Core banking solution is a centralized system where the customers of a bank can do their normal banking transactions; even if their branch is some different from where they are doing the banking operation. The name CORE itself specifies the real meaning (Centralized Online Real Time Exchange).
Core banking offers improved operation which can address the demands of customers and industry in a better manner. It also makes work easier for banks as they need not do multiple entries. Customers specifically are benefitted from Core Banking solutions since they get entire banking services, be it savings, deposits accounts or any other service from a single branch, irrespective of their location.
The concept of anytime and anywhere banking has been redefined through core banking and as a result of core banking single view transactions between bank and customers have been established.
Core banking also offers numerous other features and facilities to the customers which include loan dispersal and management, account management, payment processing, management of transactions and interest calculation and management.
Initially, core banking was available only to retail banking customers but considering its importance and relevance to common man, it is now being extended to corporate customers too, thus easing their business processes.
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