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Core banking is the banking services provided to the clients with networked branches of the banks. In core banking, since all the branches of the bank remain and operate together in a network, the customers get to operate their account from any branch they wish to. He may not go to the same branch from where he opened his account for the first time. His information and data can have accessed from any branch of the same bank. Core banking is done in retail banking which involves individual customers and small business entrepreneurs. Core banking is also available to the corporate houses and large business groups.

Core banking generally involves withdrawal and depositing of money. It also deals with loans and mortgages and regular saving accounts. Core banking involves services like online banking, ATM and customer care services. With the improvement in technology and people getting busier everyday, core banking is a convenient solution for everyone. While paying bills one may not go to the particular branch, but they can just drop in at any branch of the same bank and make payments instantly. Core banking has definitely made it easier for everyone. 

Core banking is not only convenient but it saves time too. The software which is used to perform the services of core banking is developed and upgraded regularly. The software enables services like recording of transactions made, maintenance of passbook, interest calculations on the accounts and loans and savings and investments. The software does it all while providing an access to the information from every branch.

Tags: Finance //