<s>
Core	B-Application
banking	I-Application
is	O
a	O
banking	O
service	O
provided	O
by	O
a	O
group	O
of	O
networked	O
bank	O
branches	O
where	O
customers	O
may	O
access	O
their	O
bank	O
account	O
and	O
perform	O
basic	O
transactions	O
from	O
any	O
of	O
the	O
member	O
branch	O
offices	O
.	O
</s>
<s>
Core	B-Application
banking	I-Application
is	O
often	O
associated	O
with	O
retail	O
banking	O
and	O
many	O
banks	O
treat	O
the	O
retail	O
customers	O
as	O
their	O
core	B-Application
banking	I-Application
customers	O
.	O
</s>
<s>
Core	B-Application
banking	I-Application
covers	O
basic	O
depositing	O
and	O
lending	O
of	O
money	O
.	O
</s>
<s>
Core	B-Application
banking	I-Application
functions	O
will	O
include	O
transaction	O
accounts	O
,	O
loans	O
,	O
mortgages	O
and	O
payments	O
.	O
</s>
<s>
Banks	O
make	O
these	O
services	O
available	O
across	O
multiple	O
channels	O
like	O
automated	O
teller	O
machines	O
,	O
Internet	B-Application
banking	I-Application
,	O
mobile	O
banking	O
and	O
branches	O
.	O
</s>
<s>
Banking	B-Application
software	I-Application
and	O
network	O
technology	O
allows	O
a	O
bank	O
to	O
centralise	O
its	O
record	O
keeping	O
and	O
allow	O
access	O
from	O
any	O
location	O
.	O
</s>
<s>
Core	B-Application
banking	I-Application
became	O
possible	O
with	O
the	O
advent	O
of	O
computer	O
and	O
telecommunication	O
technology	O
that	O
allowed	O
information	O
to	O
be	O
shared	O
between	O
bank	O
branches	O
quickly	O
and	O
efficiently	O
.	O
</s>
<s>
Before	O
the	O
1970s	O
it	O
used	O
to	O
take	O
at	O
least	O
a	O
day	O
for	O
a	O
transaction	O
to	O
reflect	O
in	O
the	O
real	O
account	O
because	O
each	O
branch	O
had	O
their	O
local	O
servers	O
,	O
and	O
the	O
data	O
from	O
the	O
server	O
in	O
each	O
branch	O
was	O
sent	O
in	O
a	O
batch	O
to	O
the	O
servers	O
in	O
the	O
data	B-Operating_System
center	I-Operating_System
only	O
at	O
the	O
end	O
of	O
the	O
day	O
(	O
EOD	O
)	O
.	O
</s>
<s>
Over	O
the	O
following	O
30	O
years	O
most	O
banks	O
moved	O
to	O
core	B-Application
banking	I-Application
applications	O
to	O
support	O
their	O
operations	O
creating	O
a	O
Centralized	O
Online	O
Real-time	O
Exchange	O
(	O
or	O
Environment	O
)	O
(	O
CORE	O
)	O
.	O
</s>
<s>
This	O
meant	O
that	O
all	O
the	O
bank	O
's	O
branches	O
could	O
access	O
applications	O
from	O
centralized	O
data	B-Operating_System
centers	I-Operating_System
.	O
</s>
<s>
Computer	O
software	O
is	O
developed	O
to	O
perform	O
core	O
operations	O
of	O
banking	O
like	O
recording	O
of	O
transactions	O
,	O
passbook	B-Operating_System
maintenance	O
,	O
interest	O
calculations	O
on	O
loans	O
and	O
deposits	O
,	O
customer	O
records	O
,	O
the	O
balance	O
of	O
payments	O
,	O
and	O
withdrawal	O
.	O
</s>
<s>
This	O
software	O
is	O
installed	O
at	O
different	O
branches	O
of	O
the	O
bank	O
and	O
then	O
interconnected	O
by	O
means	O
of	O
computer	B-Architecture
networks	I-Architecture
based	O
on	O
telephones	O
,	O
satellite	B-Application
and	O
the	O
Internet	O
.	O
</s>
<s>
Gartner	O
defines	O
a	O
core	B-Application
banking	I-Application
system	I-Application
as	O
a	O
back-end	O
system	O
that	O
processes	O
daily	O
banking	O
transactions	O
,	O
and	O
posts	O
updates	O
to	O
accounts	O
and	O
other	O
financial	O
records	O
.	O
</s>
<s>
Core	B-Application
banking	I-Application
systems	I-Application
typically	O
include	O
deposit	O
,	O
loan	O
,	O
and	O
credit-processing	O
capabilities	O
,	O
with	O
interfaces	O
to	O
general	O
ledger	O
systems	O
and	O
reporting	O
tools	O
.	O
</s>
<s>
Core	B-Application
banking	I-Application
applications	O
are	O
often	O
one	O
of	O
the	O
largest	O
single	O
expenses	O
for	O
banks	O
and	O
legacy	O
software	O
is	O
a	O
major	O
issue	O
in	O
terms	O
of	O
allocating	O
resources	O
.	O
</s>
<s>
Many	O
banks	O
implement	O
custom	O
applications	O
for	O
core	B-Application
banking	I-Application
.	O
</s>
<s>
Others	O
implement	O
or	O
customize	O
commercial	O
independent	B-Application
software	I-Application
vendor	I-Application
packages	O
.	O
</s>
<s>
Systems	O
integrators	O
implement	O
these	O
core	B-Application
banking	I-Application
packages	O
at	O
banks	O
.	O
</s>
<s>
Open-source	O
Technology	O
in	O
core	B-Application
banking	I-Application
solutions	I-Application
or	O
software	O
can	O
help	O
banks	O
to	O
maintain	O
their	O
productivity	O
and	O
profitability	O
at	O
the	O
same	O
time	O
.	O
</s>
<s>
While	O
there	O
is	O
no	O
consensus	O
or	O
a	O
public	O
register	O
on	O
the	O
actual	O
Core	B-Application
Banking	I-Application
Providers	O
,	O
various	O
market	O
research	O
companies	O
like	O
Gartner	O
or	O
Forrester	O
Research	O
release	O
annual	O
deal	O
surveys	O
mentioning	O
platform	O
deals	O
.	O
</s>
