Operational Aspects of CBS Environment: Jaiib/DBF Paper 2 (Module D) Unit-7

Operational Aspects of CBS Environment: Jaiib/DBF Paper 2 (Module D) Unit-7

♦Core Banking Solution

Core Banking Solution (CBS) is networking of bank branches, which allows customers to manage their accounts, and use various banking facilities from any part of the world. In simple term, there is no need to visit your own branch to do banking transactions. You can do it from any location, any time. 

♦Function of CBS

• Opening new Account
• Recording of transactions
• Passbook maintenance
• Interest calculations on loans and deposits,
• Processing cash deposits and withdrawals,
• Processing cash deposits and cheques,
• Maintaining records of all the transactions,
• Customer relationship management activities
• Managing customer accounts

♦Customers find core banking advantageous since

The entire range of banking products including savings, deposit accounts etc are available from any location

• Accessibility through multiple channels, including mobile banking and web
• Accurate, timely and actionable information about customer relations
• Single view between bank and customers
• Redefining the concept of ‘anywhere, anytime’ banking.

♦Need for CBS

• To enhance efficiency and effectiveness
• To increase customer satisfaction and convenience
• To enhance bank’s competitiveness
• To simplify processes for the staff
• To make available more time for branch staff to focus on sales and marketing
• To meet the compliance requirements
• To meet the intense competition
• To meet the demands of customers who have become more demanding and less loyal.

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