site ecommerce with country-specific web stores and websites managed from a single NetSuite account.