Answer by A Quora admin:
A deep understanding of the banking domain is necessary before looking for the workflow and design of the banking system. This will also provide a deep insight on the terminologies and the things happening in banks that will help us to serve the need of the customer and understand the workflow.
1) – wikipedia page
As the banking domain itself is vast, with sufficient knowledge about it, you must be able to derive at the requirements of your banking applications you are planning to develop. Based on the requirements at the high level, your database should be designed.
However, if you are looking for a typical online banking application it will have the following modules:
1) Authentication and Authorization
2) Different level of access and screens for the different roles like a personal/corporate/relationship managers/branch managers/Area managers etc.
3) (Assuming the application handles only the online banking) The customer view that will have the modules for
1) viewing the balance in each of the connected accounts,
2) viewing the transactions (credit and debit)
3) Managing (add/edit/delete details) beneficiaries to whom you want to make transactions,
4) Online transfer
5) The system will be integrated to the core banking solution to make your transactions synchronous with bank database. If the application is integrated with the Core Banking Solution CBS, you need not be concerned more about the database design, instead your focus should be on sending the serialized information that can communicate with the CBS
But, if you are planning to develop a model Banking application, you can also make use of the database design proposed by Harsh Dev and Amit Sen from their research paper “MDA based approach towards Design of Database for Banking System”
Hope it helps.