What are nationalised banks waiting for ?

Ever since I came to know of them in the 1970s, banks have come a long way. What started off as a safe keeper of your money and the consequent book keeping activities have grown out of everyone's hands and minds to assume a humongous status in the industry. It has not only provided employment to the lakhs who directly work with them, but has also catered to the creation and sustenance of other allied industries such as information technology and communications. At such a rapid growth, one cannot but help a thought - whether its primary objective of safe keeping and lending have become secondary!

On the other hand, are the main pillars of this industry viz., the staff and the customers - happy and satisfied with the journey so far? The banks have come to stay and they shall survive only if these two pillars are strong and intact. Any corrosion or even a trace of fissure on these pillars will have a debilitating impact on this financial edifice.

With the constant increase of client base and an eye on accuracy and security, the government did well to introduce computers, which usurped more than a lion's share of the human work. Allaying the fear and suspicion of the trade unions, a section of which were vehemently opposing the entry of computers into this hitherto human resources dominated industry, the advent of computers only increased the job opportunities at banks. It also enhanced pay packet to the existing personnel and lesser strain for the staff with a promised 'improved efficiency' to the customers. I recall reading recently a tongue-in-cheek comment that "banking industry is the only one of its kind, which got paid more to reduce their work load through computers".

The staff on the one hand continues to be unhappy despite big chunks of sops and largesse. Being in the industry for quiet long, my contacts there are still vibrant enough to pass on such a disturbing message. My association with some of the social networking groups also substantiate this as is evident from the pleadings of the existing staff to quit the nationalized banks at the earliest to join other opportunities! Their grouse - late sitting, defunct software packages, low pay, and lack of growth opportunities … the list goes on.

What one used to do all through the day- posting, extracting, totaling & tallying - the computers have taken over.  When some of the staff goes on leave, others used to shudder particularly during month ends and days after consecutive holidays. But, this has considerably been reduced consequent to the takeover of computers. Of course, a section of the higher echelon has taken the brunt of consequences of computerization but for everyone to say that the work has increased despite computers is amusing.

On the other hand, customers- the real targeted beneficiaries are also fuming, as even their basic requirements are not fully met. There are still banks which ask the customer to come some other day for anything from chequebook to statements to even renewal of fixed deposits. Certainly, I see some attitudinal issues have cropped up and its time the banks conduct motivational training periodically and more regularly. 

What  are normal basic expectations of a customer? Very basic things such as withdrawal and deposit of cash, realisation of local cheques and fixed deposits with periodical interests. With the advent of ATMs, prudent and some educated customers have learnt to avoid branch visits for cash withdrawal and also started using internet banking extensively for other transfers. I was able to successfully keep a distance from my salary account bank for 7 years, thanks to these. But again, not all can be expected to be computer savvy and they still need the basic customer service.

Nationalized Banks in India have become adept in introducing hi-tech banking, rather in a half baked manner. When I requested for a cheque book through online and went after a week to enquire about  it, the official coolly said no one looks at online requests! This is directly in contrast to my salary account private bank which couriered the cheque book within 48 hours of an online request free of cost- do we now get to know why there was no need to visit them for 7 years??

When my friend went to close some of his major fixed deposits, the nationalized bank official did not even care to retain the deposit but had the cheek to ask him to check the savings account after 2 PM. This is because if there are too many deposit closures it will be taken later!! This is atrocious to say the least. Pray tell me why should I, as a customer, care about your availability of staff or work load when the money involved is mine and you are bound to serve in accordance with the rules as per the contract entered at the initiation  of my association with the Bank?

When I queried about the difference in the maturity value of the deposit and actual credited, the official had the cheek to say that by mistake income tax has been deducted and after realizing the mistake and re crediting the same some days have lapsed and hence the difference ! When I insisted that I should not be made to pay for the bank's gaffes, the official wanted a letter requesting to set it right. This again is a cheap and ugly way to mentally tax a customer. The bank has violated the contract and when I insisted on my money, a separate requisition is demanded!!

My mentioning earlier about the 'half baked' computerization at some nationalized banks must have raised some eyebrows. When Internet Banking was subjected to some technical jobs where transactions are not expected to be carried out, the message displayed is technical which a customer shall not understand. Why don't they learn from other reputed and more transacted banks as to how this is done seamlessly without hindering the customer? When an email is sent to the officials, it is not acknowledged or acted upon, as no one sees the email! To escalate the indifference, if the issue is taken up with the top management, as directed by the bank's website, it is shocking that even they do not care to respond. Such a callous indifference of the staff in some nationalized banks. When the Chairman or the Executive Director does not care for the customers, God save the Bank !

When all the facilities and technological support are provided to the nationalized banks, it was only with a noble intention of serving the customers better and trying to match the same of their private bank counterparts which are always few notches above. But, it is shocking that after enjoying the facilities, pocketing some more bucks for reducing the work and also constantly increasing the work force, the main pillars are more disgruntled than ever. Why and for what are the Banks waiting to crack the whip? Private banks are improving their services in leaps and bounds and the exodus of customers has already begun. At this rate, a shakeup from both the authorities and customers will do well to shake the nationalized banks out of their slumber, which has doubled that of Rip Van Winkle!