T24 banking software is the future of banking

Posted by Lisa Williams on November 5th, 2019

Core Banking System (CBS) is the backbone of the bank, a foundation on which the entire working structure of the bank depends. It is the principal software which has entries for all the financial activities and transactions that are done by the individual. Below are the differences between core banking and online banking.

Core banking Vs. Online Banking

• Core banking supports multiple platforms and serves several structures like branches of banks, ATMs, etc.
• Online banking is a single structure which provides support to the customers by allowing them to access their accounts and make transactions online.
• The term core banking is an IT solution performed in a bank, which includes all the essential and required banking functions.
• Online banking is a portal or a point where two subjects or entities meet and communicate. It hardly requires the presence of any working staff members.
• T24 core banking is a collection of required details of an account holder from various branches via a centralized process.
• Online banking and its services are available for the customers to use.
• Core banking software and its services are mainly for bank officials.

It involves accommodating the account holder’s details so that the data of the account owner can be accessed from various regions and platforms, and not just from the single branch where it was opened initially. T24 banking software is truly effective at providing everywhere banking service to its users. Bank officials make use of the platform to make various transactions and to carry out various financial activities.

A fabulous core banking system serves the banking structure in a number of ways:

• CBS improves employee productivity and diminishes the chances of human error.
• It also helps and supports the feature to rectify errors (if any).
• CBS implementation establishes a strong relationship with its users.
• Core banking solutions often come with a mixed application that is useful for the analysis of an enterprise. This helps in obtaining the relevant information which can be utilized in quickly improving the concerned issues.
• It has made banking services better and smarter. The services are now transparent and accessible for consumers.

It has also altered the banking industry positively- all the banks are now working towards providing the best service to their customers. It has been advantageous for the banks financially as it reduces the labour cost in the system by automating numerous old-fashioned banking processes. It also cuts down the infrastructural, working and maintenance costs by providing all the essential banking services online.