Bank core systems play a crucial role in banking operations. It has a profound impact on various aspects of the institution. Right from customer interaction to employee workflow, everything can be regulated with Core banking services.
Long queues and particularly long waiting period for just about any transaction was normal.
Any entry only reflected after more than 24 hours as information went to data centers in batches at the end of the working day.
However, over the next 40 years most banks chose to create a Centralized Online Real-time Exchange or Environment (CORE) to manage their operations, thus giving rise to Core Banking.
In India alone, the number of public sector bank branches with core banking implementation went from 79.4% in March 2009 to 90% in March 2010.
All over the world, the numbers are closing in on cent per cent.According to US-based research and advisory firm Gartner, core banking system (CBS) is basically a back-end system that performs banking transactions on a daily basis and updates accounts and financial records.
It is essentially a bank’s nervous system that if affected can change the bank’s operations drastically.
Core Banking Solutions Market The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Core Banking Solutions Market.
The growth sectors of the Core Banking Solutions Market are identified with precision for a better growth perspective.Core banking is defined as the service that is delivered by a group of networked bank branches to customers.
These services include all important banking activities like account access, debts, loans, money transactions, and payments.
Market Research Future (MRFR) has published and released a research report about the global core banking solutions market that estimates growth for this market with 4% CAGR (Compound Annual Growth Rate) during the forecast period between 2017 and 2023.
It observes the strategies of the key players in the market and follows the competitive developments like joint ventures, new product developments, mergers and acquisitions, research and the developments (R & D) in the market.The major factors that are enhancing the market growth for core banking solutions include cost-effective solutions, customer demand for advanced banking technologies, and the growing need of operating customer accounts from a single server.
The restraints that can restrain the growth of the market include lack of awareness among enterprises of modern banking technologies and no synchronization between core banking solution and global industry expectations.The global core banking solutions market has been segmented on the basis of deployment, solution, service, and lastly, region.
