Core Banking Solutions and its significance in the banking system

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Core banking solutions is one such step that most banks have adopted nowadays. The idea is to provide an unmatched and quick service to customers.

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Slide1:

Core Banking Solutions and its significance in the banking system Core Banking Solutions and its significance in the banking system

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Banks have seen some significant technological changes over the last decade. As the customer base has increased, so has the need of offering unmatched services. Be it a nationalized bank or a private one, technology plays a very important role in their day-to-day operations. Every bank, big or small, has witnessed a rise in the number of transactions and number of products. The urban and rural penetration of banking products has paved way for setting up new branches across the country.

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An unrivaled system Core banking solutions is one such step that most banks have adopted nowadays. The idea is to provide an unmatched and quick service to customers. Through this system, a customer can access his account and make transactions from any branch of the bank across the country. The convenience to carry out transactions from any part of the country has omitted the practice of segregation on the basis of the branch.

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The adoption of this practice also shows the level of service orientation which banks are following today. Since the number of banking products has increased, core banking solutions are not restricted to just a few. Most of the times, it has been observed that the customer might be exposed to multiple products of a bank. Hence, it becomes imperative that the entire core banking architecture is put in place.

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The changing face of banking Technology in banking has come a long way. It also helps empower a bank customer. What started as a basic feature has now become an integral part of the entire portfolio of any bank. It is apt to state that the perception of any bank depends on how inclined it is towards providing a disruption-free digital service to its customers. The personal banking service has indeed changed the shape of the banking industry because of the adoption and correct practice of these technological advancements.

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