A core banking system is the software used to support a bank’s most common transactions.
Elements of core banking include:
Making and servicing loans.
Opening new accounts.
Processing cash deposits and withdrawals.
Processing payments and cheques.
Calculating interest.
Customer relationship management (CRM) activities.
Managing customer accounts.
Establishing criteria for minimum balances, interest rates, number of withdrawals allowed and so on.
Establishing interest rates.
Maintaining records for all the bank’s transactions.