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  • Category: Miscellaneous
    Points:8

      

    Do you find today's banking services extremely frustrating?!

    In a bygone era, we went to a bank to put in money, withdraw money, and update passbooks. Some of us still do, of course, but we also make use of online banking services. We are in a world of ATMs and online services that are supposed to facilitate us to do things quickly without the need to actually go to the bank's branch. I say 'supposed' because there have been quite a few occasions when these services create frustrating situations instead of ease of work and irritate us no end. At such times, I take a deep breath to calm myself and not lose my cool!!

    Some frustrating scenarios that you may have experienced, too-
    1. You log in to your internet banking account. You have barely checked out a few things, and all of a sudden the time-out message appears on the screen and you are logged out.
    2. You put in the password for a transaction. The message pops up that the password is incorrect and you have X number of attempts left. You try again and again, until, because you have only one attempt left and know there then arises the tedious process of applying to the bank for a new one, you decide to try again later or the next day.
    3. You get a brand-new card once the old one has matured. You generate the Green PIN through your internet banking account, then go to the ATM to activate it...in big bold letters is a sign "ATM OUT OF SERVICE".
    4. You update the passbook at the kiosk's machine and are horrified to see the overlapping rows of data with no clue about what has been debited or credited and what is the current balance. So then you are forced to go to the branch inside and get it sorted out.

    Have you experienced the above or any other type of situation with today's bank facilities and services?
  • #780681

    Points:5
    It is still better than the bygone era, where we had to wait in queue to get our work done. There is absolutely no need to remember password and you can use forgot password everytime you login or there is an option of app also these days. The bank that I use asks me to change my password every six months, which means my old password automatically becomes invalid. If you have mobile number linked you can easily use forgot password option. Email address and phone number should be working to avoid any issues.

    Bank statements arrive in the inbox of email address. The document needs a password to open, which is usually mentioned in the email. ATM activation is surely a headache because one has to visit the bank ATM. If there is no ATM of same bank in your area, you will face problem. I think it is still not an issue because it is done for the safety and security of our bank account. I don't find any inconveniences in banking services offered these days because I have seen the bygone era where too much time got wasted for nothing.
    Humble yourself or life will do it for you!

  • #780682

    Points:5
    I think that present banking system is far better than earlier but what the author has mentioned in her post is also true and we all face those embarassing moments in our lives and I have gone through all those inconveniences time and again.
    In the digital platform there are many things that happen and there is no cure for that. When I am doing a banking transaction I suddenly get a message that password had expired and I had to change that. In some banks they remind us to do it every 90 days. They are doing it for our safety.
    Another problem that we often encounter is the bank call centre where we want to get an issue resolved but we get lost in the long interactive menu and by the time we reach our point the phone gets disconnected.
    So there are problems and mainly that is the technology part.
    Mobile phones have got their own problems and while doing a transaction I find that phone is hanged. So for that I should not blame the banking system.
    If there is no technological glitch we are getting our banking task done in seconds while earlier it took hours.
    Knowledge is power.

  • #780687

    Points:4
    I am not very well versed with the online banking systems but am aware of some common utilities like UPI, ATM etc. As per my experience UPI appears to be a glitch free system but ATMs are having a big technical problems and many times we find them not working or out of cash. However because of UPI we do not require much cash nowadays and that is a big relief.
    I avoid contacting the call centres because that is a very long and inconvenient process. Sometimes, I prefer to visit the bank branch even for small tasks.
    Thoughts exchanged is knowledge gained.

  • #780690

    Points:4
    Yes, I find it very frustrating because you have to remember lot of passwords and in the process I have no option but to save passwords in browser. It is quite a dangerous thing to save such passwords but there is no other option to avoid it. Even the services they offer online is not free and deduct money for their SMS alerts.

    There is no trust at all in the system with data breaches all over the world. We don't know when our data will land among scammers and phishing agents. Such things are already showing its effects with lots of calls regarding credit cards and loans on a daily basis. May be we have saved a lot of time by going digital but I don't feel safe anymore.
    Thanks and regards.

  • #780691

    Points:5
    I have seen and used both in-person banking on the premises of a bank and online banking. I feel the present system is much better than earlier days. I used to go to the bank and stand in the queue to withdraw money from my account. Sometimes, as I was not available. my wife used to go to the bank with our son in her hands and withdraw money by standing in the queue for a long time. These days those troubles are not there. You need not withdraw money from the bank and you can do online transactions.
    I bank with HDFC back and there is a contact manager for me from the back. If any problem is there if I pone up he will address that problem or he will come to my house and do the needful. The bank is about a half KM from my house. Generally, I will not go to ATMs. Whatever a little cash I want I will get it from my son and I transfer that amount online to him.
    Of course, there may be small issues when we are using electronic gadgets and when there are security features that are necessary for our safe banking. We have to address them with the support of the bank people.
    drrao
    always confident

  • #780692

      

    Points:4
    Yes. Banking was very easy earlier. It was all about filling up a form and waiting for the token number to be called. Now we have so many OTPs and things like that which are not easy, banking or for any service that matters. Simple doubt is why should things be so complicated when it is my money. If I have deposited and there is nothing illegal, who can stop me from withdrawing my balance? And do register that there is so much of fraud happening despite these so-called precautions. People are being cheated though the intend may be otherwise.

    I request our participating member to be critical instead of towing the threads.
    'Educating the mind without educating the heart is no education at all'.
    -Aristotle

  • #780697

    Points:5
    The author is perfectly correct. Most of the banking personnel are making our Blood pressure to get shoot up. My uncle was having savings bank account with a nationalised bank as joint account with his wife, my aunt. The pass book contains both my uncle and aunts photo with mentioning as joint account. The photos have been signed by the manager of the branch along with the bank seal. Recently my uncle expired, my cousin went to the bank branch along with the death certificate copy along with a request letter to remove my uncle's name and convert the savings bank account into individual operative account. But the manager refused to do so immediately and asked Notary Public signature in an affidavit stating that she is the wife of the diseased. My cousin argued much with the manger but went in vein. He brought this to me for getting an affidavit in that connection. I told him that the bank manager himself signed in the passbook and I went with him to the branch. Before I enter into the Manager's room, I saw ex-manager of the same branch, who is known to me very well and narrated the situation to her. She simply replied me to get the affidavit as they told to avoid unnecessary complication as they will not understand the customer's situation.

  • #780705

    Points:5
    For the tech savvy people banking today may look like an easy thing but for the old people and especially those who do not have much exposure to the digital world, there are inconveniences and difficulties in the new system. As other members have also mentioned managing passwords and keeping a tab on OTPs is not an easy task and nothing works without them.
    If you have a problem and to resolve that you go to the bank branch then their first reply would be that the problem is created by the system or server, and they do not know anything about that and when insisted they would raise a service request assuring that necessary action would be done to resolve the issue.
    The positive side of computerization is that nowadays we get all the figures of interest or maturity amount of FDs, etc. being calculated by the system automatically and the chances of manual mistakes are not there.
    Knowledge is power.

  • #780708

    Points:5
    Although I occasionally suffer from all the problems which have been mentioned by the author of this thread and other members, I still feel that the present system is much much better than standing in serpentine queues in the bank branches, which we all experienced in earlier days.

    I can check my account balance anytime. I can open online FD and RD linked with my savings account anytime. I can transfer money to my PPF Account immediately after the salary gets deposited in my savings account. I can make online bill payments without any delay. Further, I have accounts in three banks. I have not visited two branches for more than three years. In the branch located in our office building, I had to visit in April this year (after more than two years) for extension of my PPF Account.

    But I also know that very old people are not at all conversant with online banking. My departed father used to go to the bank to draw pension even after reaching 90.

    On the other hand, our next generation young men and women perform banking-related activities using mobile phones in seconds , which take more than five minutes for me using my laptop.
    Billo Rani kahon to abhi jaan de doon: Oh dear Billo, if you ask, I will give my life

  • #780709

    Points:4
    The banking system has been convenient for young people. They are not interested in approaching the Bank for the withdrawal of cash since the digital processes have eased the process of withdrawal.
    While talking about the difficulties of the senior people, they are not conversant with the digital modes and other features. Even they have difficulties in withdrawing cash from ATMs, hence they approach banks for withdrawal. Sometimes the seniors are harassed unnecessarily for filling up KYCs or other formalities even though they have completed such formalities in the past. They must get support at their ripe age to resolve the bank-related activities.

  • #780715

    Points:4
    I feel going to the bank to withdraw the cash is difficult, especially for old people. Going walk for them is not easy. They have to spend money to go there by hiring an auto or a taxi. Opinions and options will differ from person to person. There is no rule that all should have the same opinion. For me trying OTP is an easier process than going to a bank for banking. But my friend likes going to the bank as he feels that he will enjoy his walk. Both are ok. We can't find fault with any one of the two, I feel.
    drrao
    always confident

  • #780716

      

    Points:5
    It is not that I find online banking a total nuisance. I have found it convenient to transfer money quickly by IMPS or NEFT. Despite all the conveniences of online banking and kiosk machines, though, the queue system is still there! In my case, for example, when the passbook had overlapping data, I had to go to the bank and stand in a queue of people who were having issues with the kiosk machine. Why are these machines not checked and maintained properly? Even the desktops inside a branch are regularly having issues. As Umesh mentioned, common replies to slow computers and problems at kiosk machines are "the system is slow" or "the server is lagging" or "the manager has been informed" and so on and so forth. I have had this issue with withdrawing cash as well, with the cashier giving the token and then stating it will take time due to a slow system, and sometimes being informed that no cash can be withdrawn as all servers are down. See how dependent we are on all things tech!

    Partha mentioned opening accounts online. Yes, it is easy, but I had a problem when I opened an RD account online. I went to the branch to request to be given a passbook but was informed that since I had opened it online, it would not be issued. I don't understand what's the big deal in issuing a passbook! I know we can check the balance of accounts through Net Banking, but I have always found passbooks way more convenient. All I have to do is open and look at it, instead of switching on the laptop, and going through the rigmarole of login and security steps. So when that RD account matured, I went to the bank and filled up a form for a new RD account so that I could get the passbook.

    Babu mentioned paying for SMS Alerts. That is another problem. Despite paying for it, how many of you get SMS alerts each and every time you log in to your account or make a payment get a payment credited? A couple of times I have not received the alert on making a payment with my card.

    I laughed at Saji's comment "why should things be so complicated when it is my money." That is exactly what my sister says!!

    I agree with Sheo Shankar Jha that it is a nuisance when a customer has provided all the required KYC documents, some hurdle will be created with a demand for yet another document or the same ones. I think the re-KYC is a good process, though, for security reasons.

    Ramachandran Pattabiraman – I am surprised the bank asked for an affidavit. I recall that when my parents passed away (God rest their souls) on each occasion I filled up a form to delete the name from our joint account and submitted with it a copy of the death certificate and showed the original as well. I do not recall having to submit any affidavit. I think the necessity for an affidavit arises only when there is a request to close an account of a deceased person and a claim is made for the money left in that account. Can anyone clarify this?
    When you make a commitment, you create hope. When you keep a commitment you create trust! ~ John C. Maxwell

  • #780717

      

    Points:4
    Dr Rao,

    Yes, it is nice that some people do not mind walking to the bank, whether young or old, especially if it is within a reasonable distance. If health and good weather permits, elderly people should step out from time to time and interact with people. Casual chit-chat with bank staff is good instead of letting communications (conversations) lapse. One is also likely to unexpectedly meet people you know which makes for a delightful experience. It is for such moments that one should make time for and not depend wholly on easier conveniences (in this case, online banking).
    When you make a commitment, you create hope. When you keep a commitment you create trust! ~ John C. Maxwell

  • #780728

    Points:5
    Most of the members have opined that present system is better than old and I also agree with that. But at times it takes a lot of time and one after one we encounter some problem and at the end of the day feel exhausted by the long hours that we have incurred in the process.
    Let me narrate my yesterday's experience in this regard. I had prepared and saved the draft of my IT return in the e-filing site and yesterday I wanted to pay the balanced tax (self assessment tax) and close the issue. It was hardly half an hour job and for a tech savvy person it should had taken hardly 10-15 minutes.
    So, I selected my bank and followed the payment process but when everything was done and I had to confirm the online tax payment chalan, a message in red was seen at the top of the screen that there was some error in validation between the bank account and this site and payment cannot be made. First time I got such a problem. For that if course I would visit the branch and find out.
    Anyway, I got annoyed and wanted to complete the task by transferring my money to another bank account and pay from there thinking that such error message would not be there. When I wanted to transfer the money online then I found that the other bank was not in the list of beneficiaries and it has to be added. I did that and system added that in about an hour time.
    I transferred the required amount by online NEFT and after about one hour I found it reflecting in other bank account.
    So far so good and I was excited that I was moving ahead so I again went to the IT e-filing site and logged in because by that time the site automatically logged out me.
    When I started the process I found a message that my internet banking password was expired and I had to change that. So I did that and in few minutes I got it changed and could log in with that.
    After that I started the process of making the payment of balanced tax (self assessment tax) in the e-filing site and within 10-15 minutes was able to make the payment and went ahead with e-verification. I wanted to do it through Aadhar number and while doing that I got a message that the Aadhar server was very busy and I had to wait for some time. I patiently waited about half an hour and finally the server responded and I got an Aadhar OTP and by entering that I could verify my IT return.
    All the above processes took considerable time but at the end of the day I was beaming with happiness that I did it!
    Today morning I just found that there is an email from IT department sending me a copy of that e-verification.
    Hopefully I will get my return assessed by next 10-15 days completing the process fully.
    Knowledge is power.

  • #780729

    Points:2
    I am rarely using online and digital channels for my banking jobs and frankly speaking not much aware of these procedures but from the responses of the members it appears that the process is not very smooth and convenient.
    Thoughts exchanged is knowledge gained.

  • #780731

    Points:5
    I don't think it is a big issue at the moment and people have the option of going to bank in-person. I have been to rural areas and people are still doing banking the older way. They are not educated and don't feel secure while using digital banking. Even my father prefer going to the bank rather than doing online transactions. The good thing is there is no compulsion to use digital banking and still offline banking is available for everyone. People can use according to their preferences and insecurities. Banks are not going to penalize anyone for not using the internet banking or any digital banking platform. Usually, internet banking facilities of PSU banks is not up to the mark and it is better to not open an account in PSU banks if you are tech savvy customer. Private banks offer better digital banking experience with lesser glitches but their charges and minimum balance requirements are higher than PSU banks. For me there isn't any issue because every option is still available to customers.
    Humble yourself or life will do it for you!

  • #780739

      

    Points:4
    Yes, Ajay. I am also glad that digital banking is not mandatory and hope it remains that way! A few of the bank staff, though, are a little pushy. At one branch they repeatedly extoll the benefits of the mobile banking app and how easy it is to use, while at another, the staff updating passbooks was irritated and kept telling customers to apply for Net banking and if someone said they already had it, why then come to the bank to update the passbook. Really, now! He is an employee at the bank given the job of the passbook updations, so why lecture customers? I just hope the time does not come when banks stop issuing passbooks. They are, as I said, really convenient. In fact, they are useful, too, to submit as proof where accepted as documentary evidence.
    When you make a commitment, you create hope. When you keep a commitment you create trust! ~ John C. Maxwell

  • #780741

      

    Points:5
    It has been over a month since I posted a forum thread, and am glad to see a very engaging discussion in this one. Thank you. I appreciate all the responses that are coming in.

    Let's talk about a banking product- the credit card/debit card. Have you had frustrating experiences with them? I have lately been having a problem when using the debit card. My old one's validity was over and I got a new one very quickly. Despite activating it for E-Commerce transactions with the step-by-step instructions from the bank staff, it did not initially work. I would use it and then, the second time, it would not work for an online payment. When I complained at the bank, they said they could do nothing, and that I should again do the activation process at the ATM. I ended up going to the ATM 3-4 times to each time activate it for e-commerce transactions. Just a few days ago, while I was able to use it without any problems paying the bill for a mobile service and also for an OTT subscription, it did not work for a website's domain renewal. Each time I attempted to do so and put in the card number and the OTP, an error message would pop up and I would get an SMS alert that the CVV which I entered was incorrect. This was not so, and I had entered the correct one. One of my relatives is also having this constant problem with her new card.

    Have any of you ever had this problem with the CVV or any other aspect while making payments online with your card? Have you encountered the problem only with a new card?
    When you make a commitment, you create hope. When you keep a commitment you create trust! ~ John C. Maxwell

  • #780746

    Points:3
    Recently I got my new debit card from HDFC Bank. I got it activated online with the help of my son. It worked well. But when I go to a petrol bunk for fuel for my car, this card does not work. Then I used a credit card. After coming back home I asked my son. He again opened the online banking and made some adjustments and now the card is working alright. Thanks to my son, as because of his intervention, I could get the work done without visiting a bank.
    drrao
    always confident

  • #780761

    Points:2
    Sometimes I am using debit cards for online payments as well as for drawing cash from ATMs.
    So far I have not faced any such problem where CVV was not authenticated.
    Knowledge is power.

  • #780764

    Points:5
    Things are pretty much good for me for online banking, and I have no issues with the debit card/CVV while making online payments. For e-commerce transactions, we need to set the maximum limit. if we need to transfer money or make any payment beyond the limit we set in the app, it will not work. For example, if we need to transfer or pay Rs. 5000, we must set the limit above Rs.5000. We can do this in the services link in the mobile app. Online banking with private banks is convenient for me and PSU is not feasible in my opinion.

    A credit card is better than a debit card in petrol bunks/restaurants/shopping, etc. My son and husband never use the debit card for any petrol or restaurant bill payment. They use private bank credit cards because of some reliable reward points, they get in return, which they can redeem for any purchase in the future.

  • #780767

    Points:5
    Banks periodically update and modify their softwares and new features are added as well as old bugs are fixed. So, with each update it is understood that these apps would work better.
    If that happens it is a good thing but technology is such a thing that while modifying there is a chance that a new bug comes in it which is only known when customers start complaining. So a combination of recently issued debit cards and updated software might not match due to that bug and then all problems like mismatch of CVV start. Old card holders night not experience it as their cards were coded with earlier version.
    Anyway that is only my guess and if it is so then it would happen to the whole lot of cards and many people would have such problems. Bank would certainly resolve it sooner as it is a very important matter.
    Knowledge is power.

  • #780928

    Points:4
    Let me share my experience of online banking done by me two days back.
    I wanted some good amount of money from the bank so I decided to break one of my FDs for that purpose. I went to the bank's online site and then selected the FD and went through a procedure to close it and deposit the account in my saving bank account so that I could withdraw the money either from the ATM or by going physically to the bank. I spent some time in that process but at the end of it the system gave a message that as that was a joint account (with my wife) I cannot close it prematurely and have to go to bank.
    So there are many things which happen in online banking and yes, at times it is irritating.
    Knowledge is power.

  • #780956

      

    Points:4
    Things have become a lot easier these days because of the banking apps. Since I have accounts in SBI and ICICI, I have the apps downloaded for both of them, YONO for SBI and iMobile for ICICI. Any transaction I need to do, I do through them only. Checking the account balance, sending money or opening/closing a fixed deposit, everything is done in no time. Hardly, I need to visit the internet banking page of the concerned bank. Physical visit to the branches or ATMs has become rare these days. With digital transactions, need for cash has also greatly reduced. All in all, I feel things are improving for the better. One con though about all these digital and online transactions, very high probability of getting scammed by one or the other online fraudsters.
    Patience and perseverance pays

  • #780959

    Points:4
    Everything is fine in digital economy but private banks are too fast in delivering their debit cards. They usually arrive before the expiry date of previous card. The problem arise when people activate their new card before the expiry of older card. Only one card at a time will be able to function properly. Although there is a window for the older card to function for two months. I faced this issue once and thought why my card is not working for online transactions. Later I called the customer care and they told me what the problem was and I should wait for at least the expiry of the older card.
    Humble yourself or life will do it for you!


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