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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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  • The Meticulousness of efforts to ensure customer delight by each of the team member during the course of the project is appreciable. - Data Archival Project

    R. Ganesh (Senior Manager)

    Indian Overseas Bank
  • Overall we are happy with the services provided by Nelito. The implementation team is sensitive to our support requirements and does a good job.

    Vinayak Khadye (Chief Digital Officer)

    Finanzmart Services Pvt Ltd
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    N Sampath Kumar (Branch Manager)

    Corporation Bank
  • We have successfully made Nelito's Fincraft Software for NBFC live in early March for LOS,LMS and Sanjiv Khalkho, Arijit Chakraborty with his team have been very instrumental in making this software live . I would like to appreciate on the turnaround time during the go live phase of the team in getting some of our key requirements done and helping our users to use the software for recording and disbursing all the sales from the software.

    In technology side I would like to praise Pramod Navale and Ganesh Khetmalis for in depth knowledge of the product and their technical skills is outstanding. Looking forward for the continued relationship for our next release and whole of 2018.

    Prateek P Katyal (CTO)

    WheelsEMI Pvt. Ltd
  • "We are extremely pleased with the kind of support extended by you and your team for our year end work. Although whole bunch of people worked for making the support seamless from your end, my special thanks to following resources. Anurag, Arpit, Arvind, Pranit, Suraj, Udgran, Nilesh, Leena and Udgrand. Also, thanks to all others who have supported us directly or indirectly at your end."

    Ananda Padebettu (IT Manager)

    The Nav Jeevan Co-op Bank Ltd.
  • "Nelito has Good knowledge of industry. Good customer orientation. They were Flexible and Open to new ideas and suggestions."

    Mr. Ratheesh K. Bharathan | Exec. Vice President & Co- Founder

    WheelsEMI PVT. LTD.
  • "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."

    Chairman

    The Nainital Bank Ltd.
  • "The best mix of functionality and technological support and our vision of “Cash Less and Paper Less” work environment for Sonata has come true with our technological partner Nelito. I highly recommend FinCraft Core Microfinance platform and especially integrations with a number of third party services."

    IT Head

    Sonata Finance Pvt. Ltd.
  • "Nelito has successfully deployed the Online Reporting and Management Information System (ORMIS), which has streamlined the reporting process and their analysis. Its team is responsive, provided satisfactory support and has sound expertise to deliver time sensitive & critical projects. Exemplary team work."

    Deputy General Manager (IT Department)

    National Housing Bank
  • 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
  • CBS

    "Nelito is known for its exemplary services to the users at all times. Your team provides excellent service and they are pro-active in providing solutions."

    Chief Manager (SWIFT)

    Indian Overseas Bank
  • CBS

    "On the whole a professional and capable and competent team. Providing solutions adapted to clientele updated on technology front."

    Principal secretary Department of Labour

    Govt. of Sikkim
  • Custom Application Development testimonial

    "Proactive & professionally supportive, technically skilled team."

    General Manager

    Federal Bank
  • CBS

    "Fincraft CBS software & Doorstep Banking Solution helps our society’s functionality towards digitalization & paperless working. It reduces our manpower requirement and workload, also gives us fast reporting for our institution as and when required."

    Chairman

    Mahavir credit coop society
  • CBS

    Exemplary relationship set by Nelito’s PCS team which helps project to grow vertically. We have always been very impressed with the quality of service we have received from Nelito. They are reliable efficient professional and above all truthful. This alone sets them out from much of their competition.

    Project Director

    TCS
  • CBS

    "E-district Manipur project was undertaken and successfully implemented by Nelito in a record time. The online services offered under this project has made a marked difference in the quality of life of the citizens and is taking the state towards a digital Manipur."

    Additional Director (IT)

    Govt. of Manipur
  • DGM

    "On 20th of November 2016 our bank data was migrated to FinCraft and we have completed one year successfully in FinCraft. So we thank all the team members of both IFTAS and Nelito for your great co-operation in this success. We expect more & more co-operation in implementing new technologies in banking sector from your side in future."

    M V Kumar | CEO

    Kempegowda Bank
  • DGM

    "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

    "The Bank is associated with M/S Nelito since 2002. M/S Nelito Systems Ltd has been our CBS vendor since 2009. The Products, quality of service offered by them are excellent. They have a very good support team and are trained enough for handling any type of situation."

    D K Kandpal | Vice President (IT)

    Nainital Bank
  • DGM

    "We appreciate your local team who continuously supported & assisted our team to meet the goal."

    Nagendra Nath Sinha | Principal Secretary IT

    Government of Jharkhand, Ranchi
  • 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

    "Bank has implemented CBS of Nelito Ltd in the year 2008-09 in phase manner. Also integrated RTGS/NEFT, CTS, MMS etc. which help us in smooth automation of banking operation."

    K.T. Wadia | CEO

    The Sutex Co-op Bank Ltd
  • DGM

    "Experience during development of Rating Engine Module has been good in the context of commitment to meet timelines & lot of hard work has been put by Nelito's team."

    Ashutosh Satsangi | VP-Operations

    SMERA
  • 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

    "Nelito and its team has always been supportive and efficient in achieving the tasks set up by the Dept. Apps developed by the software engineers for the Public Health Dept. have proved to be excellent among the top competitors and have been acclaimed for its effective service delivery to the end user at the grass root level which is the foremost object of any Govt. organization. Many thanks for the sincere efforts."

    Sanjay Kamlakar | Under Secretary to GoM

    Government of Maharashtra
  • DGM

    "We appreciate Nelito team who were always on time and responsive to our needs and changing ideas. They worked efficiently from the project inception to its completion in a timely and professional manner. Their understanding of this space has been invaluable to the success and launch of 'PMAY CLSS' app."

    Susanta K. Padhi | DGM

    National Housing Bank