The features of types of core banking systems

The old way of manually carrying out banking activities was replaced with the modern technology in the banking sector, through core banking. This architecture can be complicated to understand at first but is simple and easy to use once you get a grasp of it.  The structure includes a continuous flow of data, at every level of the system from the source to the customer. Below is a comprehensive look at the entire functioning of the system.
  • The structure of the architecture
    Core banking made its appearance in the banking sector in the last few years. The system was highly appreciated by users and by those who witnessed the transition between the old method of banking and the new and advanced banking process. Core banking architecture can be a little complicated to understand but that is not always the case. Core banking systems are an alliance between businesses and channels like bank branches, online banking, ATM's. Customer's data, bank account details etc. are linked under this form of architecture.
  • Core banking and its types
    The general function of different types of core banking systems depends on the kind of the bank. Retail banking, for example, assists individual customers. Any business between banks and clients that involves the buying and selling of stocks, comes under the branch of wholesale banking. Core banking systems are used frequently and by a specific type of bank. Financial institutes that deal with different kinds of core banking are often referred to as a universal system of banking.
  • The features of the modern system
    It feels strange to think a life without the internet and smartphones. Technology has turned impossibilities to possibilities. The feature of anytime and anywhere banking has allowed the banks to serve its customers better. Opening a bank account, transferring funds, applying for a loan and maintaining financial records has become simple with core banking. This centralized system has brought banks together by linking them to a single body.

Core banking is not only safe but is also highly reliable when it comes to offering services. Customers, when they want to perform a financial activity, don’t have to visit the home branch but can instead carry out the transaction from any branch of the bank. The seamless service reduces the chance of human errors and faults. It also rules out the possibilities of fraud and scams.

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