Glossary

Core Banking

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What is Core Banking?

Core Banking is a back-end system that efficiently processes transactions across various branches of a bank. Core Banking is the future of banking as well as the lending industry. Core banking allows inter-connectivity between branches of the same bank and facilitates management of deposit, loan, and credit processing.

Core banking solutions enable streamlined execution of routine transactions like cash deposits, withdrawal, passbooks, statements of accounts, etc. It allows customers to be more than just branch-bound by making it possible for them to enjoy anywhere, anytime 24*7 banking through ATMs and digital channels.

What are the business benefits of Core Banking?

  • With Core Banking, customers can operate their accounts as well as avail banking services from any branch of the bank on the network.

  • With Core Banking, all the bank branches work with a centralized server/data center that allows transactions to be updated regularly and accessible to the customers in real time.

  • Core banking not only brings down operational costs considerably but also ensure lesser manpower requirement for execution for Banks.

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