Core banking is a banking service provided by a group of networked bank branches where customers may access their bank account and perform basic transactions from any of the member branch offices.
Core banking is often associated with retail banking and many banks treat the retail customers as their core banking customers. Businesses are usually managed via the Corporate banking division of the institution. Core banking covers basic depositing and lending of money.
Normal core banking functions will include transaction accounts, loans, mortgages and payments. Banks make these services available across multiple channels like ATMs, Internet banking, mobile banking and branches
The advancement in technology, especially Internet and information technology has led to new ways of doing business in banking. These technologies have reduced manual work in banks and increasing efficiency. The platform where communication technology and information technology are merged to suit core needs of banking is known as core banking solutions.
Computer software is developed to perform core operations of banking like
Core Banking software is installed at different branches of bank and then interconnected by means of computer networks based on telephones, satellite and the internet. It allows the banks customers to operate accounts from any branch if it has installed core banking solutions.
Technology solutions from CredenceIS will help transform Financial Institutions and provide critical insights towards adding new forms of consumer-friendly products, channels of delivery, accessibility of services and competitive pricing. Built on four core competencies - Domain, Process, Technology and Innovation; we help establish significant business benefits like risk mitigation, time to market and total cost of ownership.