Banks should improve their services in India
We have so many banks in India and some banks are nationalized and some banks are not. Some banks are government aided and some are private. Some banks offer great services and some fail to do so. In this article, we will discuss these banks that have not improved much in the last two decades despite so much happening around the banking sector.
Embracing the technology
One of the biggest concerns I have with some banks is that even though the technology is getting advanced daily, the banks are not adopting those technological advancements completely. Sometimes to increase the customer experience some customers will have to fight with the banks to get things done literally. For example, I have been having this problem with bank statements where UPI transactions are not very clear. We need this feature for one of our NGO bank accounts. I don't want to mention what bank it is but we had to escalate this matter to the head office to get this done. They have now provided an interim manual solution where they would find and give the data that we ask for on a case-by-case basis.
Blockchain adoption
Blockchain is the future of transactions. The banking sector is the best place where blockchain can be a great use case. Many countries have already started adopting this technology and have started creating a foundation for this. Some government central banks have been offering guidelines for other banks to introduce a digital currency and operate it. This mostly involves using of blockchain technology which is a good thing.
Services are very bad
Yesterday I had to interact with someone who was so frustrated about banks in India. He does commend some of the banks but overall he is not happy with the banks and their services. I agree with the points he mentioned. I have had personal issues with some of the banks because they don't advance at all. One of the banks has blocked my account for non-KYC compliance. They are asking me to visit the branch to get the KYC done. On the same bank, I have a loan account and that is fully compliant with KYC. They are calling me in person to get the KYC done for the savings account.
Not safe to use some banks
At times we keep hearing news that some banks are not very safe. One of the experiences I had was when I had to withdraw a huge amount of money for some purpose. The bank authorities immediately called me and started providing me with so many offers to keep the money in the bank and not take it out. I was very surprised to see that they are having triggers to get notified if someone is moving their money out. The funny thing is that even if we want to move our own money out, we have to get the permission from them or notify them or provide explanations to them. These things have to change. Some banks are operating manually with many old methods making them vulnerable to security breaches. It will be nice to embrace new technology and advance.
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One of the reasons why cryptocurrencies and decentralized finance will continue to gain momentum is that there are many sectors of the population that find it impossible to access the traditional financial system.
Get Ready, Ripple and XRP are exploding right now with all the partnerships with banks!
Let's hope.
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Some banks suffer from cash shortages and therefore prevent withdrawals. Bank's service is bad so they should use blockchain method
I think the bad bank services do not exist in India alone. It is everywhere
Bankers lack a very good customer relationship and can be very bad
I believe only if government will listen to the demands of people, it will have been better
The bank services issues happens everywhere
It’s just so crazy and when you make complaints, bankers don’t see to it in time
The reason is that banks are no longer earning profits on the services offered but only through their credit channels. And just to increase their profit. That is why the zero balance accounts are now being pushed to minimum balance accounts. Soathat they can send a nasty SMS stating account is debited for non maintenance of low balance...
I do believe banks should improve but ultimately I do see knowledgeable people relying on decentralized banking (blockchain technology), nevertheless there presence is still needed in some areas.
According to your KYC problem, as an accountant in study I can tell they are using a legacy system of storing data known as flat file , I think they should upgrade to Database and Rea model using ERP, with that all being said, you covered this all up, thanks for sharing .
The potential of blockchain technology in banking is promising, but the slow adoption of such innovations can hold back progress.