CORE BANKING SOLUTIONS
Introduction
 Today
banking as a business has grown
tremendously and transformed itself from
only a deposit taking and loan providing
system, to an institution which provides an
entire gamut of products and services under
a wide umbrella. All such activities
commenced by a bank is called core
banking.
What is Core Banking
 This
is a centralized system that is
established by the bank which allows it’s
customers to conduct their business
irrespective of the banks branch. It removes
the impediments of geo-specific transactions.
Core Banking
 CORE-
This stands for Centralized Online
Real time Exchange.
 The bank can access applications from
centralized data centers.
 Other than retail banking customers, core
banking is now also being extended to
address the requirements of corporate clients
and providing a comprehensive banking
solution.
Core banking solutions offers the
following advantages to the bank.
 Improved
operations which address
customer demands & industry consolidation.
 Eradicating errors caused by multiple entries.
 Easy ability to introduce new financial
products and manage changes in existing
products.
 Seamless merging of back office data and
self service operations.
Minimum features of Core Banking
Solutions
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Customer on boarding.
Managing deposits and withdrawals.
Transactions management.
Interest calculations and management.
Payments processing
Customer relationship management.
Designing new banking products.
Loans disbursal and management.
Establishing criteria for minimum balances, interest
rates, number of withdrawals allowed and so on.
Advantages of Core Banking
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The entire range of banking products including
savings, deposit accounts etc are available from any
locations.
Accessibility through multiple channels, including
mobile banking and web services.
Accurate, timely and actionable information about
customer relations.
Single view between bank customers.
Redefining the concept of anywhere, anytime
banking
Summary
 Core
banking system provides integrated
solutions for retail banking, corporate
banking as well as has features supporting
trade finance and loan management. It is an
enterprise banking solution that enables
banks to provide a full range of banking
services and content to customers with
different user profiles, efficiently and reliably.
By Arnold Rutabingwa
I.T Technician
Quadrant Associates
6th Flr, Silkwood office suites, Ngong Rd
P.O Box 43892 00100 Nairobi, Kenya
+254 738 079 160 / +254 792 745 179
arnold.mugume@quadrant-associates.com
By Arnold Rutabingwa
I.T Technician
Quadrant Associates
6th Flr, Silkwood office suites, Ngong Rd
P.O Box 43892 00100 Nairobi, Kenya
+254 738 079 160 / +254 792 745 179
arnold.mugume@quadrant-associates.com