What is core banking solutions and what are the features of core banking ?

Core Banking Solutions:

Core banking solutions are banking applications on a platform enabling a phased, strategic approach that is intended to allow banks to improve operations, reduce costs, and be prepared for growth.

Implementing a modular, component-based enterprise solution facilitates integration with a bank’s existing technologies.

The platform where communication technology and information technology are merged to suit the core needs of banking is known as core banking solutions.

core banking solutions

This software is introduced at various parts of bank and afterward interconnected by implies of correspondence lines like phones, satellite, web and so on. It permits the client (clients) to work accounts from any branch on the off chance that it has introduced center financial arrangements. This new stage has changed the manner in which banks are working.

Features of core banking:

Some of the key features of core banking systems are:

1. Opening new accounts in the bank

2. Calculating loan interest

3. Processing and recording money deposits and cash withdrawal

4. Processing loans

5. Cheque clearance

6. Payment clearance

7. Managing customer information

8. Calculating and managing interest rate

9. Maintaining customer relationship

10. Assists in developing new banking products

11. Banking analytics

12. Banking products like mobile banking, internet banking, ATMs and more.