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Core Banking System
A core banking system is a back-end system that handles tasks such as reporting, deposits, loans, and credit processing using an IT infrastructure that extends throughout several bank branches. This centralized system makes it possible for customers of the bank to access and manage their accounts from various platforms (mobile apps, websites, and ATMs) without the need to visit one of the bank's branches.
What Small and Midsize Businesses Need to Know About Core Banking System
Core banking systems have a number of benefits for customers and financial institutions including reducing human error, protecting against fraud, reducing operation costs, and higher levels of customer satisfaction.
Related terms
- Tokenization
- ROIT (Return on Information Technology)
- SAC (Subscriber Acquisition Cost)
- Energy Trading and Risk Management (ETRM)
- Chief Revenue Officer (CRO)
- Core Banking System
- Record to Report (R2R)
- Fintech
- Financial Management System (FMS)
- Business Capability Modeling
- Capital Allocation
- Compound Annual Growth Rate (CAGR)
- Net Present Value
- Hedge Fund
- Gateway
- Selling General and Administrative (SG&A) Expenses
- ROE (Return on Equity)
- Financial Planning and Analysis (FP&A)
- Dollar-Cost Averaging (DCA)
- Procure-to-pay Solution
