What exactly is Core Banking?
From the last 3-4 years, we are reading news like ‘XYZ bank deploys Core Banking Solutions ’,’ Bank ABC is implementing Core Banking System ’ etc. But what exactly core banking is? Core Banking Solution (CBS) is the networking of bank branches, which allows customers to manage their accounts, and use various banking facilities from any part of the world. In simple terms, there is no need to visit your own branch to do banking transactions. You can do it from any location, any time. You can enjoy banking services from any branch of the bank which is on the CBS network regardless of the branch you have opened your account. For the bank which implements CBS, the customer becomes the bank’s customer instead of the customer of a particular branch. Execution of Core banking system across all branches helps to speed up most of the common transactions of bank and customer. In Core banking, all branches access banking applications from a centralized server which is hosted in a secure...