Commercial bank clients demand direct connectivity to enterprise resource planning and accounting platforms to ensure the flow of standardized data into their businesses. 

With a single feed of standardized data flowing directly into ERP and accounting platforms, companies can lean on AI to automate the following: 

• Reconciliation; 

• Anomaly detection; 

• Predictive analytics; and 

• Risk and opportunity detection. 

“AI is only as good as the data behind it, and direct connectivity supplies the structured, high-quality, multi-bank data streams that machine learning models need to be effective,” data connectivity provider Ninth Wave Chief Executive George Anderson told FinAi News. 

Ninth Wave’s platform connects with NetSuite, Intuit, Quicken, Fiserv, Plaid, AWS and Yodlee, according to the company. 

In fact, if an institution does not offer direct connections to these systems, 85% of finance professionals would likely switch to a different one, according to a recent Ninth Wave report “CFOs Speak: The influence of direct bank connections for enterprise open finance.” The report is based on a survey conducted by independent research group Global Surveyz of 200 full-time employees in senior finance roles from companies with annual revenues of $50 million or more.  

ERP connectivity

Some financial institutions are already acting on the demand for integrated ERP platforms for commercial clients. 

• TD Bank has integrated NetSuite’s cloud-based ERP platform; 

• Citizens launched an ERP tool within its Cash Flow Forecasting platform in 2024; and 

• Bank of America uses Oracle’s ERP tool. 

Offering integrated ERP systems “allows banks to move beyond being transactional providers and become trusted advisers, embedding AI-driven intelligence directly into the platforms their customers use to run their businesses,” Anderson said. 

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