Core Banking has been tagged as a new generation banking solution. It has enabled the bank to provide almost all services among their networked bank branches. Through Core Banking a customer can access his/her account and can perform the basic transaction through any of the network bank branch. Now, Banking has become convenient and inter connected to the best advantage of the customers.
In layman’s language Core Banking can simply be understood as centralization of the banking activities. Unlike yesterdays when customers could perform the basic banking activities like withdrawal, deposits and so on, only through the base branch; through Core Banking the customers can now perform all these activities from any of the networked branch.
This facility is considered as the business with the retail customers. Banks have a separate business line to manage these customers. Core banking has the basic function of lending and depositing money. Large businesses activities are managed through Corporate Banking division.
Basic Functions of Core Banking
Usual CoreBanking functions involve opening bank accounts, managing cash withdrawals and deposits, interest calculation, processing cheques and payments, maintaining records of transactions, and so on. These functions can differ according to the type of bank. Several banks have made available Core Banking facilities through internet banking also.
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