Enterprise Resource Planning (ERP) for FinTech – an overview
Financial technology, or FinTech, is experiencing its heyday. As larger financial institutions are forced to spend more on meeting regulatory compliance mandates, they have smaller budgets for funding innovations crucial to meeting expanding customer expectations. Advances in technology itself have decentralized the financial services industry from its traditional hubs and opened up entirely new markets, especially in Europe and Asia. And, as digital natives come of age and wield more spending power, they bring with them the confidence—and the expectation—that financial processes long relegated to the physical space should function smoothly and seamlessly in the digital realm.
All of it opens the door for disrupting an imperative fintech is consistently delivering on, with global investment in fintech growing at 67 percent year over year in 2016.
It’s not surprising, then, that within the next five years, more than 80 percent of financial institutions plan to increase partnerships with FinTech companies, according to a recent PWC survey.
But while FinTech companies themselves promise to ease and innovate on consumers’ financial interactions and partner with major financial institutions to increase access to their technology and services, they often lack the automation in their own financial and accounting processes that afford crucial efficiencies and insight into their business processes, as well as the scale to ensure sustainable growth.
By adopting a unified, cloud-based platform for financial management, FinTech companies can ensure the same level of efficiency and innovation in their own business processes that they are bringing to the banking and financial services sector.
“For a midsized, fast-growing company like LendInvest, NetSuite offers the perfect platform to move away from disparate, unconnected systems and manual processes. It allows us to plan future growth and international expansion with software as a catalyst, not a constraint.” — Derek Mochan, CFO, LendInvest
Contact the team at BrightBridge to find out more about how NetSuite improves your business.