06 September 2012

Next Gen banking

Next generation Banking - The word brings with it, so much of promise. Most customers would be expecting a great deal of comfortable, easy, quick ways of banking as against the traditional ones. This slogan is that of South Indian Bank, but as a customer I am just realizing that its such a bank that is going backward in this age of technology, that their next gen banking means just fooling customers
 
1. To reset a Online banking password, this bank charges Rs 100.00
2. To reset a Online banking password, the bank wants you to (a) download a form from their site (b) fill it up and send the same to the branch that you bank with (c) the branch then forwards it to the central team (d) once the password is reset, its sent as a mailer to the branch & not the customer (d) the customer is then asked by the branch to spend time and collect the mailer from the branch
 
After reading the above, you would ask yourselves what is next generation in this...isn't this worse than the current banks that are totally nationalized ? Well its not all over, there is more
 
1. You are charged for depositing money into your own account, at a different branch
2. The password reset mailer shockingly contains (1) userID (2) logon password (3) transaction password... all in one. So if anyone finds it lost, what more is needed to fraud the poor hapless account owner
 
I cant just imagine, what RBI is doing about all this and where is Indian banking going... !