Core Banking Solutions (CBS)
Core Banking is the integrative approach that efficiently unites different banking systems in selling their products and services with the aid of information technology. Unison of different banking system facilitates to open up the market thus ideally increases the opportunity for banks to acquire more customers and a better customer retention.
Core Banking Solutions (CBS) is the process which is completed in a centralized environment i.e.Core Banking Solution under which the information relating to the customer’s account i.e. financial dealings, profession, income, family members etc are dealt with. These information are stored in the Central Server of the bank that is available to all the networked branches instead of the branch server. The word Core in Core Banking Solutions (CBS) stands for Centralized Online Real-time Environment.
CBS is networking of branches, which enables customers to operate their accounts, and avail banking services from bank on CBS network, regardless of where they maintain their account. Thus, CBS is a step towards enhancing customer convenience through "Anywhere and Anytime Banking".
Need for Core Banking Solution
Benefits of CBS
CBS will provide the following benefits:
Objectives of CBS
The key objectives are as below: