DESIGN OF STUDY

Objective
The following were the objectives which I had set for my project Bank Marketing To understand what is core banking and study core banking services. To understand the meaning of such services.

To understand the importance of these services in the day to day life of common man. To study customer awareness with respect to core banking.

Sources of data
The primary data was collected from 2 professionals in the banking field. I interviewed them personally and this helped me to enhance my practical understanding of the topic. The secondary data was collected from the websites, books and magazines.

Methodology used for project

The methodology used in the project in the project for collecting data is secondary data. Secondary data involve collection of all the relevant information from known published sources.

CORE BANKING - INTRODUCTION

What is core banking? Core banking has historically meant the critical systems that provide the basic account management features and information about customers and account holdings. Core Banking is normally defined as the business conducted by a banking institution with its retail and small business customers. Many banks treat the retail customers as their core banking customers, and have a separate line of business to manage small businesses. Larger businesses are managed via the corporate banking division of the institution. Core banking basically is depositing and lending of money. Nowadays, most banks use core banking applications to support their operations where CORE stands for "centralized online real-time environment". This basically means that the entire bank's branches access applications from centralized datacenters. This means that the deposits made are reflected immediately on the bank's servers and the customer can withdraw the deposited money from any of the bank's branches throughout the world. These applications now also have the capability to address the needs of corporate customers, providing a comprehensive banking solution. A few decades ago it used to take at least a day for a transaction to reflect in the account because each branch had their local servers, and the data from the server in each branch was sent in a batch to the servers in the datacenter only at the end of the day (EoD). Normal core banking functions will include deposit accounts, loans, mortgages and payments. Banks make these services available across multiple channels like ATMs, Internet banking, and branches.

HISTORY OF CORE BANKING IN INDIA

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The major objectives of bank automation are better customer service, flawless book keeping and prompt decision-making that leads to improved productivity and profitability. The concept of bank automation started in the year 1981, but it was during the period 1984-1987 banks in India started the branch level automation, making use of the then available MSDOS based stand alone computers. This initiative was taken by the banks on the basis of First Rangarajan Committee report on bank computerization submitted in the year 1984. ALPMs (Advanced Ledger Posting Machines) were the fashion in those days. However, the pace of bank automation was very slow in the banks primarily owing to the lack of trade union consensus on bank automation. Another committee was constituted in 1988 under the chairmanship of Dr. C Rangarajan, the then Deputy Governor of RBI to slate down a perspective plan on automation of banks for a five year period. This paved way to the implementation of multi-user Total Branch Automation packages running on a LAN (Local Area Network), either on a Netware or a UNIX operating system. With the implementation of TBA, banks started to offer the facilities of exclusive Customer Terminal, Single window transaction, on-line and off-site ATMs, TeleBanking etc. But with the advent of new generation private sector banks in India during 1994-1996, the real era of bank marketing started and these banks started to offer any where and any time banking facilities to its customers. This was possible for them mainly owing to the fact that they opted for the implementation of a WAN (Wide Area Network) based centralized banking solution rather than a LAN based branch banking solution to network their limited number of branch outlets. The old generation banks in India hesitated to follow this banking fashion on account of its large network of branches on one hand and the then prevailing exorbitant IT cost on the other hand. But with the globalisation and liberalisation of Indian market and with the enactment of TRAI (with a mission to create and nurture conditions for growth of telecommunications in the country in a manner and at a pace which will enable India to play a leading role in emerging global

information society) during the late nineties, there happened a drastic reduction in IT cost.

Improved telecommunication facilities and reduction in hardware as well as networking cost changed the mind set of the banks in India to try the CBS option. This also equipped them with the required technology leverage to compete in the Indian market by offering the similar technology products and services, as those offered by their new generation competitors.

FEATURES OF CORE BANKING

Modern packaged core banking platforms are typically more holistic and often include these features as well as:

Customer relationship management features including a 360 degree customer view. The ability to originate new products and customers. Banking analytics including risk analysis, profitability analysis and provisions for capital reserve allocation and collateral management. Banking finance including general ledger and reporting. Banking channels such as teller systems, side counter (sales) applications, mobile banking and online banking solutions. Best practice workflow processes. Content management facilities. Governance and compliance capabilities such as internal controls management and auditing. Security control and audit capabilities.

ADVANTAGES OF CORE BANKING

Limited Professional Manpower to be utilized more effectively. Customer can have anywhere, more convenient and easier banking. ATM, Internet Banking, Mobile Banking, Payment Gateways, Referral Business.
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More Strong and economical way for MIS. Reduction in Branch Manpower by 15-20%. Additional Manpower available for Marketing, Recovery and Personalized banking. Instant Information availability for decision support. Quick and Accurate Implementation of Policies. Improved Recovery Process causing reduction on recovery costs, NPA Provisions. Innovative, redefined or improved processes (e.g. Inter Branch Reconciliation) causing reduction in Manpower at Head Office Reduction in Software maintenance at Branch and Head Office. Centralized Printing and backup resulting in reduction in capital and revenue expenditure on printing and backup devices and media at branches.

CORE BANKING SOLUTIONS

Core banking solutions are banking applications on a platform enabling a phased, strategic approach that is intended to allow banks to improve operations, reduce costs, and be prepared for growth. Implementing a modular, componentbased enterprise solution facilitates integration with a bank's existing technologies. An overall service-oriented-architecture (SOA) helps banks reduce the risk that can result from manual data entry and out-of-date information, increases management information and review, and avoids the potential disruption to business caused by replacing entire systems.

Core banking solutions are new jargon frequently used in banking circles. The advancement in technology, especially Internet and information technology has led to new ways of doing business in banking. These technologies have cut down time, working simultaneously on different issues and increasing efficiency. The platform where communication technology and information technology are merged to suit core needs of banking is known as core banking solutions. Here, computer software is developed to perform core operations of banking like recording of transactions, passbook maintenance, and interest calculations on loans and deposits, customer records, balance of payments and withdrawal. This software is installed at different branches of bank and then interconnected by means of communication lines like telephones, satellite, internet etc. It allows the user (customers) to operate accounts from any branch if it has installed core banking solutions. This new platform has changed the way banks are working. Gartner defines a core banking system as a back-end system that processes daily banking transactions, and posts updates to accounts and other financial records. Core banking systems typically include deposit, loan and creditprocessing capabilities, with interfaces to general ledger systems and reporting tools. Strategic spending on these systems is based on a combination of serviceoriented architecture and supporting technologies that create extensible, agile architectures.

APPLICATIONS OF CORE BANKING

Today Urban Co-operative Banks are facing stiff competition from Private Sector and Multinational Banks. The Urban Co-operative banks have upper hand in terms of services with human-touch, with very tightly knit relationship with the customer. However with fast-track lifestyles, customer needs are growing at much faster pace and UCBs are finding it difficult to cope up with it. At the same time with a strongly built setup of professionals and state of the art technologies, Private Sector Banks have already made a dent, in the market segment which is still dominated by Co-operative Banks and they are successful in providing much more effective and innovative products to the customers at much laser costs and blazing speed. The customer, in the process is switching loyalties and the swing is certainly towards PSBs.
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UCBs now need to upgrade their total infrastructural facilities in order to face this challenge. The infrastructural setup of UCBs is very much analogous with a Load Bearing Structure which was an age old technique of constructing buildings in the previous century while today we need to build the buildings with much more scientific method of construction which is widely accepted as RCC Structure. These structures can sustain much more load, impacts and shocks and at the same time can be built to great heights. In the same analogy UCBs need to make major structural changes in the setup and information technologies are to be used as steel bars forming the core of the structure. In a nutshell UCBs are more close to the customer but with poor ability to grow at the same time PSBs are strongly built to grow may be with pure commercial relationship with customer and a selfish agenda in mind. To ensure that UCBs can maintain customer loyalty, gain a competitive edge and meet the challenges of a changing market, banks need to build strong information technology infrastructure. If the UCBs upgrade their infrastructure with strong IT setup and revolutionary changes in management setup and rise to the level at par with PSBs then they will certainly have an edge over PSBs in terms of relationship based banking because UCBs basically have a socio-commercial view towards Customers and not purely commercial focus which is the ultimate goal of people who promote or control PSBs. Present State of Technology being used. Information Technology has become an essential and integral part of banking. As a result, during last five years UCBs have realized the need to create IT infrastructure in order to have a competitive edge. But with limitations on capital budgets on hand and skilled, professional and IT enabled manpower, the result is inadequate IT infrastructure to face the challenges. UCBs tried applications developed by vendors who had limitations on technical capabilities, banking domain knowledge and ability to assimilate needs of the changing hour. These systems proved to be inadequate as well incompatible with the business needs except a few gains of saving labor in routine work. The management of the banks who were suppose to be the major beneficiaries had very marginal gains while employees at the front office were relived to a great extent in the labor and customers were benefited to some extent by way of few quicker services such as service at the counters for routine transactions, delivery of passbooks, statement of accounts, demand drafts, and
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better accuracy in interest calculations etc. UCBs have numerous vendors with varied technologies used with different level of comfort for end users. Multilocational or distributed location of data, ineffective back office activities, Management Information Systems with poor speed in gathering data and questionable accuracy. At the same time state of IT in PSBs is very different. They have implemented and Integrated leading edge retail banking systems, have improved overall management and appearance of documentation, have centralized databases resulting in quick gathering of data. And are using above systems for better risk cover, customer relations management, better identified and understood opportunities, promoted credit card services, introduced internet based primary banking services. In short those who have taken lead in making most of available technology will gain in market share and advantage in an increasingly competitive market. Those satisfied with the status quo are left behind and have threat to disappear altogether. Considering the future it is proposed to have a centralized solution which offers advantages over existing system in following areas

ELEMENTS OF CORE BANKING

By and large a typical traditional core banking system would be composed of five components: 1. Customer Information File 2. General Ledger System 3. Transaction processing
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4. Plain Vanilla Loans and Deposits Systems 5. Basic MIS reporting

Based on systems available in the market, we have classified them into five levels, primarily on the basis of the functionality offered with level one being the most traditional system offering basic functionality and level 5 being the latest state of the art systems with advanced features. CIF GL Transaction engine and Posting Level 1 Loans System Deposits System CIF GL Transaction engine Level 2 CIF GL Transaction engine Retail Loans System Deposit System Trade Finance Report Writers Level 3 Trade Finance CIF GL Transaction engine Retail + Corporate Loans + Deposit System Report Writers Services Based Architecture CRM Internet Banking Systems have been classified on the basis of functionality available for addressing needs of various business lines. Most systems from Level 3 onwards can be classified as mature systems, which offer a moderate spread of functionality required to run a medium sized bank efficiently. Systems falling in level 4 and beyond can be classified as more advanced system primarily aimed at large banks operating in multiple business-lines and offering a large gamut of products and services to its customers. These banks would typically be amongst the larger banks in the country or the sector they operate in.
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So is by default a higher level system always preferred? - a classic trap most banks tend to fall into. A system sought by a bank should depend purely on the suitability of a solution to their current needs and those in a perceptible future. Hence, quiet clearly a system in a higher level does not really mean it is best suited if the features it offers are not required and are not likely to be used by the bank however fancy it might sound to have them. The bank needs to look at its own usage pattern in the current scenario and in near future, which should ideally span for around 5-7 years in our opinion. The objective is to look at your requirements and device an evaluation strategy, which suits the banks business rather then looking at what other banks bargained for when they replaced their systems. This is where business and IT need to come into unison, much before the evaluation process starts.

RISKS HOW TO EVALUATE ACORE BANKING SOLUTION? HOW TO START THE PROCESS?
As analysts put it, changing a core banking system for a running bank is like changing the engine of a 747 Jet mid air! The success or failure of such project often has a career altering effects on the people involved. Research by some analyst indicate that as low as 25% of the total core banking projects embarked upon are completed successfully keeping with the schedule. Once having decided to go through with the initiative, the due diligence at the banks side commences with first selection of the vendor and then a few steps which usually need to be taken to mitigate risks.

Key Product / Vendor Selection Criteria

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The project usually kicks off with a vendor briefing where the banks lay down their intent on seeking a core banking software, approximate timelines when the project is expected to go live and so on. Interested vendors would be requested to furnish details about themselves, the product, existing customers etc. This is the first level screening. An RFP which is prepared in consultation with various business teams within the bank gets circulated to these short-listed vendors. The RFP response by a vendor often is a good estimate of the percentage fit of the product to the banks requirement. Banks also often fall into the trap of making an extensive RFP covering every small aspect of banking and operations. In our opinion, this often tends to dilute the focus from the crucial areas. It sometimes is much better to ask only crucial questions on important functionalities and expect elaborate descriptive answers. This often leads to a better understanding of the actual functionality in the product. Questions leading to or referring to this functionality can be asked in a way, which would elicit more information on the required module. The crux in our opinion is to avoid asking elementary questions on functionality, which you would anyway expect the product to have to have after the first level of screening. This will help in keeping the RFP crisp which would assist none other than the bank itself during the later stages of evaluation. Based on the responses, the short-listed vendors would be invited for a POC. Some banks also give scripted scenarios to be shown during the POC this not only gives a better idea of the product capabilities from its own perspective but also helps in keeping the POC exercise on track. What are the key parameters does the bank need to look into?

Functionality
In any core banking replacement exercise, business has an over-whelming say in selection of a package. The reasons for this being quite obvious it is finally the business which pays for the solution! Hence the business aims at ensuring that they actually drive the technology rather than the technology driving them. Bulk of all POCs have most sessions on functional strength of the product. Areas to look into are modules which support the existing lines of business, adaptability to best practices of business, operational procedures (STP,
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ease of use etc), user interface, Parameter set-ups in the product, scope for customization to suit bank specific requirements, and last but not the least, support for current and future regulatory reporting. Broadly, the system should be configurable, so that the bank can create new products and adjust product terms, pricing, processing etc. Configuration should not require any programming to change the product characteristics. This should be achieved through simple parameter changes, changes to business rules definition. The aim should be to ensure that close to 70-75% of the business requirements are met.

Technology
By the time technology tracks during a POC start, the bank already has a good idea of the product fit at this stage. The aim here should be to ascertain the use of proven technology platforms, robust and a scalable architecture, and a nonresource hungry solution. Other point which the bank may also want to consider is the availability of resources with the required skill sets to maintain the system in future. The buzzword in technology these days is the Component Based Architecture. This is basically a design characteristic, which breaks down the system functionality into the simplest grass root level so as to make it available across the enterprise. E.g. .A Component based architecture reduces complexity in the product, enables faster product development and also brings in more agility into the solution to integrate across different solutions belonging to different vendors in the same bank. A solution with this architecture is certainly preferred over the traditional ones. Some of the other crucial areas to evaluate a solution on are 24X 7 capabilities, fall-back mechanism, scalability, (ability to process maximum number of transaction of a certain mix in a given time), Resilience (Level of certainty that the transaction entered will be executed in the system) etc. Better architected system will support multithreaded messaging with failover characteristics, leading to higher transaction confidence rates and minimum down-time,

Costs

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Commercial discussions typically occur with the selected few vendors much after the short listing from the POC. These typically are those vendors who have cleared all the above criteria and are generally not more than two or three in numbers.

Vendor Viability
As indicated earlier, by selecting a solution and a vendor, the bank virtually gets into a relationship, which could have long lasting impact on functioning of the bank. Selection of a vendor who is and would remain financially viable in the long run and is not dependent on a few customers for survival is crucial. Apart from pure financial viability, technical competence, development capability and infrastructure with the vendor, functional expertise, quality of support, quality practices followed, alliances and partnership, marketing and sales infrastructure, quality of top management etc. also have a quality impact on the deliverables of the vendor. There are research reports available by leading analysts such as Gartner on how to access vendor viability which embarking on important project.

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Customer References
Customer visits tend to give the banks team an insight into the product capabilities when deployed in a live environment. It is important that the bank selects a reference of more-or-less the same size / nature of operations. The bank at this stage can relate to what was demonstrated during the POC and see it in production environment, but the onus of finding information at this stage rests with the bank. It is crucial to ensure that the visits are well planned by the bank preferably in teams of 2-3, with each team having a clear agenda of the issues it needs to explore more. This would help the bank consolidate the findings and enable a fair comparison between vendors.

Implementation Methodology
One of the most crucial evaluation parameters is the implementation methodology the vendor proposes to follow for the project. The strategy proposed should be in-synch with the nature of the bank, its size of operations and most importantly, the vendors comfort level and experience with the adopted strategy. Different solution providers are comfortable with different implementation strategies. It largely depends upon the type of banks and their size the vendor has dealt with in the past. Analysts broadly classify implementation into three areas Big Bank The entire bank moves onto the new platform at one point in time Regional Migration
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In this approach the bank works on geographical patters moving different regions one by one onto the new platform Line of Business In this approach the bank moves different lines of business slowly on the new platform. Another approach which was undertaken in the past was that of parallel runs. Here, the banks runs its old system parallelly alongside the new one, transactions virtually have to be entered twice once in the old system and then in the new. Balance sheets, GL figure etc are tallied with that from the old system during a test period. Once confirmed, the old system is then phased out. This is however a very tedious approach and generally is not observed these days.

EMERGING TRENDS
Many Public Sector Banks in India are actively considering ways and means of improving and deepening relationships with existing customers. They are also exploring methods to acquire new customers. A variety of things are being done to achieve this. These include developing new marketing, sales and product strategies, evolving creative customer service techniques, introducing new technologies and making changes in organization structure. However, technology based solutions are a particular attraction because they seem to carry the promise of solving all problems at the flick of a switch. Customer Relationship Management (CRM) plays a very important role in establishing and maintaining customer relationship by providing better customer value. Banks now routinely calculate customer value based on such factors as on accounts average balances, account activity, services usage, branch visits and other variables. Banks can use this data and give leeway to customers like say reduced
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interest rate, waiver of charges etc. Banks can use CRM to analyze the data logged in by the Core banking solution and segment the customers into different slabs and provide focused services. Banks are now looking at tighter integration of all their service channels. Another use of CRM is that it ties up all the delivery or contact channels like call center, field sales. Hence it is imperative that CBS has support for call center/IVR, which has access to online customer data. Todays new generation banks are building more direct and lasting relationships with more carefully selected customers instead of the age old practice of selling to any customer who comes along. The question that would crop up is how do you select the customers? The banks can use the huge information that is stockpiled in its databases collected as part of the transaction through CBS. Then mining this database yields rich info on individual preferences, which helps in segmenting the customer base and providing new products targeting a particular segment. After decades of casting a wide net to lure as many customers as possible, banks are now mining their vast database to identify winning customers and weed out the losing ones. (Sort of an A, B, C and by collating information from different products and services banks get a single unified view of the customer, thus enabling the banks to offer higher levels of service and customized products. Banks provide more value to customers through multiple delivery channels like ATM, phone, Internet banking.

Customer support in the form of call centers to cater to the grievances of customers is also provided. Another important area which appears to be gathering momentum is Payment Systems. It is now important for the bank not just to execute the funds transfer request for the customer but also to give an option for the customer to select from multiple payment system for doing the same transfer. The customer would have the choice of selecting a payment system based on the costs and urgency of the payment.. Hence, ability to integrate the core banking solution with the payment system network and offer clients to execute payments directly from the Internet along with the facility to select payment system is going to be imperative for all progressive banks. This off course is a function of what Payment systems are operated in the country by the central bank. In India recently RBI has introduced RTGS which hopefully should catch-on to become a popular mode for making high value payments, especially for Corporates.

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On the automation side, processing the transactions through STP has also caught momentum. This primarily addresses two issues, one of bringing in the operational efficiencies and second of reducing the risks. Research reports indicate that the percentage of global trade failures and crystallized transactions resulting from unmatched trade data is of the order of around 15% of the total trades, which in monetary terms is upwards of billions of dollars. The STP technology framework seeks to provide these efficiencies by providing a seamless data flow both within the enterprise as well as across the market, without any manual intervention. Trends indicate that almost all the major core banking vendors have done considerable amount of investments in making their products STP enabled, at-least for a few key processes within the bank. Other significant developments have been on the regulatory side such as compliance with accounting standards like GAAP, IAS, Anti money laundering bill, Bank secrecy act, US patriot act, Sarbanes Oxley act, wealth management, asset liability management, Basel 2 compliant risk management solutions. The regulatory aspects seem to have become a primary concern and focus in almost all banks, be it Tier 1 or Tier 2. Understandably so, 09/11 provided an impetus to compliance and regulatory initiatives in banking all over the world.

TECHNOLOGIES IN INDIAN BANKS AND CUSTOMERS PERCEPTION

Introduction: The Indian Banking system has been operating successfully over the last two Centuries. Several major banks in India are either offering e-banking services or planning to do so in the near future. With the growing Internet awareness among customers, increase in role of banks in e-business and growing reach of the internet, e-banking would become an important part of the Indian banking sector in the years to come. The use of most modern and advance methods of equipments in banking industries is called E-BANKING. E-banking has given
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an opportunity for banks to find solutions to management problems like saving time, money and energy, reducing/minimizing paper works, abolition of waiting in queues, lack of communication, and lack of efficiency. The E-Banking is changing the banking industry and is having the major effects on banking relationships. E-banking involves the use of electronic devices for delivery of banking products and services. In other words a successful ebanking solution offers the following e-banking products and services: ATM (Automated Teller Machine), Cards- Credit card/Debit cards/Smart card, Mobile banking, Phone banking, Internet/online banking, Electronic fund system (EFT), Electronic clearing services (ECS), Electronic data interchange (EDI), D-mat account, Digital signature, Society for world wide inter-bank financial telecommunication (SWIFT), Corporate Banking Terminals, Core banking solutions (CBS) etc. E-Banking as a medium of delivery of banking services and as a strategic tool for business development, has gained wide acceptance international and is fast catching up in India with more and more banking entering the day.

TECHNOLOGY ORIENTED SERVICES IN INDIAN BANKS

1. ATM (Automated Teller Machine) 2. Plastic Money 3. Electronic Payment System 4. EDI (Electronic Data Interchange)
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5. Mobile Banking 6. Tele Banking 7. Internet Banking 8. Online shopping and electronic payment

One of these is explained below.

ATM (Automated Teller Machine)

An automated teller machine or automatic teller machine (ATM) also known as an automated banking machine (ABM), and a Cash point, cash machine or sometimes a hole in the wall, is a computerized telecommunications device that provides the clients of a financial institution with access to financial transactions in a public space without the need for a cashier, human clerk or bank teller. ATMs are known by various other names including ATM machine, automated banking machine, and various regional variants derived from trademarks on ATM systems held by particular banks.

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CUSTOMER AWARENESS WITH RESPCT TO CORE BANKING Introduction:

India is a highly diverse country on basis of demographics consisting of people from highly diverse social and economic profile. As such, the banking needs of these various customers vary to a great extent. Hence, there is a need for banks and other agencies to extend financial education to the masses. Only then they would appreciate the fact that financial inclusion is a continuous process. Efforts to extend literacy to make the common man enabled by being aware of
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the evolving functional, legal and technical issues cannot be a one-time effort. Financial education primarily relates to personal financial education to enable individuals to take effective actions to improve overall well-being and avoid distress in matters that are financial; and also an inherent motive of customer protection. The RBI therefore intends to advance the cause of financial education in the country as part of an overall strategy. Currently, a process of credit counseling is being encouraged to help all borrowers, particularly those in distress, to overcome current financial problems and gain access to the structured financial system. Financial education can make a difference not only in the quality of life that individuals can afford, but also the integrity and quality of service providers. Financially educated consumers, in turn, can benefit the economy by encouraging genuine competition, forcing the service providers to innovate and improve their levels of efficiency.

THEORETICAL SUPPORT
Financial literacy programs have proliferated in the past several years, partly in response to increasing complexity in the financial services environment. Other factors leading to the growth in programs include low levels of financial literacy, low savings rates, growing bankruptcy rates and debt levels, and increased responsibility among individuals for making decisions that will affect their economic futures (Parrish and Servon 2006). Researchers have found positive results in cases where financial education is offered in the workplace in conjunction with the employees making decisions about participation in a retirement savings plan (Bayer, Bergheim, and Scholz 1996; Bergheim and Garrett 1996; Loibl and Hira 2004). However, Hilgert and Hogarth (2003) state that the greatest challenges for policymakers, consumer educators, and practitioners in providing financial education is, motivating
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individuals to execute it. Policy recommendations focus on school or the workplace as primary intervention points (Koide, Murrell, and Seidman 2007), but these recommendations have limited relevance to low and moderate income adults, many of whom do not work or whose jobs do not entitle them to retirement savings. The impact of financial education, while mixed, points to a positive relationship between financial education and financial behaviors and other financial outcomes (Hilgert and Hogarth 2003; Lyons et al. 2006). At the same time, there is a general lack of understanding and knowledge among financial professionals and educators about how to measure program impact (Lyons et al. 2006). Although research on the format, quality, and content of financial education also ranges, financial education experts recommend that the education be active rather than passive. People tend to learn better when they believe that the material is relevant to their lives and when they are able to practice what they learn (Parrish and Servon 2006). The manner in which material is delivered is also important. Traditional approaches to financial education may do a poor job of connecting with individuals and low-income individuals in particular (Ciccotello and Elger 2004). Shirer and Tobe (2004) found that traditional budgeting classes did not do a good job of retaining participants, and therefore piloted a model curriculum incorporating stages of change theory which they found to be effective for motivating people with few financial resources to pursue a healthy financial lifestyle.

FINANCIAL EDUCATION
Financial education can broadly be defined as the capacity to have familiarity with and understanding of financial market products, especially rewards and risks in order to make informed choices. Viewed from this standpoint, financial education primarily relates to personal financial education to enable individuals to take effective actions to improve overall well-being and avoid distress in matters that are financial. Financial education assumes importance in this changed financial environment. In considering means to improve the financial status of families, financial education can play a critical role by equipping consumers with the knowledge required to choose from a myriad of financial products and providers. It can make a difference not only in the quality of life that individuals can afford,
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but also the integrity and quality of service providers. Financially educated consumers, in turn, can benefit the economy by encouraging genuine competition, forcing the service providers to innovate and improve their levels of efficiency. The delivery mechanisms for imparting financial education can be manifold. However, the content and delivery of financial education should correspond to the needs of specific sub-groups of consumers i.e. the young or elderly, less or better educated, well- or ill-informed. Presentations, lectures, conferences, symposia, training courses and seminars can be actively utilized for this purpose. Second, publications in diverse forms, including books, brochures, magazines, booklets/pamphlets, direct mail documents, can also be useful in this regard. Third, leveraging information technology through concerted media campaigns using all possible avenues of mass communication can be expected to impart greater efficacy to the process. Other methods include advisory services from institutions, including the fast growing telecommunication services. The focus of any discussion on financial education is primarily on the individual, who usually has limited resources and skills to appreciate the complexities of financial dealings with financial intermediaries on matters relating to personal finance on a day-to-day basis. The process of economic reforms, which includes deregulation and marketisation, should have educating and empowering the common person to participate in the financial marketplace with knowledge and confidence, as a critical component of public policy.

NEED FOR FINANCIAL EDUCATION

The need for financial education is felt in the developed and the developing countries alike. In the developed countries, the increasing number and complexity of financial products, the continuing shift in responsibility for providing social security from governments and financial institutions to individuals, and the growing importance of individual retirement planning make it imperative that financial education be provided to all. In developing countries, the increasing participation of a growing number of consumers in newly developing financial markets necessitates the provision of financial education if these markets are to expand and operate efficiently. In addition, the substantial growth of international transactions during the last
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decade, resulting from new technologies and the growing international mobility of individuals, makes the improvement in financial education, increasingly, an international concern. From a regulatory perspective, financial education empowers the common person and thus reduces the burden of protecting the common person from the elements of market failure, attributable to, de facto, information asymmetries. For example, the emphasis on market discipline, as one of the three pillars of banking regulation, especially under Basel II, is best served by participation of financially literate bank customers in the financial marketplace. Financial education can make a difference not only in the quality of life that individuals can afford, but also the integrity and quality of markets. It can provide individuals with basic tools for budgeting, help them to acquire the discipline to save and thus, ensure that they can enjoy a dignified life after retirement. Financially educated consumers, in turn, can benefit the economy by encouraging genuine competition, forcing the service providers to innovate and improve their levels of efficiency.

GLOBAL PRACTICES
In the context of the developed economies it is an established fact by now that while the young do not save enough and do not fully understand the need for investments for future, many of the elderly tend to feel the pinch of poverty. In this background, priority needs to be accorded to financial education. For example, in the UK, the Financial Services Authority has launched the biggest ever campaign to improve the financial skills of the population and imparting education to enable a better appreciation of the risks and rewards inherent in financial instruments.

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The US Treasury established its Office of Financial Education in 2002. The Office works to promote access to the financial education tools that can help all US citizens make wiser choices in all areas of personal financial management, with a special emphasis on saving, credit management, home ownership and retirement planning. The Financial Literacy and Education Commission (FLEC), established by the Congress in 2003 through the passage of the Financial Literacy and Education Improvement Act, was created with the purpose of improving the financial literacy and education of persons in the United States through development of a national strategy to promote financial literacy and education. The Federal Reserve, along with numerous other federal government agencies, is a member of this commission, which is supported by the Office of Financial Education. The Federal Reserve Systems recently redesigned financial education website, FederalReserveEducation.org, is dovetailed to increase the use of Federal Reserve educational materials and promote financial education in the classroom. The website has material intended for the general public, as well as materials specifically geared toward teachers and high school and college students. It provides easy access to free educational materials, a resource search engine for teachers, and games for various ages and knowledge levels. The other regional Feds also have various interactive on-line programmes on their website designed to generate awareness about better financial management and assessment of one's own financial position. In Australia, the Government established a National Consumer and Financial Literacy Taskforce in 2002, which recommended the institution of the Financial Literacy Foundation in 2005. Working closely with states and territories, the Foundation has produced a National Curriculum Framework for Financial Literacy to provide benchmarks for teaching the school children the importance of managing their money. In Malaysia, the Financial Sector Master Plan, launched in 2001, includes a 10-year consumer education program. This agenda includes infrastructure and institutional capacity development in the areas of financial education, advisory services, distress management and rehabilitation. For this purpose, the Bank Negara Malaysia in partnership with the financial industry and other government agencies, has introduced the Financial Mediation Bureau, Deposit Insurance Scheme, Basic Banking Services Framework as well as created a new class of licensed Financial Advisers. Savings and education programs are also being promoted in schools. A one-stop centre has recently been established within the central bank for the public to obtain information about financial services in Malaysia and to provide face-to-face customer service on general enquiries and complaints.
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These initiatives have been reinforced by high levels of transparency and disclosure. In collaboration with the government agencies, Monetary Authority of Singapore launched a national financial education programme (Money SENSE) to enhance financial literacy and self-reliance of consumers. The programme covers three tiers of financial literacy: basic money management covers skills in budgeting and saving as also tips on responsible use of credit (tier I); equipping citizens with the skills and knowledge to plan for their long-term financial needs (tier II); and imparting knowledge about different investment products and skills for investing (tier III). Above all, the OECD has been taking a pro-active initiative in generating awareness about financial education. It has recently released a major international study on financial education titled 'Improving Financial Literacy' encompassing practical guidelines on good practices in financial education and awareness. These guidelines, in the form of a non-binding recommendation, are designed to help countries devise and implement effective financial education programmes, drawing from the best practices in this area in OECD countries. They promote the role of all the main stakeholders in financial education: governments, financial institutions, Employers, trade unions and consumer groups. In addition, they also draw a clear distinction between public information provided by the government and regulatory authorities, and that supplied by the financial analysts. It is also important to devise ways to ascertain whether financial education has achieved its objective, such as generating increased consumer awareness or a changed behavior, a point I will return to a little later. The balance of evidence, however, suggests that such programmes tend to be effective. For instance, in the United States, it has been observed that workers increase their participation in retirement savings plans funded by employee and employer contributions when the latter offers financial education programmes, whether in the form of brochures or seminars. Consumers who attend one-on-one counseling sessions on their personal finances have fewer delinquencies.

INDIAN REALITIES
Prior to the initiation of financial sector reforms in the early 1990s, the Indian financial system essentially catered to the needs of planned development. Customers had little choice in financial instruments. The segmented and underdeveloped financial markets meant that their exposure to risk was also limited. In such a situation, customers could employ their basic skills to invest in
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simple financial products with assured returns, unconcerned about their risks. The relevance of financial education was, at best, limited. Pursuant to the process of globalization, the economic and financial landscape in India is undergoing a significant transformation. In the process, the economy has become more diversified with new sources of growth. In tandem with these changes, we have seen the modernization of the financial sector that has also become increasingly more diversified to meet the new requirements of the economy. The financial sector has also increasingly leveraged on advances in technology which has significantly changed the way financial business is being conducted. As market advances continue to expand the range of financial products and services, consumers are being faced with increasingly multifaceted choices and options in the management of their personal finances and exposure to a gamut of risks. In this complex financial landscape, it becomes important for consumers to have improved access to information. Significant changes have also occurred in the social sphere. While on the one hand, costs of education have increased substantially, the longevity levels have also risen, on the other. Taken together, this implies that the elderly are now required to achieve a constant rebalancing of their consumption and investment portfolios. The increased life expectancy has also compelled employers to move away from ad hoc funded superannuation schemes to defined contribution schemes. At the same time, the advances in information technology have lowered the costs of information acquisition and processing as also of searching a job. This, in turn, has significantly raised job mobility with attendant implications for family size and expenditure patterns. Financial education assumes importance in this changed financial environment. In considering means to improve the financial status of families, financial education can play critical role by equipping consumers with the knowledge required to choose from a myriad of financial products and providers. In addition, financial education can help provide individuals with the knowledge necessary to create household budgets, initiate savings plans, manage debt, and make strategic investment decisions for their retirement or for their children's education. Being educated financially also enables individuals to better appreciate the possible contingencies and save for a rainy day, in an appropriate manner. It can empower consumers to become better shoppers, allowing them to procure goods and services at lower cost. This process, in turn, raises consumers' real purchasing power and multiplies the opportunities for them to consume, save, or invest. Having these basic financial planning skills can help families to meet their near-term obligations and maximize their longer-term financial well-being.
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Financial education is also an integral component of customer protection. Despite concerted efforts, the current state of transparency coupled with the difficulty of consumers in identifying and understanding the fine print from the large volume of convoluted information, leads to an information asymmetry between the financial intermediary and the customer. For example, customers are often penalized for minor violations in repayments, although they have limited redressal mechanisms to rectify deficiencies in service by banks, rendering the banker-customer relationship one of unequal. In this relationship, it is the principal, that is, the depositor, who is actually far less powerful than the agent, that is, the bank. The representations received in regard to levying of unreasonably high service or user charges and enhancement of user charges without proper and prior intimation, and the growing number of customer complaints against the banks, also testify to this fact. In this context, financial education may help to prevent vulnerable consumers from falling prey to financially disquieting credit arrangements. There are however, issues that would need to be addressed upfront in the Indian context. First, the regional profile in our country is diversified, with people across different regions being typically conversant in their vernacular languages. Second, there exists a wide divergence in literacy levels across States. Thus, for instance, in several States and union territories, the literacy rates in 2001 were well above the national average of 65.4 per cent; in contrast, there were also regions where literacy levels have remained perennially low. Third, the dependency ratio varies markedly across states.

Fourth, within a State, there are marked differences between rural and urban areas. Fifth, there is also a perceptible variation in the penetration of banking across regions. Taken together, these unique conditions in our country create a role for the public policy to devise enabling mechanisms to improve the levels of financial education, reckoning the regional differences. To the extent the common person is better able to understand and appreciate the need for financial education the task of the financial regulators is greatly simplified, lowering the overall costs of regulation.

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It is an imperative of increasing globalization that the difference in the pace of growth of the financial sector and financial education be minimized. There are several ways to go about this process. For purposes of illustration, these can be classified as:
1. Institutional mechanisms 2. Delivery mechanisms 3. De-centralization of efforts.

1. INSTITUTIONAL MECHANISMS
As regards the institutional mechanism, there is near consensus on the fact that any attempt at expanding the outreach of financial education needs to start at the grass-roots. Present day school pass-outs need to be a lot more financially literate than their parents were, if they are to manage their personal finances successfully through life. In addition, universities and business schools have an important role in training financial specialists able to provide the public with high quality advice on financial matters. Yet another channel for imparting financial education could be the workplace where it can reach most of the working adults.

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It would, therefore, be a potent mechanism for providing information about a number of financial services such as retirement schemes and insurance. The role of financial institutions in providing financial education, not only to the clients but also to their own staff, needs to be better defined and further promoted. More information is needed at both international and national levels on good programmes and practices and on the ways to promote access to financial services by harnessing the role of non-government organizations (NGOs). International organizations are well-positioned to coordinate international surveys and studies on the various aspects of financial education, to evaluate the comparative efficiency of various financial education programmes, and to develop guidelines and good practices for policymakers for implementation. International agencies can also provide a forum where countries can compare and discuss strategies to educate consumers about financial issues. Several governments and central banks, either directly or indirectly, are actively involved in the provision of financial education about consumer credit, investment, and other financial issues, often as part of a public policy campaign to improve the protection of individual borrowers and investors, for instance, as part of the ongoing pension reform efforts. Exchange of experiences amongst central banks would thus be productive.

2. DELIVERY MECHANISMS
The delivery mechanisms for imparting financial education can be manifold. However, the content and delivery of financial education should correspond to the needs of specific sub-groups of consumers that is, the young or elderly, less or better educated, well- or ill-informed. Presentations, lectures, conferences, symposia, training courses and seminars can be actively utilized for this purpose. Second, publications in diverse forms, including books, brochures,
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magazines, booklets/pamphlets, direct mail documents, can also be useful in this regard. Third, leveraging information technology through concerted media campaigns using all possible avenues of mass communication can be expected to impart greater efficacy to the process. Other methods include advisory services from institutions, including the fast growing telecommunication services. Not only the supply of financial education, but also the demand is very important. Most delivery channels are good for those who are already interested in particular topics. An important challenge is to create demand for financial information and education.

3. DECENTRALIZATION OF EFFORTS
Given the unique conditions in our country, any attempt at expanding the outreach of financial education should take cognizance of the role of regional differences in language, workforce and penetration of finance. Thus, banks with strong presence across different regions could explore the possibility of introducing a local-language based web-site providing details of facilities for

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customers. Second, in recent times, the explosion of the internet has altered the relationship between financial organizations and its clientele. Organizations can examine ways to better communicate with both the prospective and existing clients by enriching the information content of their website on the lines of those practiced in the mature markets. Third, credit counseling can be a potent tool for financial entities to expand the reach of financial education. Fourth, it might be of interest for reputed organizations like the National Council of Applied Economic Research (NCAER) to conduct surveys at periodic intervals to ascertain the degree of consumer awareness about financial products and services. The findings emanating from such studies could be shared with financial entities to enable them to address the gaps in their service delivery and promote informed decision-making. Finally, several bodies, such as the Financial Planning Standards Board of India (FPSBI), a professional standards setting body constituted with public-private enterprise, are reportedly making proactive efforts to uniformly regulate personal financial planning practitioners. Much more of such efforts will be required to guide the development and promotion of standards for financial planning professionals to benefit and protect the public in the country.

Case Study: State Bank of India, World's Largest Centralized Core Processing Implementation Report Coverage
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The implementation of the Tata Consultancy Services (TCS) BaNCS Core Banking at the State Bank of India (SBI) and its affiliate banks represents the largest centralized core system implementation ever undertaken. The overall effort included the conversion of approximately 140 million accounts held at 14,600 domestic branches of SBI and its affiliate banks. This Tower Group Research Note is a case study that overviews the history of the State Bank of India and details the effort to modernize the bank's core processing systems. It also identifies the drivers to modernization, the critical success factors, and the conversion methodology.

Background
The State Bank of India is the oldest and largest bank in India, with more than $250 billion (USD) in assets. It is the second-largest bank in the world in number of branches; it opened its 10,000th branch in 2008. The bank has 84 international branches located in 32 countries and approximately 8,500 ATMs. Additionally, SBI has controlling or complete interest in a number of affiliate banks, resulting in the availability of banking services at more than 14,600 branches and nearly 10,000 ATMs. SBI traces its heritage to the 1806 formation of the Bank of Calcutta. The bank was renamed the Bank of Bengal in 1809 and operated as one of the three premier "presidency" banks (the presidency banks had the exclusive rights to manage and circulate currency and were provided capital to establish branch networks). In 1921, the government consolidated the three presidency banks into the Imperial Bank of India. The Imperial Bank of India continued until 1955, when India's central bank, the Reserve Bank of India, acquired the majority interest in the bank and changed its name to the State Bank of India (SBI).

In 1959, the Indian government passed the State Bank of India Act, resulting in the acquisition (majority shareholding) of eight state-affiliated banks and the creation of the State Bank of India Group (SBI Group). The SBI itself is now majority owned by the Indian government, which purchased the shares held by the Reserve Bank of India.

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Unlike private-sector banks, SBI has a dual role of earning a profit and expanding banking services to the population throughout India. Therefore, the bank built an extensive branch network in India that included many branches in low-income rural areas that were unprofitable to the bank. Nonetheless, the branches in these rural areas bought banking services to tens of millions of Indians who otherwise would have lacked access to financial services. This tradition of "banking inclusion" recently led India's Finance Minister P. Chidambaram to comment, "The State Bank of India is owned by the people of India." A lack of reliable communications and power (particularly in rural areas)
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hindered the implementation of computerization at Indian banks throughout the 1970s and 1980s. During this period, account information was typically maintained at the local branches with either semi automated or manual ledger card processing. During the 1990s, the Indian economy began a period of rapid growth as the country's low labor costs, intellectual capital, and improving telecommunications technology allowed India to offer its commercial services on a global basis. This growth was also aided by the government's decision to allow the creation of private-sector banks (they had been nationalized in the 1960s). The private-sector banks, such as ICICI Bank and HDFC Bank altered the banking landscape in India. They implemented modern centralized core banking systems and electronic delivery channels that allowed them to introduce new products and provide greater convenience to customers. As a result, the private-sector banks attracted middle and upper-class customers at the expense of the public-sector banks. Additionally, foreign banks such as Standard Chartered Bank and Citigroup used their advanced automation capabilities to gain market share in the corporate and high-net-worth markets.

State Bank of India Core Systems Modernization

Drivers for a New Core System SBI had undertaken a massive computerization effort in the 1990s to automate all of its branches, implementing a highly customized version of Kindle Banking Systems' Bank master core banking system (now owned by Misys).
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However, because of the bank's historic use of local processing and the lack of reliable telecommunications in some areas, it deployed a distributed system with operations located at each branch. Although the computerization improved the efficiency and accuracy of the branches, the local implementation restricted customers' use to their local branches and inhibited the introduction of new banking products and centralization of operations functions. The local implementation prevented the bank from easily gaining a single view of corporate accounts, and management lacked readily available information needed for decision making and strategic planning. The advantages in products and efficiency of the private-sector banks became increasing evident in the late 1990s as SBI (and India's other public-sector banks) lost existing customers and could not attract the rapidly growing middle market in India. In fact, this technology-savvy market segment viewed the public-sector banks as technology laggards that could not meet their banking needs. As a result, the Indian government sought to have the public-sector banks modernize their core banking systems. In response to the competitive threats and entreaties from the government, SBI engaged KPMG Peat Marwick (KPMG) in 2000 to develop a technology strategy and a modernization road map for the bank. In 2002, bank management approved the KPMG-recommended strategy for a new IT environment that included the implementation of a new centralized core banking system. This effort would encompass the largest 3,300 branches of the bank that were located in city and suburban areas.

The State Bank of India's objectives for its project to modernize core systems included: The delivery of new product capabilities to all customers, including those in rural areas. The unification of processes across the bank to realize operational efficiencies and improve customer service.
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 Provision of a single customer view of all accounts. The ability to merge the affiliate banks into SBI. Support for all SBI existing products. Reduced customer wait times in branches. Reversal of the customer attrition trend.

Challenges for the Bank

The bank faced several extraordinary challenges in implementing a centralized core processing system. These challenges included finding a new core system that could process approximately 75 million accounts daily a number greater than any bank in the world was processing on a centralized basis.
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Moreover, the bank lacked experience in implementing centralized systems, and its large employee base took great pride in executing complex transactions on local in-branch systems. This practice led some people to doubt that the employees would effectively use the new system. Another challenge was meeting SBI's unique product requirements that would require the bank to make extensive modifications to a new core banking system. The products include gold deposits (by weight), savings accounts with overdraft privileges, and an extraordinary number of passbook savings accounts.

Benefits of New Core Systems Implementation

The new core system has resulted in benefits throughout the bank for both the customers and the employees of SBI. For example, the new core banking system has allowed the bank to redesign processes. It established 400 regional processing centers for all metro and urban branches that have assumed functions
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previously performed in the individual branches. The bank recently reported that business per employee increased by 250% over the last five years. The bank has achieved its goal of offering its full range of products and services to its rural branches. It delivers economic growth to the rural areas and offers financial inclusion for all of Indias citizens. Implementation of the TCS Banks system has provided the bank with the ability to consolidate the affiliate banks into SBI. In fact, the bank recently completed the consolidation of State Bank of Saurashtra into SBI. The bank has reversed the trend of customer attrition and is now gaining new market share. Completion of the core conversion project has also allowed the bank to undertake several new initiatives to further improve service and support future growth. These initiatives include the deployment of more than 3,000 rural sales staff, redesign of over 2,200 branches in the last fiscal year, opening of more than 1,000 new branches, establishment of a call center, and an active plan to migrate customers to electronic delivery channels.

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Summary
The implementation of the Tata Consultancy Services (TCS) BaNCS system at the State Bank of India (SBI) represents the largest core systems project ever undertaken. The success of this project should encourage other large banks to begin projects to modernize their core systems. The use of a UNIX-based platform to process more than 100 million accounts daily demonstrates that tier 1 banks can use a mainframe alternative for their core processing. Although Tower Group expects that the majority of these banks will continue to rely on the IBM mainframe for core processing, they can fully consider the benefits of utilizing a UNIX-based platform. SBI's achievement demonstrates that attention to critical factors is crucial in implementing new core systems. The bank's senior management commitment, business line involvement, project team staffing and empowerment, and extensive employee training were all key contributors to the success of the project. Management also recognized the need for a proven systems integrator that possessed in-depth expertise in both business and technology. Core systems modernization has allowed the State Bank of India to centralize computer processing and operations functions, offer new banking products to all the citizens of India, reverse a trend of customer attrition, and consolidate its affiliate banks. Additionally, the bank can now further expand its product offerings and improve customer service.

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FINDINGS
For Primary research work with respect to CORE BANKING a separate questionnaire for CUSTOMERS was prepared in which I had made a visit to the following banks to survey their customers:1. SYNDICATE BANK DOMBIVLI EAST BRANCH 2. STATE BANK OF INDIA DOMBIVLI EAST BRANCH 3. DHANALAXMI BANK MULUND WEST BRANCH 4. AXIS BANK DOMBIVLI EAST BRANCH On the basis of this, the following findings were made:-

Feedbacks from the customers of the above banks with respect to the questionnaire:

1. About 90% of the customers feel that their bank caters all the banking needs. Rest 10% still feels that there are still some things missing.
2. About 50% of the customers maintain savings account with their banks.

Other type of accounts maintained by the surveyed customers were current account, demat account, loan account etc. which together contributed the rest of 50% 3. All the customers feel that their bank provides core banking facilities to their customers which is good sign.

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4. With the help of this survey I also found that most of the customers have maintained their accounts with more than one bank.
5. 75% of the customers feel that the service quality provided by their banks

are good, rest 25% are not happy with the quality. 6. When I asked the customers about recommending their banks to their friends, relatives etc., 90% said yes, and 10% said no.

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CONCLUSION
From the above project I can conclude that the core banking system has tremendously changed. This is mainly because of the advancement in the technology, increased competition and improvement implementation plans. The 21st century world has seen a new face of core banking which resulted in the improvement of service quality provided by the banks. It also resulted into customer satisfaction. The number of customers of every bank has also shown a significant increase. Now almost every educated citizen of the country deals with the core banking facilities provided by the banks. The banking sector is now a wide range of opportunities. Nowadays the technology based services like ATM are very popular which has reduced man work and has made available cash to the customers at any time and any place. Customers are happy with the services provided by their banks and choose to recommend their bank to their family and friends. Thus core banking is the business conducted by a banking institution with its retail and small business customers which has now increased tremendously on a large scale.

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BIBLIOGRAPHY
INTERNET www.statebankofindia.com www.Images.google.co.in www.rbi.org www.scribd.com www.wikipedia.com www.corebankingblog.com www.oracle.com www.accenture.com www.infosys.com www.finextra.com

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ANNEXURE

1. Do you think that your bank caters all your banking needs? (a) Yes (b) No 2. For the past how many years you have account with this bank? 3. What kind of account do you maintain in this bank? (a) Current (b) Savings (c) Loan a/c (d) Demat (e) Credit card 4. Which of the following facilities is given more importance in your bank? (a) Loan facilities (b) O/D facilities (c) ATM facilities 5. Does your bank conduct any recreation facilities for the customers? (a) Yes (b) No 6. Does your bank have listed its share in stock exchange? (a) Yes (b) No (c) Not Aware 7. Does your bank have core banking facility for the customers? (a) Yes (b) No 8. Do they charge unnecessarily for not maintain minimum balance in your account? (a) Yes (b) No 9. Does your bank offer competitive service charges? (a) Yes (b) No

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10. Do you think your bank offers competitive interest rate? (a) Yes (b) No 11. Do you use the service of alternative bank? (a) Yes (b) No 12. What do you feel about overall service quality of your bank? (a)Excellent (b) very good (c) good (d) average (e) poor 13. Would you recommend this bank to your friends, relatives and associates? (a) Yes (b) No 14. When do you think of your bank what comes first in your mind? (a)Personalized service (b) Wide branch network (c) Customer service (d) computerized banking (e) Core banking 25. Your over all opinion about this survey. (a) Satisfactory (b) Will yield result (c) looking forward for result

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