Question

What do you mean by Core Banking System?

Hint:

CBS enables “anywhere, anytime banking” for customers.

Answer 1

Core Banking System integrates all branches of a bank through networking and computerization. Under CBS, data and transactions are stored at a central server, allowing customers to operate their accounts from any branch, known as "anywhere banking." It provides efficiency in operations, reduces duplication, and enhances customer convenience. Services such as online banking, ATM access, mobile banking, and NEFT/RTGS are supported by CBS. This system has transformed banking by increasing transparency, accessibility, and speed, thus making financial services more customer-friendly and technology-driven.