In the banking sector, we cannot argue that technology is not merely a mode of automating processes. It has made banking products & services affordable and accessible; concurrently ensuring practicality and profitability due to the processes of customization leading to improve operating margins. It allows transactions to take place faster and reduces costs. Several advantages have been cited with technology use. It enhances choices, creates new markets, improves productivity, gives customer satisfaction and has a multiplier effect.  Technology has become a speeding light which has the ability to penetrate the banking services and products to large sections of the excluded society by bringing them into the formal financial system in the most cost effective manner. The emergence of core banking technology enables banks and other financial institutions to create better market infrastructure and to implement reliable techniques for risk control. This technology now helps the banking sector experience transformational growth as it opens faster transactions, efficient delivery channels and creates accurate government mandated reports.The effectiveness of technology leads the banking industry to deal positively with the challenges of the new economy.

The core banking solution like MBV8 enables banks to extend the full benefits of inter-branch transaction processing, integrated deposits, loans & GL modules, centralized customer information, excellent security features, ATM interface and mobile banking.

The clients can benefit from this system because it will assist them to access their accounts from any branch, anywhere, irrespective of where they have physically opened their accounts. Technology in the banking sector is both employee and customer friendly. It is easier for them to comply on the regulation and policy efficiently while providing the best service to their customers.

MBWin Core Banking System Has Two Versions: Online Branch System and Centralized Database System.

Both are core banking software designed and developed to support financial institutions of different sizes ranging from small to large. To cater for this wide range of users, the system is highly scalable in terms of software and hardware platforms and modular in terms of applications and functionality. The Online Branch System which runs on an Online but Distributed Environment is highly recommended for smaller branch network institutions while the Centralized Database System is recommended for bigger multi-branch institutions. The MBWin Core Banking Solutions is known for its superb modules for Current Accounts, Savings Accounts, Time Deposits, Share Accounts, Loan Accounts, ATM transactions and Fingerprint Capture. Certainly, its excellent performance in banking makes it all worthwhile to know about its features.

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CIF

This module provides comprehensive information about the customer: his accounts and his past loan history. It also maintains account relations and other contacts of the institution.

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General Ledger

The general ledger module is integrated with the customer accounts part of the system. General ledger accounts are updated in two different ways, manually and automatically. The manual update is done real-time by the teller, who after building and approving a journal, chooses to update the GL accounts. An automatic update of GL accounts is performed by the system, without human intervention at the End-of-Day and End-of-Month.

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Menu Structure

The system provides a classic windows menu structure as a set of speed buttons for access to the most common system functions.

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Product Generator

It allows the user to set up and specify products without the need of re-programming source code.

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Periodic Operations

MBWin handles a number of periodic operations, like interest accrual, report printing, processing of standing orders using the concept of cyclic phases – i.e. End-of-Day, End-of-Month, End-of-Session and End-of-Year.

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Multilingual

It allows the use of up to three languages simultaneously for tellers, customers and for the reports.

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Multicurrency

The multicurrency module caters for customer accounts in multiple different currencies. Operations in each currency are handled in a separate MBWin system, but some of the information is shared. For example it is possible to view accounts of each client in all currencies. Balance Sheet, Income Statement and Trial Balance can be printed consolidated or by currency.

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System Access Control

The system applies the concept of Teller Roles rather than levels. First roles are created and assigned appropriate functionalities, selectable based on the menu structure. Then tellers are assigned one or more roles to provide them access to the menu options they need. Only supervisors can set up the roles and create teller access, rights and restrictions. The access to the system is controlled by teller passwords which the tellers can be forced to change periodically by setting an expiry date.

The most powerful Core Banking system that can be used to dominate any market today is an application designed to be flexible enough to fit into any banking business and other financial institutions. It should be understood that internet and e-commerce have changed the way these organizations do business. The ideal core utility of any system should be useful today as it should be five or 10 years from now. MBWin System has got what it takes to keep up with the demand for a better banking service. It’s internet-ready. It is capable of viewing and printing reports. It is customizable.

Using an intelligent banking application simply boils down to producing relevant and timely statistics to support management decision-making, and often times that’s where MBWin scores the most.

The future is now. Now is the best time to start working together to be in the place where we want to be.

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It should be understood that we would like to shed light on what MBPhil is, its products and services, what they are designed for, so that rural banks will be able to suit their customers’ needs and to match their behavior. As we all know, technology changes practically everything, including the way people transact business with banks. Over the last three or four years, there has been a lot of changes in how rural bank clients behave.

Today, automated teller machine is absolutely not a luxury, and certainly neither are the features that MBv8 and MBWin offer. Interbranch Transaction System for instance comes in handy when transactions are made between two or more branches. The truth is that transactions are carried out this way almost every day in all regions of the country. Hence the need for this and all the other features is now constant.

Banking, whether it’s commercial or rural, is always about service. It’s about keeping people’s money and making them feel safe. While it sounds so simple, it’s not that easy. Perhaps the best way to deal with changes in banking is to set smart goals, write them out and be wise to know the difference between the old and the new, their benefits as you hit the road to success.