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What Is Core Banking Solution (CBS)?

Updated On : June 2016  |  by Amol S. Khanvilkar

Today Banking as a business has grown tremendously and transformed itself from only a deposits taking and loan providing system to an institution which provides an entire gamut of products and services under a wide umbrella. All such activities commenced by a bank is called Core Banking.

As per pure definition Core banking refers to a centralized system established by a bank which allows its customers to conduct their business irrespective of the bank’s branch. Thus, it removes the impediments of geo-specific transactions. In fact, CORE is an acronym for "Centralized Online Real-time Exchange", thus the bank’s branches can access applications from centralized data centers.

Other than retail banking customers, core banking is now also being extended to address the requirements of corporate clients and provide for a comprehensive banking solution.

Core banking solutions offer the following advantages to the bank:

  • Improved operations which address customer demands and industry consolidation
  • Errors due to multiple entries eradicated
  • Easy ability to introduce new financial products and manage changes in existing products
  • Seamless merging of back office data and self-service operations.

Minimum features of Core Banking Solution:

  • Customer-On Boarding.
  • Managing deposits and withdrawals.
  • Transactions management
  • Interest. Calculation and management.
  • Payments processing (cash, cheques /checks, mandates, NEFT, RTGS etc.).
  • Customer relationship management (CRM) activities.
  • Designing new banking products.
  • Loans disbursal and management.
  • Accounts management
  • Establishing criteria for minimum balances, interest rates, number of withdrawals allowed and so on.

Customers find core banking advantageous since:

  • The entire range of banking products including savings, deposit accounts etc are available from any location
  • Accessibility through multiple channels, including mobile banking and web
  • Accurate, timely and actionable information about customer relations
  • Single view between bank and customers
  • Redefining the concept of ‘anywhere, anytime’ banking.

Nelito’s FinCraftTM Core Banking Solution

The FinCraftTM Core Banking System provides integrated solutions for retail banking, corporate banking as well as has features supporting Trade finance, Loan management system. It is an enterprise banking solution that enables Banks to provide full range of banking services and content to customers with different user profiles, efficiently and reliably. Read More

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  • "For a Bank of our size, this system suffices and is very cost effective. Almost all of the bank’s activities run on the one system. Nelito constitutes a partner more than a supplier and the relationship includes provision of the bank’s underlying technology as well as its Fincraft range of applications."

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    The Nainital Bank Ltd.
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  • CBS

    "We are happy to use FinCraft Data Archival & Retrieval solution from Nelito Systems; it has given huge ROI in terms of saving revenue by retiring legacy applications. We get all desired reports in a timely manner from the solution."

    Assistant General Manager (CBS)

    United Bank of India
  • Custom Application Development testimonial

    "Proactive & professionally supportive, technically skilled team."

    General Manager

    Federal Bank
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    "My bank is working with Nelito from the last about 9 Years and the services provided by the company may prolong our association."

    Sikander Gupta | CEO

    The Jammu Central Co-op Bank Ltd.
  • DGM

    "Knowledge and service provided to the bank is beyond expectation. And we would definitely engage and recommend solution to others."

    Rachelle F. Rivas | IT Project Manager (Senior Manager)

    Bank of the Philippine Islands (BPI)
  • DGM

    "As Vendor strict adherence to process & procedures. Risk Mitigates in Place. Flexible to customer requirements."

    Dinesh Negi | VP (Clg)

    DCB Bank Ltd
  • DGM

    "Everything was successfully implemented and tested. The implementation was professionally done in a very efficient and cooperative manner. Migration was very smooth."

    Frithjof Ramb | Vice President

    SBI- Frankfurt, Germany
  • DGM

    Support services provided for Swift is really up to the mark and meets all clients requirement. Kindly keep this ongoing.

    Rudolph Banis | Head - IT CBS and Application Management

    IndusInd Bank
  • DGM

    Excellent

    Navin A Bijur | Manager - IBD

    The Shamrao Vittal Coop Bank Ltd