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CBS stands for Core Banking Solutions. Banks in India use the CBS concept and technology to centralize banking services across its branches. Quite simply, a customer can do transactions from any of the many branches of a bank, they do not need to visit the home branch (branch where bank account was opened) for conducting their business.
CBS is a highly sophisticated and real-time IT infrastructure that links all of the branches of a bank in such a way that customers can access their account details, as well as transact business from any branch.
CBS has completely made branch banking redundant and obsolete.
Core Banking Solutions (CBS) is a comprehensive and highly sophisticated banking platform that allows banks to manage and streamline their core banking activities. Bank’s use proprietary software systems bought from software companies which act as the bank’s CBS.
For instance, HDFC Bank uses Oracle’s FLEXCUBE software as their CBS, State Bank of India (SBI) uses TCS BaNCS, Kotak Mahindra Bank uses Infosys’ Finacle CBS.
Characteristics of CBS:
Mentioned below are some of the leading CBS software systems on the market, along with their developer.
CBS Software | Company / Developer |
Infosys Finacle | Infosys |
Finastra CBS | Finastra |
Oracle FLEXCUBE | Oracle |
EdgeVerve Finacle | EdgeVerve Systems |
Sopra Banking Software | Sopra Banking Platform |
Temenos T24 Transact | Temenos AG |
FIS Profile | Fidelity National Information Services |
FinnOne Neo | Nucleus Software |
CBS from Nelito Systems | Nelito Systems |
Tata Consultancy Services (TCS) BaNCS | Tata Consultancy Services (TCS) |
Wipro Core Banking As-a-Service | Wipro |
Author Bio
This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.
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