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Whether you are managing a local, regional, national, or international bank, the same challenges when managing your software systems still apply. Banks and other financial institutions like Credit Unions, need to maintain compliance with stringent regulations, maximise customer experience, and reduce operational costs. To achieve all of these goals, banks must have an Enterprise Resource Planning (ERP) system in place to effectively manage their operations.

What is an ERP for Banking?

An ERP for banking is a comprehensive software system that integrates accounting, customer relations management (CRM), human resources, and other back-office functions into a single platform. This centralised system eliminates manual processes, increases operational efficiency, and helps banks stay compliant with regulations more easily.

The Benefits of ERP for Banking

Banks using ERP systems benefit from improved operational insights and cost reductions due to more efficient and connected processes. ERP systems also make it easier to manage customer experience and communications and streamline banking processes such as loan origination and collections. Additionally, ERP systems provide banks with an improved way to comply with regulations by automating manual processes and keeping a granular audit history of changes in the system to help ensure the bank is in compliance at all times.

Overall, ERP for Banking helps banks do more with less resources – helping them get ahead of competitors and delivering a positive customer experience. By integrating multiple software systems into one, ERP for Banking provides banks with better control over their operations, allowing them to quickly respond to changes in the market and innovate faster than ever before.

ERP for bankingThe Move to Digital

The banking industry is faced with a downturn in traffic at their branches, largely due to the fact that most services can now be provided online, or through mobile apps. The convenience of managing accounts through these online access points has seen an increase in the number of customers using digital channels, and banks need to be able to meet their customers’ needs where they are.

Similarly, with the relatively lower demand on in-branch services, many banks have down-scaled staff and even closed branches in order to ensure they remain profitable. However, there is a careful balance that needs to be maintained between optimising profitability, and sacrificing customer service.

ERPs, like NetSuite, help banks stay competitive in the digital age by providing them with the ability to manage multiple systems from one centralised platform. This allows banks to quickly respond to customer requests and provide them with a better customer experience, without the need to employ additional staff or open more branches.

Key ERP Modules For Banks, Financial Institutes and Credit Unions

The anatomy of an ERP System for banks is similar to that of a financial services business. The main challenges they are trying to solve include:

  • Loan Origination Administration
  • Customer Relationship Management
  • Revenue Management and Collection
  • Risk Management
  • Asset Management
  • Financial Planning, Budgeting and Analysis

NetSuite for Banking provides specific functionality for each of these key business requirements. It enables banks to manage many of their core processes, from customer loan origination and onboarding, to collections and asset management.

NetSuite also provides comprehensive reporting capabilities, which allow banks to generate customised reports on a variety of topics for an accurate overview of their business. This is beneficial for providing actionable insights that can help banks stay ahead of their competition, as well as understanding market trends and customer preferences.


In the digital age, banks need to be able to manage their customers’ experience through customer relationship management (CRM). NetSuite’s CRM module is designed for banks and provides powerful tools for managing customer interactions, communications and preferences.

The CRM functionality of NetSuite enables banks to track customer information and communicate with customers through web portals, email campaigns, and other channels. This allows banks to improve customer service and quickly respond to inquiries or requests.

Accounting and Finance

NetSuite also provides a wide range of accounting and finance features that help banks manage finances, budgeting, and other financial operations. The advanced financial reporting capabilities of NetSuite allow banks to quickly pull up data and generate customised financial reports for an accurate overview of their business.

NetSuite also helps with compliance requirements by keeping track of all system changes, whether by a user, automation or file upload and automatically generates reports for auditing purposes. This helps banks remain compliant and keeps them well-prepared for any potential audits or examinations.

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Advanced Financials

With NetSuite’s Advanced Financials Model, banks can take control of more sophisticated accounting processes like statistical account tracking, amortisation management, revenue recognition and inter-company transaction automation and consolidation. For banks that are operating a number of branches, the ability to create a corporate entity allows managers to see performance at the branch or regional level.

Fixed Asset Management

NetSuite provides banks with the ability to manage their fixed assets in a structured and organised manner. This allows banks to easily track asset expenses, depreciation schedules, and other relevant information. NetSuite also provides powerful reporting capabilities that enable banks to generate detailed reports on an asset’s performance and profitability.

Financial Planning, Budgeting and Analysis

NetSuite’s financial planning, budgeting and analysis modules help banks to stay ahead of the competition by providing a clear view of their business performance. It enables banks to create highly detailed plans and budgets, which can be easily monitored and adjusted on an ongoing basis.

The advanced analytics capabilities of NetSuite also allow banks to generate customised analysis reports, which can be used for decision-making or to gain insight into areas of their business. This helps banks to create strategies and plans that are tailored to the needs of their customers and their specific industry.


Reporting is a critical component of managing any financial institution, and NetSuite provides powerful tools for banks to access timely and reliable information. NetSuite’s reporting capabilities allow banks to quickly pull up data and generate customised reports for an accurate overview of their business. This helps banks make informed decisions, stay on top of trends and gain a better understanding of customer preferences.

An ERP for banking is a comprehensive software system that integrates accounting, customer relations management (CRM), human resources, and other back-office functions into a single platform.

Tiernan O'ConnorSales Director - DWR
Tiernan OConnor

Tiernan O'Connor is an accomplished Sales Director and NetSuite expert at DWR Consulting, a top-tier NetSuite Solution Provider and Implementation Partner. With over 25 years of experience in Sales, Marketing, Cloud ERP and technology, Tiernan has become a trusted authority in the NetSuite Partner community, helping businesses of all sizes streamline their operations and achieve success. Tiernan's in-depth understanding of NetSuite's capabilities and his extensive experience in implementing cloud-based ERP solutions have positioned him as a thought leader in the industry. He is known for his ability to identify and execute tailored strategies that meet each client's unique needs, ensuring they unlock the full potential of NetSuite's powerful features. Connect with Tiernan on LinkedIn

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