Core Banking Solutions (CBS). What is CBS? Full form of CBS.
Core Banking Solutions (CBS) 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. These information are stored in the Central Server of the bank that is available to all the networked branches instead of the branch server. The word Core in Core Banking Solutions (CBS) stands for Centralized Online Real-time Environment.
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.
What Wikipedia has to say about CBS:
Core banking solutions are new jargon frequently used in banking circles. The advancement in technology, especially Internet and information technology has led to new ways of doing business in banking. These technologies have cut down time, working simultaneously on different issues and increasing efficiency. The platform where communication technology and information technology are merged to suit core needs of banking is known as core banking solutions. Here, computer software is developed to perform core operations of banking like recording of transactions, passbook maintenance, interest calculations on loans and deposits, customer records, balance of payments and withdrawal. This software is installed at different branches of bank and then interconnected by means of communication lines like telephones, satellite, internet etc. It allows the user (customers) to operate accounts from any branch if it has installed core banking solutions. This new platform has changed the way banks are working.