What are core banking solutions? | HCLTech

What are core banking solutions?

Technology Q&A

Core Banking Systems
What are core banking solutions?

Core banking systems (CBS) have taken over the banking industry in a big way. In a fast-changing banking ecosystem, the call of the hour is to deliver tailor-made solutions that don’t just offer customer convenience but is also a sustainable exercise. CBS frameworks are developed to do just that.

Core banking solutions are varied in nature and depend on the type of customer bases that the bank is catering to. The basic goals of core banking are providing greater customer convenience and cutting down on operational expenses. Hence, while the customers are benefitted by having more freedom in transaction, the banks profit from lesser time and resources spent on repetitive activities.

Among the most significant core banking solutions are:

  • Internet Banking
  • Phone Banking
  • Automated Teller Machines (ATMs)
  • Fund Transfers remotely and immediately (IMPS, NEFT, RTGS etc.)
  • Point of Sale systems

Customers are benefitted in multiple ways – round-the-clock banking, quicker services anywhere, anytime, convenience of banking processes through a single datacenter, and the rural/remote area penetration.

Banks benefit in no lesser way. Among the primary boons are process standardization, customer retention, improved documents management and considerable eradication of errors, and better safety & compliance process.

HCLTech offers a bouquet of services aligned to core banking, and strives to evolve consistently with the changing market patterns.