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core-banking

Core Banking Solution

by Admin

Core Banking Solution

Simply speaking, Core banking solution refers to the software application for making and recording transactions, storing information of bank's customers, automatically calculating interest on various parameters and completing the process of posting entries in a single database.
It enables accessing all customer accounts details from one central location. It makes it possible for any bank's customer to access his/her bank account through all channels s/he prefers like internet banking, mobile banking, ATM etc. Through Core Banking Solution a bank customer can avail banking services and access to real time transactions 24x7x365. It saves time, is convenient to use and efficient on performance.
I other words Core Banking Solution (CBS) is networking of branches that enable Customers to operate their accounts from any branch of the Bank irrespective of where the account is maintained. This makes transfer of money quick and easy. The additional facilities include operation of account through ATMs, Internet banking, Phone banking etc. Money can be easily transferred through NEFT/RTGS in few hours thus eliminating the need for demand drafts.

From the consumer standpoint core banking solution is the software package that enables `anywhere' and `anytime' banking.  Anywhere because the account details are not stored in a register in the branch but they are stored in a central server which can be accessed from anywhere subject to availability of internet. Anytime because the debiting, crediting and ledger posting is done by software automatically on given parameters without needing human interventions in most of the cases.

As far as customers were concerned, earlier they could not draw or deposit money in any branch of their bank as the records were maintained individually by each branch and these branches did not have access to the customer's data at another branch.

Core Banking System changed this all. The data of the Bank as a whole now is in the central server, which the branches, regional offices and head office have access to. Customers of any branch can now withdraw or deposit in any of the branches as the branches could access the data of customers.

Core Banking Solution in fact also brought paradigm shift in banking industry that has revolutionized the way bank worked earlier; increased their speed, efficiency, productivity and profitability all together. It delivered enhanced customer satisfaction which is most important for all banks now a day. Since it offers various channels than traditional brick and mortar banking, core banking solution became an affordable alternative to open new branches, therefore saves bank's operational costs. It also reduced long queues in bank cash counters.

No bank today can survive without right core banking solution in place. If you want to know what right core banking solution is and how to select right one simply go here.

To know more about our unique core banking solution contact us here.

Core Banking Solution