Banking Exam Question - What is Core Banking System (CBS)? What are the Major Challenges of CBS in Nepal? Explain

Introduction - Core Banking System & It's Challenges

Core banking is a banking service provided by a group of networked bank branches where customers can access their bank account and perform basic transactions from any of the member branch offices. Used by computer and to be used to provide service to customer is called CBS. 

The main challenges of the core banking system (CBS) are as follows:

• Data security problem will occur when there is no power supply in the database
• Due to the dependence on the ISP, the problem of daily trading can be created
• The problem of Internet and Network can be a problem in rural and widespread places
• Due to a web-based application, security issues may arise
• The business of the closure can generate a long time to complete the work of the office
• CBS's lack of knowledge, skill and efficiency
• Computer, UPS, generator, router, switch, printer, server can be more expensive
• Problems with IS and System Audit
• Any Branch Banking Services (ABBS) business is more likely to be Fake in Fraud
• Expensive and expensive technology
• To integrate to the system, fill in the software vendor.