NetSuite for Financial Services Companies
Financial Services market in the UK.
In addition changes being introduced to the banking sector following the Global Financial crisis of 2007-8 the financial services market in the UK has been subject to many pressures during the last few years.
Amongst these are the Retail Distribution Review (RDR) which came into effect in 2013 requiring that financial advisers no longer receive commission payments from product providers, have to be better qualified and must be transparent about how they charge for their services.
In 2013, a new City regulator, the Financial Conduct Authority came into power to replace the Financial Services Authority which has taken on extra powers. Recent changes to pensions have introduced pension auto-enrolment and increased most recently flexibility in terms of withdrawals without tax penalties and taken away the requirement to take an annuity.
These and other changes are against a background of the Bank of England interest rate being at all-time low since March 2009 and a global economic turndown affecting US and throughout Europe.
As a result of these changes (and with expectations of more to come) Financial Services companies in the UK have witnessed pressures that have led to a number of takeovers. NetSuite has found a number of financial companies are seeking an integrated administrative software platform that enables them to adjust to changing business needs including the ability and absorb new companies easily and integrate with their operational systems without compromising the standard administration software package.
NetSuite has been proven very successful in a variety of financial services companies. Whilst appropriate for many different types of financial services company it has been found most effective worldwide in non-banking financial services firms including: Investment Advisors, Micro-lenders, Fund Managers, Mortgage Brokers/dealers, Asset Managers and Holding/Investment Companies.
Global support of multiple subsidiaries
NetSuite OneWorld is the world’s most deployed ERP solution for global businesses. Manage multiple subsidiaries, business units and legal entities all from a single cloud ERP system to accelerate financial consolidation and visibility while seamlessly handling different currencies, taxation rules and “features” with Solutions.
Integrated Budgeting and Forecasting
NetSuite delivers collaborative budgeting, planning and “what-if” modelling capabilities, completely integrated with core financials to drive strategy, planning and execution.
Customer Relationship Management
NetSuite gives financial service companies a single repository of customer interaction in both B2B and B2C environments, enabling superior service quality with a complete.
Customization without the Headaches
NetSuite addresses a major shortcoming of traditional application customization by automatically carrying forward customizations with each new release. It includes a range of tools to enable users to tailor reports or dashboards through to specialist providing add-on facilities or integrating NetSuite with other systems – whether SAAS or on premise. Therefore financial services companies can for example link client records within NetSuite to operational systems but still use a fully supported NetSuite instance updated twice a year.
International Financial Services Clients include
Shareholder Representative Services (SRS) based in USA with offices across the world who selected NetSuite as a secure and scalable platform for growth in 2008, shortly after launching as a provider of merger and acquisition (M&A) post-closing services for shareholders.
NetSuite supplies a complete and integrated cloud solution for diverse business processes, including accounting, bank transactions, legal documents management, CRM and customer service with real-time visibility and management control over escrow accounts and financial reconciliation across nearly one thousand bank accounts. SRS leverages NetSuite as a repository for mission-critical legal documents and M&A information and NetSuite Revenue Recognition utilised to manage recognition of interest income generated in escrow accounts.
SRS takes advantage of NetSuite’s role-based authentication for secure access to data across its 60-person user base, including accounting, operations, legal, sales and customer service. NetSuite provides workflow-driven business processes for case categorisation, task assignment and lifecycle management streamlined with SuiteFlow customization .
Virgin Money Australia found NetSuite offered significant savings compared to other solutions enabling more efficient processes (bank reconciliation, expense payment, and purchase orders) to show cost savings and room to grow with new product lines quickly incorporated into the system, as are new users, and subsidiaries.