Explain the reasoning in brief on the following statements: "Core Banking is the Nerve Centre of any Banking Operation".

Core banking is the Nerve Centre of any banking operation. In core banking, customer of a specified branch of a particular area is a customer of the entire bank spreading its branch network across the world. Advantages: The CBS process is beneficial both to the customers and the banks in the following ways: 1. Customer Transaction of business can be effected from any branch, and there are less number of errors. Therefore higher accuracy in transactions can be achieved and better funds management can be done due to immediate availability of funds. 2. Banks There is standardization of process in the bank. Better customer service leads to customer retention and increased customer dealings. Availability of exact and precise data & better use of available infrastructure are possible. Better MIS and reporting to external agencies such as Govt., RBI, etc. can be achieved. Moreover, increased business volume with better asset liability management will be in place.