Overview

With worldwide operations spanning various countries across continents, we deliver comprehensive inspection, certification, and training services for industrial and infrastructure sectors encompassing power, hydrocarbons, metals and minerals, roads, ports and buildings, and other sectors. Quality management is a critical facet and therefore we are into ISO 9001 Certification, Energy audits, ERDMP, T4S, IMS Audits (PNGRB), Inspection Body Services, Warehouse inspection (WDRA), Safety audits, customised second party audits, and training services for the industrial sector.

We have recently expanded into next-gen technology-enabled services, comprising asset integrity management, project quality management, and drone inspection services. Further we offer additional schemes such as the STAR scheme for security agencies and other QCI schemes. Besides, the business unit has created a new certification services subsidiary called TQ Cert Services Private Limited, which also caters to the emerging areas of Agri, food, Ayurveda, and yoga. We also provide training services for infrastructure organizations.

The business unit serves more than 1000 clients across 40 countries and is reputed for its agility, responsiveness, on-time high-quality service delivery.

We are raising the bar for quality across the industry by ensuring training services for the industrial and infrastructure sectors.

Overview

Overview

Introduction to core banking solutions

Banking has evolved incredibly since its inception. The earliest form of banking was seen in religious temples, where people stored their wealth. Basements of temples were considered the safest place to store wealth in jewels, minted coins, etc. This was the face of banking much before the 18th century.  Fast forwarding to the 21st century, banks are now available at your fingertips and in the nearest neighborhood.

Core banking solutions have enabled the digital transformation of banking institutions, which is the foundation of modern-age banking. It helped provide feasible and easier access to banks and their services. You can easily conduct transactions and make use of banking services at any bank branch, irrespective of where you opened the bank account.

Look for the core banking solutions meaning, and you will find that it is popularly referred to as a technological solution to manage a bank’s operations and services in the back end (or back office).

What is a core banking solution?

A core banking solution (CBS) is a software system banks use to conduct and manage their primary operations. It allows customers to perform transactions from any branch rather than being limited to the branch where they opened their accounts. 

CBS systems handle various banking activities, including deposit accounts, loans, mortgages, payments, and customer information. They also enable real-time updates, ensuring a customer’s account balance and other information are always current and up to date. 

Quick Read: Banking as a Service (Baas): What It Is and Why It Is Important?

Importance of core banking solutions in modern banking

Core banking solutions are pivotal in modern banking as they streamline operations and improve efficiency and customer satisfaction. and operational streamlining. 

They’re crucial for the following reasons:

Real-time processing: CBS systems enable real-time processing and updating of transactions, essential for the bank and customers in today’s fast-paced world.

Flexible banking: Through CBS, banks can provide anywhere, anytime banking services to their customers. Customers can perform banking transactions from any branch or through online platforms, improving convenience and access.

Cost efficiency: CBS systems reduce operating costs by automating many manual processes, making banks more competitive.

Improved customer service: CBS centralizes customer data and offers a more personalized customer experience. 

Risk management: CBS systems help asses risks and detect fraud by providing a comprehensive view of customers’ activities.

Benefits of core banking solutions

The advantages of core banking solutions range from offering the ability to scale and adapt to changing banking needs and technologies to meeting the increased customer demands.

Moreover, CBS integrates with third-party applications and services, enabling banks to provide a broader range of services and improve their overall offerings. The integration can include anything from payment gateways to financial technology (FinTech) services, enhancing the bank’s capabilities and customer experience.

Types of core banking systems

Several core banking solutions cater to different needs and aspects of banking operations. 

Here are some of the main types:

Retail banking systems serve individual consumers rather than businesses. These systems manage personal accounts, loans, mortgages, and other retail banking services. They’re customer-centric and designed to manage massive transaction volumes.

Corporate banking systems empower corporate or business banking to handle services such as corporate credits, treasury operations, and trade finance. They cater to large transaction volumes and more complex needs of corporate clients.

Universal banking systems manage both retail and corporate banking services. They are ideal for large banks that serve a variety of customer types and offer a wide range of services.

Private banking/wealth management systems handle services such as tax planning, investment management, and estate planning, and they often need to support high customization levels to meet the needs of high-net-worth individuals.

Quick Read: Corporate Credit Cards: Types, Benefits, Uses and Process

Components of core banking solutions

CBS consists of several components, each addressing a specific aspect of banking operations. 

Here are some critical components:

Customer relationship management (CRM) helps manage all aspects of a bank’s customer relationships. It identifies potential customers, manages existing relationships, and provides superior customer service.

Deposit and loan management handles all aspects of deposit and loan products, including account creation, interest calculation, payment processing, and more.

Payment and transaction processing covers all monetary transactions, including deposits, withdrawals, fund transfers, and bill payments. It ensures that all transactions are processed accurately and efficiently.

Risk management and compliance help banks identify, assess, and manage various risks, including credit, market, and operational risks. It ensures compliance with various banking regulations and standards.

Financial reporting and analysis allow banks to generate financial reports for internal and external use. It provides insights into the bank’s financial health and helps in decision-making.

Security module ensures the security of the banking operations, data, and transactions. It includes encryption, user authentication, and access control to prevent unauthorized access and fraud.

Core banking solutions architecture

CBS architecture is typically designed as a multi-tiered structure that facilitates scalability, performance, and security.

Data layer forms the base where all the bank’s data, including customer information, transaction details, and account data, are stored securely.

Business logic layer contains the core functionality of the banking system. It processes transactions, manages accounts, and handles all the banking operations.

Application layer sits above the business logic and interacts directly with the end-users, bank employees, or customers using digital platforms. It includes user interfaces and applications for various banking services.

Integration layer enables communication with external systems, like ATMs, payment gateways, mobile banking apps, etc.

Each layer communicates with the others as needed, ensuring smooth and efficient operations. It allows banks to upgrade or modify one layer without affecting the others, making it easier to adapt to changes and advancements in technology.