We were thrilled to have had the opportunity to attend two major industry conferences recently, Finovate Fall 2024 and SuiteWorld 2024. Both covered groundbreaking advancements in AI, operational efficiency, and customer-centric growth that have significant implications for client onboarding.
Here are some of our top takeaways from both conferences.
1. AI: From Buzzword to Actionable Strategy
At SuiteWorld 2024, AI was front and center in discussions about driving operational excellence. One feature they announced last week was the NetSuite Financial Exception Management, which uses AI to flag anomalies in financial data. This reduces human error and optimizes decision-making processes, allowing companies to focus on more strategic tasks. For instance, the tool can flag discrepancies in transactions, unexpected changes in account balances, or unusual spending patterns.
This solution is particularly useful in large organizations where the volume of transactions and complexity of financial processes can overwhelm manual review systems. The integration of AI for exception management allows financial teams to focus on higher-value tasks, such as strategic decision-making, by automating routine checks and alerts.
Another innovation, the SuiteAnalytics Assistant, uses generative AI to analyze data and offer intuitive visualizations, making complex business insights more accessible to all departments. These advancements reflect Oracle NetSuite’s goal of embedding AI to drive efficiency and decision-making across multiple business functions, from finance to supply chain management.
Generative AI was also a key focus of Finovate Fall. One of the notable innovations was its application in conversational banking. This technology enables financial institutions to provide personalized, AI-driven customer experiences, improving engagement and trust. AI is also accelerating the speed of software development, which means we’re likely to see new technology introduced at a faster pace than ever before.
To adopt AI in real, practical ways, fintech and financial services companies should start by deciding which business challenges are their top priorities and what it’s worth to solve them, said Lili Nguyen of AI solution provider Intelygenz USA, which delivered one of the keynote sessions, AI Hype To Reality: Key Strategies for Financial Institutions to Achieve Business Value.
From there, they should determine whether it makes the most sense to build, buy or partner with an existing solution and use a structured approach to implementation.
As companies introduce AI and other new features within their organizations, it’s critical to maintain open communication with their client success managers and onboarding team members. This can help them ensure the solution is set up according to their expectations and avoid potential hurdles with data migration, missing documents, or delays. Using AI in the client onboarding process can also make the process more efficient for everyone so they can start using these new solutions sooner.
2. Enhancing Operational Efficiency with Technology
SuiteWorld emphasized the importance of AI-driven automation to improve operational workflows. The company recently introduced SuiteProcurement, a new solution to help enterprise companies simplify procurement processes and reduce costs by providing access to preferred pricing on goods and services through the Oracle Business Network. In addition to receiving premium memberships to Amazon Business and special discounts through Staples Business Advantage, SuiteProcurement customers can take advantage of automated purchase order approval workflows, automated invoices and advanced analytics on order details.
“For growing businesses, indirect procurement can be a time-consuming and costly process that negatively impacts the bottom line,” said Evan Goldberg, founder and executive vice president, Oracle NetSuite, in the company’s release last week. “By giving customers access to great offers they can purchase from Amazon Business and Staples Business Advantage directly in NetSuite, SuiteProcurement will help them optimize spending and efficiently buy the goods and services needed to support growth.”
Finovate Fall also underscored the importance of automation within fintech, introducing automated systems for payments, lending, and compliance. Fintech companies are increasingly turning to AI to simplify processes and ensure faster, more reliable customer service.
3. Customer Experience (CX) and Customer Success (CS): The Key to Lasting Loyalty
SuiteWorld illustrated how AI and operational efficiency both play a critical role in customer success. Tools like the AI-powered SuiteAnalytics Warehouse help businesses provide seamless, data-driven customer support, which is crucial for building trust and driving long-term loyalty.
Netsuite announced this new solution last week as the first AI-enabled, prebuilt cloud data warehouse and said it will help customers make data-driven decisions faster by producing charts and natural language insights that help to explain trends. For instance, users can ask Oracle’s AI assistant a question about a set of data and the assistant will answer it and provide a supporting visual. They can also analyze data with no-code AI models and create customized workflows without a developer.
The Finovate Fall conference discussed the customer experience from a different angle, emphasizing the importance of trust in AI and open banking. As financial institutions increasingly rely on AI to personalize services, they must also build customer trust by ensuring transparency and security in data usage. Finovate highlighted the potential of AI to create more personalized and secure customer experiences, which promotes loyalty and boosts revenue growth.
Final Thoughts
Both SuiteWorld and Finovate Fall 2024 made it clear that AI and automation are no longer just buzzwords—they are actionable strategies driving growth, efficiency, and customer satisfaction. Companies that embrace these technologies are better equipped to meet the demands of a competitive market, improve internal processes, and, most importantly, deliver exceptional customer experiences.
At Setuply, we recognize AI is a game-changer for fintech solution providers and enterprises across many industries. Our client onboarding platform uses AI-powered features to streamline workflows, boost productivity, and elevate client satisfaction. Our AI-driven features, such as automated data collection and intelligent task management, optimize the onboarding process, ensuring efficiency and consistency across all stages.
See how Setuply can elevate your onboarding process today. Sign up for a free trial.