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Need for an Integrated Core Banking Solution

Banks are today realizing the disadvantages of rushing through with CBS implementation. What is important is that it should be an integrated solution to take care of all the operational issues:

Core Banking Solution (CBS) has become an integral part of any bank to provide better customer service. The final push is on the cooperative sector and as per regulatory requirement all cooperative banks are expected to implement CBS for their banking transactions.
Those banks which have implemented CBS have realized that mere switching over to CBS will not be sufficient to take care of present day banking. It is not the ultimate solution and is not yielding the desired result for all banking technology requirements. Most of the banks have realized that there is a need to go for add-on solutions to meet various new technology requirements, especially in channel solutions like ATM switching, POS, SMS banking, e-commerce, mobile payments, financial inclusion, etc which have become necessary to give better customer service. The Reserve Bank of India has issued new banking licenses to 2 entities and some more are expected in future. All the new banks are supposed to open a certain percentage of their branches in rural and semi urban locations. Any new bank coming into existence has an advantage for opting for the best CBS solution with readily built-in interfaces for all channel solutions. It is generally expected that these new banks will start offering all the latest banking services from day one onwards. This will definitely increase the competition among banks, especially those who are not having these capabilities. This is applicable in the case of some of the cooperative banks, since they have limited availability of technical persons and mostly depend on outside consultants for recommending technology solutions. The situation gets complex by the new trends like financial inclusion, mobile banking, virtual banking, e-commerce, newer modes of payment solutions and social business, use of advanced analytics, convergence banking, etc.
With the introduction of latest technology driven products, the competition among banks for getting business is increasing day by day. In the same way, customer preferences also keep on changing since they compare the services offered by different banks.

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