CORE BANKING PROCESSES INDEPTH: Part1

This section will take your learning indepth about core banking processes.
Following banking processes typically come under umbrella of core banking.
1. CUSTOMER CREATION
a) Retail or Corporate Customer : Adding details of customer, personal details ,
demographic details (Please read KYC norms ). Core applications provide
multiple
online checks like SDN check , AML check , deduplication etc before creation of
customer. Point to be noted that information to be captured for a retail
customer and corporate will be different.Generally vendor applications paint
the screen basis the customer type.
b)Power of attorney capture:the person who will have authority to act/ do
transactions on behalf of original customer.
c) Signature Capture: Core banking applications provide facility to add
signature,photos of Customer and POA , which will be stored online. Whenever
any transaction will be done by the customer then bank user can match the
signatures.
In case of multiple signatories in corporate scenario there can be rule for
signatures basis the account , amount etc
d) Others: defining special rates , special charges for customer. it will be
applied when this customer will do any transaction.
After saving all the details(general the demographic details) system generates an unique number called CIF (customer information file)number. Bank will attach all the accounts for this customer to this CIF. Now a days CIF solutions are very important to have 360 degree view of the customer.
All the accounts assets/liabilities across the Banking services uses the same CIF so that a single view of customer can be presented and enhance cross selling.