A core banking system is the software used to support a bank's most common transactions. Basic Elements of core banking include:

• Making and servicing loans.
• Managing customer accounts and opening new accounts.
• Any branch transactions.
• Processing cash deposits and withdrawals.
• Processing payments and cheques and calculating interest.
• Customer relationship management (CRM) activities.
• Establishing criteria for minimum balances and so on.
• Establishing interest rates and maintaining records for all the bank's transactions.