So, you want best Core Banking Solution? Part-1
CBS is an acronym for "Core Banking Solution" OR "Core Banking System" OR "Core Banking Software".
Most of the banks and credit societies (Patsanstha) in our country adopted CBS because RBI (Reserve Bank of India) made it mandatory for banks to have core banking in place on or before December 2012.
During that period most of the banks adopted and implemented CBS for the sake of the compliance made compulsory by RBI. In due course, CBS being a major transformation of banking system in our country revolutionized the total banking sector.
Today still banks are looking for CBS, rather for right kind of CBS.
Because, in that period of FIRST ever adoption of CBS, whether banks got right CBS (Core banking solution) or not is the real question they need to find answer today.
For Banks as said this was the first transformation from manual operation to semi-computerization and then to fully automated banks using core system.
At that time banks could only select what was available in the market. Whether the system they selected for core banking was the right choice or bad selection was hidden in the actual usage of the system and evaluation on various parameters over a period of time in future.
Vendors of the CBS and banks who were seeking for CBS both were implementing it for the first time and there were no matured core banking systems available in the market.
The banks who could afford hefty investments selected their Core Banking Solutions from BIG brands looking at brand value rather than looking for other important parameters to be considered for selecting right kind of CBS. The banks that were not in a position to invest heavy amounts for the CBS selected core banking solutions for them looking at colorful brochures and relying on promises made by those respective vendors. There were not many options available in the market, nor were the banks experienced enough in using core banking solutions. But they had to start at some point may be just for the sake of the compliance.
Today most of the banks know what they want and what they do not want from ideal CBS that is core banking solution. That is why banks are again looking for right kind of CBS.
First and most interesting reason is that banks themselves have become smart in using technology and today they want their systems smart too.
There is long list of reasons in particular for looking for right kind of CBS.
Come back again to check what those reasons are, how to select smart and right kind of CBS which performs well and affordable at the same time.