Core Banking: Definition, Features, Benefits

Core Banking is a catch-all phrase for the services offered by various interconnected bank locations. It's the bank's back end, where deposits, loans, and credits are processed daily throughout all branches, and any changes are recorded and reflected instantly. The bank's core business is serving individual and small company clients. It helps clients deal with money transfers rapidly. In addition, changes made to a customer's account are published instantly. The goal is to give current and future clients more control over their financial independence. Features of Core Banking The various CBS locations are all linked together. Clients can, therefore, use the services of any CBS branch. Core banking's most notable characteristics are: Administrative and operational data consolidation Create fresh bank accounts Handling money orders and checks Interest computation Managing interactions with customers Loan servicing and production Handling transactions involving actua...