Due to the proliferation of innovative fintech firms disrupting the financial services industry, there is a growing awareness among banks that they need to rethink traditional business processes to keep pace. According to Forrester Research’s 2018 banking technology predictions: “More than 50% of banks will fail to exploit open banking, starting down the slow, painful path to becoming an unintentional utility.”

Oracle NetSuite hope their new Banking as a Service platform will be able to help banks adapt to this new era of banking. According to a spokesperson, this unique open banking approach “strengthens bank-to-customer relationships and helps banks create new business models and revenue streams with end-to-end business process automation that is fast, reliable and provides strong security controls.”

>See also: Open Banking is a secure way to disrupt the financial sector

Jason Maynard, SVP of strategy and marketing at NetSuite: “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.”

>See also: Open banking and the challenge of customer data privacy

Jason Tiede, Head of Innovation, J.P. Morgan Treasury Services, said: “Providing our clients the ability to seamlessly connect to J.P. Morgan is part of our overall transaction banking strategy. We are excited to offer connectivity to NetSuite’s ERP system which will facilitate a better, more efficient experience for our clients.”

Ray Wang, principal analyst and founder, Constellation Research, Inc. added: “One of the most exciting categories in the financial services market is Banking as a Service. This uber category creates big opportunities across the infrastructure, platform, and fintech app level.”

>See also: Open banking represents a pivotal moment for businesses