Core Banking Solutions
EXECUTIVE SUMMARY
Title of the Project: Importance And Applications Of Core Banking Solutions (CBS)
Objectives of the Project Work: The major objectives of this project work are to: • To evaluate the advantages and disadvantages of CBS over traditional banking system • To explore the technology used in CBS with special reference to Shreyas Grameen Bank. • To identify and discuss various issues related with the automization of Banks. • To define various Core Banking Services provided by Indian Banks. • To identify and determine the causes of CBS becoming a nightmare. • To determine the effects of the implementation of CBS on consumers, banks and the economy as a whole. • To proactively identify the performance implications for future business goals and needs.
Rational behind the Project Work: At the outset, I would like to quote Bill Gates who has very rightly summarized the significance of technology in today’s world and I quote “The first rule of any technology used in a business is that automation applied to an efficient operation will magnify its efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency. We have traversed a long way from the Industrial revolution to the IT revolution; and banks have benefitted a lot from this technological revolution. Information Technology (IT) is a catalyst for the development of sophisticated products, evolution of better market infrastructure and the implementation of reliable techniques for risk management. The most significant impact of IT has been the manner in which it has facilitated financial transactions across the globe.. Effective use of technology has a multiplier effect on growth and development of the economy. IT plays a fundamental role in banking. By introducing the possibility of online financial transactions, IT in banking has immensely scaled up the level of activity by making
Title of the Project: Importance And Applications Of Core Banking Solutions (CBS)
Objectives of the Project Work: The major objectives of this project work are to: • To evaluate the advantages and disadvantages of CBS over traditional banking system • To explore the technology used in CBS with special reference to Shreyas Grameen Bank. • To identify and discuss various issues related with the automization of Banks. • To define various Core Banking Services provided by Indian Banks. • To identify and determine the causes of CBS becoming a nightmare. • To determine the effects of the implementation of CBS on consumers, banks and the economy as a whole. • To proactively identify the performance implications for future business goals and needs.
Rational behind the Project Work: At the outset, I would like to quote Bill Gates who has very rightly summarized the significance of technology in today’s world and I quote “The first rule of any technology used in a business is that automation applied to an efficient operation will magnify its efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency. We have traversed a long way from the Industrial revolution to the IT revolution; and banks have benefitted a lot from this technological revolution. Information Technology (IT) is a catalyst for the development of sophisticated products, evolution of better market infrastructure and the implementation of reliable techniques for risk management. The most significant impact of IT has been the manner in which it has facilitated financial transactions across the globe.. Effective use of technology has a multiplier effect on growth and development of the economy. IT plays a fundamental role in banking. By introducing the possibility of online financial transactions, IT in banking has immensely scaled up the level of activity by making