Question

Answer the question.
Core banking solutions.

Answer 1

Core Banking Solutions: Core banking is a banking service provided by a group of networked bank branches where customers may access their bank account and perform basic transactions from any of the member branch offices. Under this system, a customer becomes Customer of the bank’ rather than a customer of a branch. Core banking functions will include transaction accounts, loans, mortgages, and payments. Basically, it is the software applications for recording transactions, storing customer information, calculating interest and completing the process of passing entries in a single database. The basic goals of core banking are providing greater customer convenience and cutting down on operational expenses. CBS also is known as ‘Centralized Banking Solutions’.

It provides the following facilities :

• Updating of passbook at all CBS branches.
• Transfer of funds between the accounts in CBS.
• Customer may access their bank account from any of the branch offices.