The banking sector has uplifted the financial management in India. Now, almost every individual has a bank account and they enjoy various services from the bank. Banking has become easier because of the introduction of CBS. CBS has made it convenient for every individual to manage their account from anywhere. If you are unaware of CBS Full Form then it is Core Banking Solution. This solution has made the customer make the banking transaction from anywhere without visiting their respective branch. Earlier, individuals used to visit their account branch for making the transactions but with the introduction of CBS, you can perform banking transactions from anywhere. Now you have become the bank’s customer and not the branch’s customer.
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History of CBS
The Core Banking Solution was introduced after the entry of the latest technology and fast computers. Technologies allow banks to exchange information quickly and in an efficient way. It helped the bank to reduce the manual work and do the daily transaction properly. Nowadays, almost all banks have shifted to core banking applications and do various transactions.
Types of Software Used in CBS
In India, there are three types of software used in CBS and they are:-
Benefits of CBS
There are many benefits of CBS that are used in banking:-
Now you will not have to visit the branch of your bank for making transactions because you can do so from anywhere. CBS has made transactions faster than they were before.
CBS has made it convenient for customer to manage their bank accounts. Now you are the customer of the whole bank and not for a specific branch. You can enjoy banking facilities from any branch irrespective of the city or country.
Earlier, people were unable to deposit money in another branch and they only have to go to their home branch. But CBS has enabled money deposit to any branch in any city.
Avail Banking Service Anywhere
Every bank offers you Net Banking and Mobile Banking facility and you can manage all the activities through it. These services come under CBS that is Core Banking Solution. You can do banking transactions in seconds like NEFT, IMPS, and RTGS Payments.
Now, you know the CBS Full Form in Banking and it is Core Banking Solution. You must also explore the types of software used in CBS other than the full form of CBS. There are some benefits of CBS and it saves time for the individual. On the other hand, the centralized banking solution gives you the freedom to manage your account from any branch.