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What are the usage of Incore Terms in Banking?

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Question added by PRADEEP CHANDRASEKARA , Accountant (Receivables & Banking Relations) , AZIZI Developments LLC
Date Posted: 2016/09/05
Bhupendraa Bramhe
by Bhupendraa Bramhe , Principal Business Analyst , AgreeYa Solutions India Pvt. Ltd.

Core Banking is centralization on banking activities. There was a time, prior to wide use of internet, banking activities such as deposits, withdrawal, etc. were limited to only the base branch (the branch where the account belongs to). 

But now you can do all that from anywhere you wish. Not only the same banks but different banks as well. 

As for the working is concerned, every bank has it's own data center, so same banking activities are handled with it. 

SUHA ABUGHOSH
by SUHA ABUGHOSH , CFRP® CCRP® CIM®, CRBP® | AML| Compliance | Risk Management |Retail And Investment Management , Non-Governmental Organizations (NGOs), AMMAN – JORDAN

i believe INCORE  terms in banking are the group of polices and procedures that organize and regulate the services provided by a group of networked bank  branches where customers may access their bank accounts and perform banking transactions from any member branch or office.

 These procedures often handle  the following 

  • Customer relationship management .
  • The ability to originate new products and customers
  • Banking analytics including risk analysis, profitability analysis and provisions for capital reserve allocation and collateral management
  • Banking finance including general ledger and reporting
  • Banking channels such as teller systems, side counter (sales) applications, mobile banking and online banking solutions
  • Best practice workflow processes
  • Content management facilities
  • Governance and compliance capabilities such as internal controls management and auditing
  • Security control and audit capabilities

 

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