THE BANKING NIGHTMARE

While we’re waiting for the next innovation in banking - a new app, some AI gyaan, even lesser people and more machines, and not to miss the fancy buildings, pretty logos and harmonious furniture…

It would be great if we could ensure the bare minimum, whether online banking or personal banking, it was never meant to be impersonal banking. While banks are enthusiastic about new products, they will do well to remember that they exist because they provide a ‘service’ and because there is a customer. My snag list is long (I’m writing just a few pain points) and I’m sure most people would add to it, even bankers that are victims of their own systems.

The government has done well to integrate systems, and banking systems form a vital part of the framework. When a car loan is over, why does a loan release certificate/ letter not result by default but by a customer having to request it, even worse, the direct debit standing instruction cancellation that was linked to it - another request! And the many visits to the branches, as we receive our banking education - time, effort and money, and the holistic inconvenience! Everything is reactive, everything is slow and needs follow-up.

Why does the customer have to pay the penalty for the banker’s oversight, even if the system generates the penalty!

Why is the customer assured most requests to be fulfilled within 3-5 working days (for a local transaction), banks know better than anyone that TIME IS MONEY! If the system is overwhelmed with transactions/ red tape, find a workaround, not an unacceptable lag set as a standard.

Why are teller and customer service machines not fast enough? In this time and age, it takes time to load!

If you have a very busy branch in a big mall, have more space and staff please, not have customers queue in the walkway!

And those tele-hotlines and long menus to finally reach a customer service agent who is an unfortunate member of the system, bound by duty to ask after a futile conversation, “how may I help you”, and you hope the conversation ‘recorded for quality and training purposes’ will be picked up and noticed, so you answer, “I’m sorry you haven’t been helpful, but thank you for doing your job”!

Simplify! Revise those forms, make them shorter and fewer.

I can go on and on… It really is a nightmare by day. If customers could be half as happy as they appear in those commercials!

My father was a banker for 37 years. I think his were the golden years of banking… World population was less, there were fewer customers and each had just the minimum number of accounts. I remember how appalled he was at the disservice with the sophistication, rather than the reverse. There are only going to be more businesses and customers going forward, an exponential growth… A lot has been done, no doubt, to meet the need, but it’s far from satisfactory. Banks need to UP the game on basics first to meet the expectations of the present times and those that will follow.