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Why Core Banking Solution is needed? (Any three points brief explanation required) |
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Answer» Improve operational efficiency - reduce cost of operations: Core Banking will provide various alternative delivery service channels, which reduce cost and time taken for the transactions. The centralised process of core banking will also improve efficiency by avoiding duplication of work in posting entries from Branch Office (BO) to Head office and vice versa. Improve customer service: Core Banking will improve customer services by providing services through alternate channels on 24 x 7 basis –ATM, Internet, Phone, SMS and Mobile Banking. Customers would be able to operate their accounts, and avail banking services from any branch on CBS network, regardless of where they maintain their account. Comply with Anti Money Laundering (AML) /Know Your Customer (KYC) requirements: It is easy to comply with anti–money laundering norms through core banking. The AML norms require the Banks to detect when a customer has opened multiple accounts. |
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