Core Banking
CORE BANKING
Core Banking Solution(CBS) refer to a common IT solution where in a central shared database supports the entire banking application. Business processes in all branches of a bank update a common database in a central server located at a Data center, which gives a consolidated view of the bank's operations. A CBS software also enables integration of all third- party application, including in-house banking software to facilitate simple and complex business processes.
CORE FEATURES OF CBS
- Online Real- Time Processing
- Authorizations occur within the application.
- Anytime, Anywhere Access to Customers and Vendors
- Transactions Are Posted Immediately
- Highly Dependent System-Based Controls
- Centralized Operations
- Automatic Processing Of Standing Instructions
BENEFITS FOR CUSTOMERS
- CBSis very helpful to people living in rural areas. The farmers can receive e-payments towards subsidy etc. in their account directly. Transfer of funds from the cities to the villages and vice versa will be done easily.
- Quicker services at the bank counters for routine transactions like cash deposits, withdrawal, passbooks, statements of accounts, demand drafts, etc.
- Anywhere banking by eliminating branch banking.
- Provision of banking services 24 X 7.
- Anytime anywhere banking through ATMs.
- Fast payment processing through Internet banking, mobile banking.
- All branches access applications from central servers/ datacenter, so deposits made in any branch reflect immediately and the customer can withdraw money from any other branch throughout the world.
BENEFITS FOR BANKS
- Process standardization within bank & branches.
- Retention of customers through better customer service.
- Accuracy in transactions & minimization of errors.
- Improved management of documentation & records — having centralized databases results in quick gathering of data & MIS reports.
- Ease in the submission of various reports to the Government & Regulatory boards like RBI.
- Convenience in opening accounts, processing cash, servicing loans, calculating interest, implementing changes in policies like changing interest rates, etc.
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