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“Core Banking” refers to the activities a bank generally undertakes. “Core Banking Process for a bank” is thus a generic term for the complete administration of transactions for the bank through a central database.
In an ideal core banking scenario, all products, processes, channels and customer relationship management tools are integrated and administered via a central database of the bank with branches and channels as delivery points.
This enables cross selling, data integration for various purposes such as cross selling, CRM, Regulatory Reporting and internal MIS all at considerably lower cost. Having capability to administer all its transactions via core banking, a bank may select which activities to transact via core banking and which not. Regulators may also define the scope of administration of core banking in their jurisdiction.
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