The more and more services and more convenience. Previously

The globalization process in the economy has given
reason for the banking sector to rethink its existing strategies. The
penetration of computers and growth in Internet usage is making the customers
crave for more and more services and more convenience. Previously a bank’s core
operations such as keeping a ledger of various transactions, maintaining
customer information, interest calculation of loans and deposits, adjustments
to accounts on withdrawal and deposits of funds etc. were done manually. With
the advent of ICT (Information Communication Technology), efforts were done to
automate various banking processes using software applications so as to make
them simple, efficient, effortless and cost effective. Thus, the platform where
ICT is used to perform the core operations of a bank is known as Core Banking
System. It is the heart of a modern financial service organization and is all
about providing the banking customers with the right products at the right
time through the right channels 24 hours a day, 7 days a week through a
multi-location, multi branch network. 

Thus, Core Banking System has radically
changed the way in which banks function. The greatest advantage of having a
Core Banking System is that new features and functionalities can be easily
added to the system that customers will have a whole lot of services that they
can use. Electronic funds transfer between banks, online trading in the
stock markets etc. are examples of this. Core banking solutions (CBS) help automate front-end and back-end
processes of banks to achieve centralized and smooth processing. These
applications offer a single view of the customer and facilitate automation
across delivery channels. The concept of CBS has helped banks become one-stop
shops for all the financial needs of retail and corporate customers by offering
multiple services under one roof. With CBS implementation, customers can now
access their accounts from any branch of their bank, irrespective of which
branch the account was opened at. 

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