A Core Banking system is software used to support a bank’s most commmon transactions.Elements of core banking include:
- Making and servicing loans.
- Opening new accounts.
- Processing cash deposits and drawals.
- Processing payments and cheques.
- Calculating interest.
- Customer relationship management (CRM) activities.
- Managing customer accounts.
- Maintaining records for all the bank’s transactions.
Depending on the particular kind of bank, core banking operations vary. For instance, retail banking caters to individual clients, wholesale banking handles transactions between banks, and securities trading deals with the purchase and sale of stocks, shares, and other financial instruments. Core banking systems are frequently tailored to a certain kind of banking. Universal banking systems are occasionally used to describe products that are made to handle various essential banking functions