Core Banking Solutions

Core Banking Solutions

Core Banking Solutions is new jargon frequently used in banking circles. The advancement in technology, especially internet and information technology has led to new ways of doing business in banking. These technologies have cut down time, working simultaneously on different issues and increasing efficiency. The platform where communication technology and information technology are merged to suit core needs of banking is known as Core Banking Solutions. Here computer software is developed to perform core operations of banking like

recording of transactions,

passbook maintenance,

interest calculations on loans anddeposits,

customer records,

balance of payments and

withdrawal are done.

This software is installed at different branches of bank and then interconnected by means of communication lines like telephones, satellite,internet etc. It allows the user (customers) to operate accounts from any branch if it has installed core banking solutions. This new platform has changed the way banks are working.

Core banking

Core banking is all about knowing customers' needs. Provide them with the right products at the right time through the right channels 24 hours a day, 7 days a week using technology aspects like Internet, Mobile ATM.'