What Is Core Banking System ?
The word Core Banking is used to describe the various services being offered by the banking system to its customers and this is done by the whole banking core branches. This facility makes it possible for the banks to get transfer their funds and other transactions to other core branch offices in a very easy and quick manner. Now, there is no need to get deposit and withdrawal of your cash in the same branch. You can deposit from any branch and get it withdrawal easily from the other branch.
This facility of core banking has been developed few years back and had led to the tremendous change in the banking system structure. It gives the freedom of choice to the customer to get done the transactions completed in his own way. The person is not bound to anyone. There are various and most bolded facilities offered by the core banking system solutions are described below:
• Automatic teller machine or ATM
• Electronic fund
• Internet banking
• Branch clearing facility for banking branch offices
The core banking systems has brought about a dramatic blast in the working schedule of the normal human being. When we come to the internet banking, it not only saves the precious time of common man but also give it ease to work as per his timings. Moreover, the inter branch reconciliation has also proved it faster and accurate. The introduction of new products and the databases in various banking branch offices also gets easier and simplified that new branches are now vastly reaching the core parts of the country.
The sudden and much faster advancement in the technology and its impact on the banking system solutions have provide a sigh of greater relief. The functions of the banking systems like passbook maintenance, interest calculations and various other book keeping records are kept aside as they can be done accurately and within no time.
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