CORE BANKING SOLUTIONS

CORE BANKING SOLUTIONS

core-banking-architecture

 

Core Banking Solutions (CBS) or Centralized Banking Solutions is the process which is completed in a centralized environment i.e. under which the information relating to the customer’s account (i.e. financial dealings, profession, income, family members etc.) is stored in the Central Server of the bank (that is available to all the networked branches) instead of the branch server. Depending upon the size and needs of a bank, it could be for the all the operations or for limited operations. This task is carried through an advance software by making use of the services provided by specialized agencies.

Due to its benefits, a no. of banks in India in recent years have taken steps to implement the CBS with a view to build relationship with the customer based on the information captured and offering to the customer, the customized financial products according to their need.

Advantages: The CBS process is advantageous both to the customers and the banks in the following manner:

Customer:

• Transaction of business from any branch, ATM that offers him anytime anywhere banking facility.
• Lower incidence of errors. Hence accuracy in transactions.
• Better funds management due to immediate availability of funds.
Banks:
• Standardization of process within the bank.
• Better customer service leading to retention of customer and increased customer traffic.
• Availability of accurate data & Better use of available infrastructure
• Better MIS and reporting to external agencies such as Govt., RBI etc.
• Increased business volume with better asset liability management and risk management.

It’s a scale business that thrives on customer acquisition and retention. As such, banking solutions must satisfy the needs of multiple customer segments, geographies and service levels, efficiently and effectively. Info Dynamic is an integrated solution that automates all aspects of core banking operations across entities, languages. The solution helps financial institutions to quickly introduce new products and efficiently manage changes in existing products. Info Dynamic Core Banking supports a variety of products including savings accounts, checking accounts, overdraft accounts term deposit accounts and a variety of lending products including personal loans, Corporate loans, mortgages, along with a full complement of transnational services incorporating remittances, drafts, banker’s cheques, cards and etc. These capabilities are accessible through multiple channels, from branch to call center to mobile banking and web. The solution integrates front, middle and back-office processes in real-time, providing bankers throughout the organization with complete timely and actionable information about customer relationships and providing a single view of the bank to the customer.

Developed around advanced architecture, the solution also integrates seamlessly with other third-party applications.
Info Dynamic Core Banking is an easy-to-integrate, scale-able, enterprise-wide solution that handles large transaction volumes on a 24×7 basis. It automates banking processes and provides best-in-class customer service at reasonable cost, thereby maximizing operational efficiency and minimizing risks. With world class implementation and support expertise.

The Big Business Benefits

Centralized setting & maintaining of product, interest, charges
Centralized application of Interest, SI and charges
Centralized Customer mgmt. (Opening, stmt. Of A/c, unified view)
Centralized inward / outward clearing mgmt.
Centralized System Admin. (day begin / day end, Backup, DR, User mgmt., etc…)
Centralized MIS and regulatory reporting
Centralized Loans mgmt. (sanction, disburse, collaterals and track)
Centralized recovery management
Centralized Audit
Centralized Reconciliation : Inter branch, Inter bank, Nostro, 3rd party payment settlements.


Current Activities

EMV Chip Card Migration Project of BANK