The other managed the product lifecycle: origination, servicing, closing. One managed the customer lifecycle: onboarding, servicing/selling, exiting. Creating a digital banking platform that managed the customer data and interfaces and having a separate standalone banking product platform. Under my hat as chief digital officer, the largest change I introduced was to separate “product management” from “customer management”. after marriage) or address much more complex as the bank had to identify all the customer holdings and make updates to different systems. This meant that they ended up with customer management in different places making the simple request of changing a customer name (e.g. The issue for many though is that not all their products are in one platform, often mortgages, credit cards and loans are in separate core banking solutions. For small banks, of course, they needed both customer and product management.
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It was not until I had worked for a core banking software company that I saw a “vendors view” of core banking, one that combined both product management and customer management into one platform. Through the lens of a bank, core banking was essentially product management, a simple definition of core that aligned with my own thinking. The key problem this was solving was that they didn’t have to duplicate customer records with every product. However, by separating customer from the core, banks were able to simplify customer management in one place and start to introduce basic relationship management features. The notion of customer was very simple in core banking where the product was managed. When I worked at tier 1 banks in the UK, back in the 1990s, we had already separated customer and product records into separate platforms.
Depending on the account core banking will apply certain charges and interest based on terms you agreed to when you opened the account. Each time money is taken out core banking debits your account and when money is put in a credit is applied.
When I was asked this question by my wife, I said that core banking is the software that manages accounts be that your current account, deposit or loans. The definition of what core banking actually is depends on the eye of the buyer