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The full form of CBS is Core Banking System. A branch network of banks known as CBS offers a particular kind of banking service. Core banking is the name of the financial service, which is frequently related to retail banking. Core Banking is a technology that allows customers to access their accounts and carry out straightforward transactions at any of the different locations.
Also Read: How to Make a Successful Career in Banking?
Benefits of CBS
- CBS has made transactions faster than they were before.
- CBS has made it convenient for customers in managing their bank accounts.
- Earlier people were unable to deposit money in another branch and they only have to go to their home branch. But CBS has enabled money deposits to any branch in any city.
- Net banking and Mobile banking facilities that various banks provide, comes under CBS.
Also Read: Career in Digital Banking
Types of Software Used in CBS
In India, there are three types of software used in CBS:
- Finacle
- BaNCS
- Flexcube
Also Read: Mobile App Development Courses
Basic Elements of CBS that Helps Customers:
- Internet Banking
- Mobile Banking
- ATM
- POS & KIOSK Systems
- Fund Transfers- NEFT, RTGS
In order to provide a comprehensive banking solution, core banking is currently being expanded to serve both corporate clients and retail banking consumers.
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