Economic Reporter :
Sonali Bank Limited, the country’s largest public commercial bank, has already installed Core Banking Systems (CBS) in its 502 branches across the country with a view to facilitating the prompt real time online services for its customers.
The bank signed a contact with the Banking and Financial Institution Division of Finance Ministry recently.
The bank would complete installation of CBS in its 1207 branches by the year of 2016. The bank has been working for the past two years on transforming the banking industry into a digital one replacing the age-old manual and time-consuming systems to draw more customers and gain more profit in the coming days.
CBS records transactions, maintain customer information, calculate interests on loans and deposits. The data, instead of huge ledgers, are stored in databases in digital form. The same software can be installed in various branches of a bank and can be interconnected through the Internet or telephone lines to form a core-banking network of the bank.
The advantage is, a customer can operate his or her account from any branch of a bank and if the bank has Internet banking or ATM facilities, then operation of any account is possible from virtually anywhere.
Sonali Bank Limited, the country’s largest public commercial bank, has already installed Core Banking Systems (CBS) in its 502 branches across the country with a view to facilitating the prompt real time online services for its customers.
The bank signed a contact with the Banking and Financial Institution Division of Finance Ministry recently.
The bank would complete installation of CBS in its 1207 branches by the year of 2016. The bank has been working for the past two years on transforming the banking industry into a digital one replacing the age-old manual and time-consuming systems to draw more customers and gain more profit in the coming days.
CBS records transactions, maintain customer information, calculate interests on loans and deposits. The data, instead of huge ledgers, are stored in databases in digital form. The same software can be installed in various branches of a bank and can be interconnected through the Internet or telephone lines to form a core-banking network of the bank.
The advantage is, a customer can operate his or her account from any branch of a bank and if the bank has Internet banking or ATM facilities, then operation of any account is possible from virtually anywhere.
