The features included in various types of core banking services

The modern age of banking is known for its tremendous evolution and large scale transformation. From being a depositor and loan provider to establishing itself as an institution for providing products and services, financial establishments have expanded their services. All of the activities that are being conducted under its umbrella are referred to as core banking. The term CORE is an acronym for Centralized Online Real-time Exchange.

For a pure definition, core banking relates to a centralized system that is established by banks, which enables its customers to conduct business irrespective of the branch where they had opened their account. This helps in averting the constrictions of geo-specific transactions and makes each and every branch outlet an equally important part of the network. It helps every branch access all implemented applications from the centralized warehouse of data.

The centralized system possesses all kinds of banking activities, functions, processes as well as departments that are entwined across all outlets. The distributive core banking services has been designed in such a manner that it enables all customers and all branches to receive bank-related operations from any location.

This integrated architecture generally consists of a distributive channel that is running across all portals of banking. Hence the model has a network channel that is running across various data servers and gateways.


There are four divisions that mainly exist under types of core banking services. The primary section is the system comprising the core system, which is distributing all the ERPs, ODS and CIFs. Following the core system is the data that is crucial while accessing information.

All the data reserves are instrumental in the running of various business processes. Hence the four sections come together to gather all the information. This allows every single branch to be part of a widely distributed network.

The features that should be included in core banking solutions are:

  • Customer on-boarding
  • Transactions management
  • Interest calculation and management
  • Managing deposits and withdrawal of money
  • Activities involved in Customer Relationship Management
  • Designing new products related to banking
  • Managing accounts efficiently, without any error
  • Disbursal of loans and its proper management
  • Management of accounts
  • Establishing all the essential criteria for minimum balance, interest rates, number of withdrawals allowed and many other such features


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