CORE BANKING SOLUTION
INDEX • • • • • • •
What is Core Banking Solution (CBS) Application Areas Basic Components How it is beneficial to Banks How it is beneficial to Customers Features of CBS About Avgi Solutions
WHAT IS CORE BANKING SOLUTION •
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.
WHAT IS CORE BANKING SOLUTION • The centralized system connects the member branches and customers can easily access their account and perform the basic transactions. • The different transactions are not geo-specific anymore and Core Banking Solution removes the barriers completely. • The word ‘CORE’ denotes “Centralized Online Real-Time Exchange”. • The success of this project leads to increased profitability, tremendous competitiveness and improved customer satisfaction…
APPLICATION AREAS Balance of payments and withdrawal are done. Mobile banking Internet banking ATM’s Recording of transactions Passbook maintenance Interest calculations and loans and deposits Customer records
BASIC COMPONENTS Banking Application Software Hardware Components Network Infrastructure Centralized Data Processing
HOW IT IS BENEFICIAL TO BANKS 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. Core banking helps in process standardization between banks and their branches. Submitting reports to regulatory boards is totally seamless and this banking software has eased up this process.
HOW IT IS BENEFICIAL TO CUSTOMERS Different banking services like depositing money, withdrawing, balance enquiry, etc. are accessible from any particular location and they are much quicker. Multi-channel banking is made available and customers can utilize new age tools like mobile banking, net banking etc. Accurate information is available in a timely manner and this leads to better customer service. Banking can be done 24x7 and that too for any particular place through ATM’s. A centralized datacenter gives access to all branches, so the deposit can be made in any branch. Customers get better accessibility and geographical obstacles are totally removed.
FEATURES OF CORE BANKING SOLUTIONS
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.
AVGI SOLUTIONS AVGI Solution provides the Core Banking Software Solutions to deal with customers. Core Banking Software Solutions is best in the industry because they unify processes, products, services, and transactions. We are one of the best internet banking software providers in the USA. When customers face critical challenges like loans our Core Banking Software ensures that they meet the customer's expectations.
CONTACT US Avgi Solutions INC #53 Regal Dr, Manmouth Junction, New Jersey 08852, USA Contact Number : +1 732 823 4193 +1 508 306 1923 Website: https://www.avgisolutions.com/ Drop Your Question at: info@avgisolutions.com
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