Core Banking Solution: Advantages for Bank & Customer
Table of Contents
What is Core Banking Solution?
CBS in banking: what is core banking in Hindi?
Its full form is Core Banking Solution. CBS is inter-connectivity between branches of the same bank. Core banking solution (CBS) is the inter-connectivity of branches, which allows customers to operate their bank accounts and take advantage of banking services from any branch of the bank on the CBS system. core banking solution
Another interesting fact regarding Core Banking Solution is that CBS banking has a centralized branch computerization on a model, where the branches are connected to a central host under one roof and all CBS branches are connected to each other.
Core banking system offers integrated banking solutions for retail banking, supporting business finance as well as facilities corporate banking and Loan management systems
So, customers of CBS branches can get many banking facilities from any located anywhere in the world.
Do you know Full Form of CORE?
Its full form is Centralize Online Real-time Environment/Exchange
CBS offers below advantages to the Bank: core banking solution
- 24*7 hours services.
- Transfer Fund any time from anywhere in the world
- Paperless Banking
- To reduce the errors multiple entries
- Easy to introduce a new product to the customer
What bank offers to customers after the Core Banking System?
Benefits for the customer: core banking solution
- 24*7 hours services
- To deposit cheque for credit amount in your account.
- Transparency in the banking system
- To get the cash payment from your account by depositing the cheque / DD (Demand Draft)
- Online banking
- To inquiries about the debit transaction or credit transaction or check balance in the account.
- withdraw cash from account deposit cash into the bank account
- To get the statement details of the account.
- For depositing the cheque/cash in the account of another person who is holding the account at CBS branch.
- Core banking solution has provided to transfer money from one account to another account and if both accounts are in CBS branches
- To receive a demand draft or banker’s cheque from any branch on CBS – the amount will be debited online in their account.
Customers can use ATMs and he can withdraw money from any ATM (Automated Teller Machine) which are also interfaced with the CBS platform. core banking solution
Top CBS Application Providers: core banking solution
- Finacle: This is a universal banking solution application which is provided by Infosys Technologies Ltd.
- I-flex solutions Ltd: It is provided by ORACLE
- TCS FNS: It is provided by FNSL (Financial Network Services Limited) but Nowadays it is managed by TCS (Tata Consultancy Services)
Why is CBS (Core Banking Solution) required?
- To meet the dynamically changing market & customer needs.
- Speed up the banking transactions.
- To improve & simplify banking processes so that bank staff can focus on sales & marketing stuff.
- Convenience to a customer as well as the bank.
- To expand presence in rural & remote areas.
Hence, we can say that Core banking solution (CBS) is an innovative step in the Indian banking system which works towards enhancing customer convenience from anywhere and anytime banking.
what is core banking in Hindi