Core Banking
Secondary society has developed a system that connects the transactions of all the branches of the organization using the core banking system. The customer of Secondary society can go to any branch of Secondary society and complete his transaction. Similarly, every transaction that takes place in any branch of Secondary society will be linked to each other and through this system all transactions can be controlled from the Head office.
Core Banking Solution (CBS) is networking of branches, which enables
Customers to operate their accounts, and avail banking services from any branch of the Bank on CBS network, regardless of where he maintains his account. The customer is no more the customer of a Branch. He becomes the Bank’s Customer.
Another interesting fact regarding CBS is that all CBS branches are inter-connected with each other. Therefore, Customers of CBS branches can avail various banking facilities from any other CBS branch located anywhere in the world.
What it offers to a customer?
It offers invariably all information that a bank's customer would need if he/she visits a bank branch in person.
These are as herein follows:-
To make enquiries about the balance or debit or credit entries in the account.
To obtain cash payment out of his account by tendering a withdrawl slip.
To deposit a cheque for credit into his account.
To deposit cash into the account.
To deposit cheques/cash into account of some other person who has account in a CBS branch.
To get the statement of account.
To transfer funds from his account to some other account – his own or of third party, provided both accounts are in CBS branches.
Customers can continue to use other Delivery Channels, which are also interfaced with CBS platform