What is mean of corebanking software solution?

Answer 1

In a layperson's terms, a core banking software is the one that is a central software that drives all of bank's operations and processes. In today's era of interconnected and networked banking, banks need the capability to simultaneously process transactions across different locations and transaction channels in real time. A core banking software enables all this. At the heart of a core banking software is the Banks central database that keeps all the records about the bank's customers, products, transaction and financial records. A core banking software allows introduction of a new product or attribute simultaneously across all of a bank's branches and channels. A core banking solution also allows a bank to offer simultaneous transaction capabilities across multiple channels, like branch based banking, ATMs Point of Sale terminals, credit and debit card, internet banking, telebanking as well as participation of the bank in electronic funds transfer channels like RTGS, NEFT or EFT. in a way, a core banking solution is the equivalent of an in a banking environment. However, in terms of capabilities, perhaps, a core banking software is far more sophisticated in terms of the processes and channels that it handles simultaneously.