ERP for Banking & Financial Services

Banking ERP & Financial Services ERP

ERP software enables banks, investment funds and insurance companies to improve customer satisfaction, increase efficiencies across their value chains and enforce compliance.

At ERP Research, we help banking organizations to decide which ERP system suits their business needs best.

Top 10 ERP Systems 

Learn everything you need to know about the best ERP solutions for banking. in our detailed solution comparison report. We review some the best ERP software for banks including Netsuite, SAP, Microsoft, Workday, Acumatica and more.

erp for banking

Small Business Banking ERP Software

Here are some examples of ERP solutions used by small and medium sized banking organizations and financial services, banking and insurance providers around the world. 

Banking ERP

Oracle NetSuite
Oracle Netsuite

Netsuite is a popular choice for growing banking organizations and investment firms for its integrated CRM, projects, financials and billing capabilities. Netsuite gives banking and financial services firms small and large the competitive edge.

Banking ERP

Sage Intacct

Sage Intacct is popular with financial services firms from investment organizations to VCs, insurance providers and more. Intacct provides great capabilities for growing banking firms wanting Cloud ERP capabilities.

Banking ERP

SAP Business ByDesign

SAP Business ByDesign is SAP's small and medium business Cloud ERP offering and is used by various growing businesses in the banking space. It features inbuilt finance, expenses management and more.

Banking ERP

Microsoft Dynamics 365 Business Central

Microsoft Dynamics 365 Business Central is a powerful ERP system for services companies, offering expandability into CRM, sales and service.

Banking ERP


Acumatica Cloud ERP is used by many small business service companies in the professional services, financial services and project based industries and offers rich functionality for finance, projects and more in one SaaS Cloud ERP solution.

Banking ERP


Infor is popular in the financial services space and is used by both banking companies and insurance companies. Many Infor partners specialize in providing banking ERP and insurance ERP using the Infor ERP platform.

Banking ERP

sap-s-4hana-logo (2)

SAP S/4 HANA supports some of the largest professionals services organizations in the world including top consulting firms, engineering organizations and more with its integrated billing,  financials and project systems.

Banking ERP

Microsoft Dynamics 365

Microsoft Dynamics 365 has become extremely popular with professional services firms looking for a best of breed approach to customer engagement plus traditional ERP modules such as financials and billing capabilities.

Banking ERP

IFS Applications

IFS Applications is a popular ERP solution offering integrated professional services automation capabilities across human capital management, customer engagement, financials and project management plus financials.


Cloud ERP Software for Banking

Large professional services firms require integration across their enterprise, with best of breed professional services automation to increase efficiencies and customer satisfaction. See our top recommendations for large professional services firms below:

ERP for Banking

sap-s-4hana-logo (2)

SAP S/4 HANA supports some of the largest professionals services organizations in the world including top consulting firms, engineering organizations and more with its integrated billing,  financials and project systems.

ERP for Banking


Acumatica Cloud ERP is used by many small business service companies in the professional services, financial services and project based industries and offers rich functionality for finance, projects and more in one SaaS Cloud ERP solution.

ERP for Banking

Oracle NetSuite
Oracle Netsuite

Netsuite is a popular choice for growing professional services firms for its integrated CRM, projects, financials and billing capabilities. Netsuite gives professional services firms small and large the competitive edge.

ERP for Banking

Sage Intacct

Sage Intacct has become incredibly popular with professional services firms from architects to marketing agencies, law firms and more. Intacct provides great capabilities for growing firms wanting Cloud ERP capabilities.

ERP for Banking

SAP Business ByDesign

SAP Business ByDesign has several thousands of professional services customers that use it's ERP capabilities to run standardized processes across borders for projects, financials, HCM and more.

ERP for Banking

Microsoft Dynamics 365 Business Central

Microsoft Dynamics 365 Business Central is a powerful ERP system for services companies, offering expandability into CRM, sales and service.


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Banking & Financial Services ERP Guide

What is Banking ERP?

ERP for professional services companies allows firms including legal services, lawyers, architecture and design, consulting and other services business to centralise data in their organizations. Typically, professional services ERP software typically includes modules for financial management and accounting, billing, human resources, project management, giving your employees across these departments the ability to exchange information and complete end to end business processes.

What are the benefits of Banking ERP?

Banking ERP software enables companies to increase efficiencies by positively impacting critical KPIs and processes for legal firms, architecture companies and other services companies.

  • Increased Efficiency
  • Improved Cashflow
  • Customer Satisfaction
  • Resource Utilization

A key metric for banking and financial services companies is their ability to monetize the expertise and time of their employees. Banking services ERP software typically enables you to measure the rate of resource utilization across your firm, to understand how to positively impact your profit margins and assess your ability to cover new customer demand.

What is ERP for financial services?

ERP (Enterprise Resource Planning) for financial services refers to integrated software systems that help financial institutions manage and automate a range of their business processes and operations. The financial services sector encompasses various organizations like banks, insurance companies, investment firms, credit unions, and other financial entities.

ERP systems for financial services typically offer modules and features that cater specifically to the needs of this industry. Some of the core functionalities and features might include:

  • General Ledger & Accounting: Capture and manage all financial transactions, ensure compliance with accounting standards, and provide real-time financial statements and reports.

  • Customer Relationship Management (CRM): Manage and analyze customer interactions and data throughout the customer lifecycle to enhance relationships, retention, and sales growth.

  • Loan Management: Handle all aspects of the lending process, from loan origination, underwriting, disbursement, to loan servicing and tracking.

  • Risk Management: Tools that aid in identifying, assessing, and prioritizing risks. This might include credit risk assessment, operational risk management, and compliance with industry regulations.

  • Investment Management: Support for portfolio management, trade order management, and analytics for investment decisions.

  • Treasury & Cash Management: Tools for managing an institution's liquidity, investments, and other treasury operations.

  • Assets and Liabilities Management (ALM): Monitor and manage risks associated with mismatches between assets and liabilities.

  • Compliance & Reporting: Ensure compliance with various financial regulations (like Dodd-Frank, Basel III, or the Sarbanes-Oxley Act) and generate necessary reports.

  • Human Resources: Manage employee data, payroll, recruitment, training, and other HR functions.

  • Supply Chain Management: For institutions involved in procurement, managing supplier relationships, inventory, and distribution can be crucial.

  • Business Intelligence & Analytics: Tools to analyze vast amounts of data to provide actionable insights, forecast trends, and support decision-making.

  • Digital Portals & Mobile Banking: Modern ERP systems might offer integrated solutions for digital banking, allowing institutions to offer online and mobile services to their customers.

The goal of an ERP system in financial services is to provide a unified platform where various functions can interact seamlessly, enhancing efficiency, reducing errors, ensuring compliance, and delivering superior customer service. The selection of an ERP system in this sector is influenced by factors such as the institution's size, complexity, geographic presence, and specific needs.

How much does ERP for financial services cost?

The cost of an ERP system for financial services can vary widely based on several factors. Here's a breakdown of the key determinants:

  1. Size and Scope of the Organization: The larger the organization, the more complex its processes, which can mean a more intricate ERP solution is needed. This will generally result in higher costs.

  2. Customization and Complexity: Off-the-shelf ERP systems can be more affordable than highly customized solutions. The more customization an organization requires, the higher the cost due to development, testing, and deployment.

  3. Deployment Method: There are primarily two deployment methods for ERP systems:

    • On-Premise: The software is installed on the organization's hardware and servers. This might require significant upfront costs for hardware, software licenses, and infrastructure setup.
    • Cloud-based (SaaS): The software is hosted on the cloud, and the organization pays a subscription fee. This can be a more cost-effective option initially since it typically doesn't have high upfront costs. However, over time, subscription costs can accumulate.
  4. Vendor Selection: Different vendors have different pricing models. Established vendors with a strong market presence may charge a premium, while newer or less-known vendors might offer competitive pricing.

  5. Modules and Features: The cost can also depend on the specific modules and features an organization chooses to include in its ERP system. Some modules may be more expensive than others.

  6. Implementation Costs: Implementing an ERP system involves costs for project management, training, data migration, system integration, and change management.

  7. Maintenance and Support: Beyond the initial implementation, there will be ongoing costs for system updates, maintenance, support, and potentially additional training.

  8. License Fees: Some ERP systems have license fees that are either one-time costs or recurring annual fees.

To give a general idea:

  • Small to Medium-sized Businesses (SMBs): An ERP solution can range from $10,000 to $250,000 or more for initial implementation, with additional recurring costs for subscriptions, maintenance, and support.

  • Large Enterprises: The costs can run from several hundred thousand dollars to several million dollars for initial setup. Recurring costs can also be substantial.

It's crucial for financial service providers to conduct a thorough cost-benefit analysis when considering an ERP system. They should consider not only the immediate financial outlay but also the potential long-term savings and operational efficiencies the system can provide. Always get multiple quotes from different vendors and consider the total cost of ownership (TCO) over the expected lifespan of the system.

What are typical integrations for a banking or financial services ERP?

Integrations play a crucial role in maximizing the efficiency and utility of ERP systems, especially in the financial services sector where seamless data flow and real-time processing are critical. Here are typical integrations for a financial services ERP:

  • Customer Relationship Management (CRM) Systems: These integrations help in unifying customer data, ensuring that sales, support, and financial data are all in sync.

  • Core Banking Systems: Direct integration with core banking systems ensures that transaction data, customer accounts, and other crucial banking functions are seamlessly connected with the ERP.

  • Payment Gateways: For seamless payment processing, integrations with payment gateways or processors are essential.

  • Trading Platforms: For investment banks or trading firms, ERP systems might need to be integrated with various trading platforms for real-time data on trades, positions, and market data.

  • Risk Management Systems: To assess and manage various risks (credit, market, operational), integration with specialized risk management solutions might be necessary.

  • Regulatory and Compliance Reporting Tools: Given the regulated nature of the financial industry, ERPs often integrate with tools that assist in meeting compliance requirements and generating necessary reports for regulatory bodies.

  • Document Management Systems: Integrating with DMS can help in efficient storage, retrieval, and management of documents, contracts, and other paperwork.

  • Human Resource Management Systems (HRMS): For managing employee data, payroll, recruitment, etc., integration with HRMS can be crucial.

  • Business Intelligence and Analytics Tools: To derive actionable insights from the vast amounts of data, integration with BI tools can be beneficial.

  • Treasury Management Systems: For financial institutions involved in treasury operations, integrating with treasury management solutions can be vital.

  • Digital Portals & Mobile Banking Platforms: Modern financial services need to provide digital services to their customers, necessitating integration with digital banking platforms or apps.

  • Supply Chain and Procurement Systems: While more relevant for some financial institutions than others, integration with supply chain tools can be essential for those involved in procurement.

  • Point-of-Sale (POS) Systems: For financial institutions that have a retail presence or deal with merchant services, integration with POS systems can be necessary.

  • ATM Networks: For retail banks, integration with ATM management systems ensures seamless ATM operations and real-time transaction data.

  • Third-party Financial Data Feeds: Integration with providers of financial market data, news feeds, or credit rating services can provide valuable real-time information.

  • Accounting and Tax Software: Integrating with specialized accounting and tax software ensures accurate financial reporting and tax compliance.

In the financial services sector, given the sensitive nature of data and the need for real-time processing, any integration must prioritize data security, accuracy, and speed. Proper integration can reduce manual processes, minimize errors, and improve overall operational efficiency.

How can ERP help financial services companies be compliant?

Compliance is of utmost importance in the financial services sector due to the stringent regulations imposed by governmental and international bodies. An ERP system can significantly aid financial services companies in maintaining compliance in several ways:

  • Centralized Data Management: ERP systems centralize data storage and management, ensuring that all data is consistent, up-to-date, and easily accessible. This simplifies auditing and regulatory reporting.

  • Automated Reporting: ERP systems can automate the generation of necessary reports required by regulatory bodies. Automation ensures reports are timely, consistent, and reduce the chance of human error.

  • Built-in Compliance Tools: Many ERP systems tailored for financial services come with built-in tools designed specifically to address the compliance requirements of the industry. This might include features like anti-money laundering checks, fraud detection, or customer due diligence procedures.

  • Audit Trails: ERPs provide detailed logs and audit trails, recording every transaction and change made within the system. This is invaluable during internal audits or when regulatory bodies demand evidence of compliance.

  • Access Controls: ERP systems can enforce role-based access controls, ensuring that only authorized personnel can access sensitive data. This helps in maintaining data integrity and security, which are often components of regulatory compliance.

  • Real-time Monitoring and Alerts: Modern ERP systems can monitor transactions in real-time and trigger alerts for suspicious or non-compliant activities. This immediate notification allows companies to address potential issues proactively.

  • Data Security: Ensuring data privacy and security is a significant part of compliance, especially with regulations like GDPR or CCPA. ERPs enhance data security through encryption, secure data storage, and other security protocols.

  • Standardized Processes: ERPs enforce standardized business processes, ensuring that operations across the company adhere to defined procedures, which are often set to align with compliance requirements.

  • Integration with Regulatory Databases: Some ERP systems can integrate directly with databases or portals of regulatory bodies, streamlining the submission of reports or fetching necessary updates.

  • Training and Documentation: ERPs can maintain records of employee training, ensuring that all staff are educated on compliance requirements. The system can also store essential regulatory documentation for easy access.

  • Updates and Scalability: As regulatory requirements change, financial services companies need to adapt quickly. ERP vendors often release updates to address new compliance standards, ensuring that clients remain compliant without overhauling their systems.

  • Tax Compliance: ERPs help manage tax-related data, automate tax calculations, and generate tax reports, aiding in compliance with local and international tax regulations.

By leveraging these capabilities, financial services companies can ensure they're meeting regulatory requirements, reducing the risk of non-compliance penalties, and instilling greater trust with their clients and partners.

How much does ERP cost for a financial services institution?

The cost to implement an ERP system for financial services and banking companies can vary considerably based on various factors. Here's a breakdown to provide a more comprehensive view:

  • Size and Complexity of the Organization: Larger banks and financial institutions with more complex operations and processes will likely incur higher costs.

  • Software Licensing: The core cost of the ERP software can vary based on the vendor, the features and modules selected, and the licensing model (e.g., perpetual license, subscription-based, user-based).

  • Customization: Financial services have unique requirements, so customizing the ERP software to meet these can significantly impact costs. The more customization required, the higher the costs.

  • Implementation Services: Hiring consultants or specialists to implement the ERP system, which includes setup, configuration, and customization, can be a major cost component. This is especially true for large, complex projects.

  • Data Migration: Transferring data from old systems to the new ERP system, especially if it involves data cleansing or transformation, can be time-consuming and costly.

  • Training: Employees will need training on the new system, and this training can vary from basic user training to deep technical training for IT staff.

  • Integration: Integrating the ERP system with other existing systems (like CRM, HRMS, trading platforms, etc.) will add to the costs.

  • Hardware and Infrastructure: If the ERP is being deployed on-premise, there will be costs associated with servers, data centers, and other necessary hardware. Cloud-based ERPs might have lower upfront hardware costs but will have ongoing subscription costs.

  • Testing: Before going live, the system will need rigorous testing, which can add to the cost, especially if issues are found that require remediation.

  • Ongoing Maintenance and Support: Once the system is live, there will be annual maintenance, support costs, and potential upgrade costs.

  • Change Management: Implementing an ERP often requires changes to business processes and workflows, which can involve additional costs related to managing these changes.

To provide a ballpark estimate:

  • For smaller financial institutions, the total cost of implementing an ERP system might range from $50,000 to $500,000 or more, depending on the factors mentioned above.

  • Mid-sized institutions might see costs ranging from $500,000 to $2 million.

  • Large banking and financial institutions could experience costs from $2 million to $10 million or more, especially if it's a global implementation with multiple branches and divisions.

Start Your ERP Journey With ERP Research

We help banks, wealth management organizations and investment firms to prepare for ERP change by guiding them through each stage of the process:

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    It’s critical to understand which ERP vendor is right for your business. Before you decide on the vendor for your company, take a look at our solution pages to find out which vendor would be best. Compare ERP Vendors
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    If you're looking to buy an Enterprise Resource Planning (ERP) system or upgrade your internal systems you will need a clear definition of all the functions, features and capabilities that you expect. You can approach this challenge by building what's called an ERP requirements document. Download ERP Requirements Template
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