We all want a smooth and hassle-free banking experience. And Indian millennials demand the same.
ATMs, mobile banking, Internet banking, and social banking have given us access to “anytime, anywhere banking.” However, with the changing needs of the country’s millennials, there is much more room to create a truly world-class and customer-centric banking experience.
Banks must learn to deal with the new expenses that come with it while maintaining profitability through cost-cutting measures. We’ve compiled a list of reasons why Indian millennials deserve a better banking experience:
1) Time-Consuming Procedures
Banks require paperwork when opening a bank account or applying for a loan. It may necessitate multiple visits with a plethora of paperwork. Even after numerous visits and the submission of various documents, there is a chance that the account will not open or the loan will not be sanctioned. To summarize, India’s current banking system is cumbersome and time-consuming, and it does not always yield fruitful results.
Banks must recognize the benefits of technology and begin investing in it to make banking more efficient. Online transfers, mobile banking, online bill payment, and other services have turned inefficient banking on its head, causing money to move faster than ever before.
Banks are no longer merely institutions for the protection of money. It has evolved into a fluid system that provides complete financial control. By making better use of technology and providing services at your fingertips, these services could become more efficient.
2) Non-transparent fees
New-age banking has made life much more convenient, but this convenience comes at a high price as hidden fees. These fees are likely to rise over time as banks seek to increase revenue from non-interest income.
Customers must maintain a minimum balance in their regular savings accounts, and if they fail to do so, banks charge a penalty. Indian banks charge their customers for cash withdrawals that exceed certain thresholds. The majority of Indian millennials have switched to electronic payments, but many of us are unaware of the costs associated with them. Banks charge Rs 5 – Rs 25 per transaction if you use NEFT or RTGS to transfer funds from one bank to another.
On credit cards, there are typically two types of charges. The first is the annual fees for issuing the card, and the second is the convenience fees. If a cheque bounces for any reason, both the payee and the defaulter are charged by their respective banks.
3) Credit
Obtaining a loan from a bank remains a time-consuming process, and the industry has not evolved sufficiently to serve its borrowers as it should.
The majority of loan applications fail the first hurdle. They are denied based on criteria such as income, poor-bank verifications, proof documents, or age that do not meet the lender’s requirements. Personal loans are difficult to obtain because banks are unwilling to make unsecured loans. When borrowers are on the verge of acquiring personal loans, high-interest rates stand in the way.
The most problematic aspect of the credit system is the extensive amount of paperwork required. Most borrowers find this a time-consuming task because it is a comprehensive process that demands a careful examination of several documents.
4) Digitization
Today, the majority of customers conduct basic financial transactions online, resulting in digital banking’s popularity. Banks are beginning to see how digital technology investments can help them improve customer acquisition and satisfaction while also lowering overall costs for both customers and banks.
The future of banking will be determined by emerging technologies such as Artificial Intelligence (AI), Blockchain, immersive technologies, and Big Data.
Automation in one-third of banking through Smart technology implementation can significantly reduce costs and eliminate errors. Blockchain technology in banking systems heralds the future of secure digital banking. Furthermore, augmented reality (AR) is the future of banking that will provide personalized experiences to its customers.
The Indian banking system has yet to catch up with these modern advancements. But once they do, there is no going back to the inconvenient and less secure traditional methods.
5) Poor Customer Service
Banks must find new ways to attract customers while also improving their customer service. Customers expect banking to be as simple as hailing a cab or placing an order for takeout. So, while banks are working hard to create appealing and innovative UI and UX for their mobile apps, there is still a long way to go.
For banks, social media adds a new dimension to managing their customer relationships. Although Indian banks were a little slow to adopt social media, they have recently begun to make rapid progress. Banks must also work to make branch visits more enjoyable. Most branch visitors must stand in long lines and wait for hours. Worse, even after wasting so much time in bank branches, they still don’t get what they want.
6) Cyber Security
Cybersecurity is a concern for any bank. Mobile banking and the internet are posing new security challenges for banks in India and around the world. Security measures include two-factor authentication, EMV chip cards, and KYC. However, the security game must be stepped up with looming threats such as app misuse, phishing, fraud, magnetic strip card duplication, cyber intrusion, and so on.
Hackers employ the most creative methods to attract customers. As a result, the most difficult challenge for banks is to protect themselves and their customers from cyber fraud. An improved cyber risk assessment framework is required to continuously protect against and detect evolving cyber threats.
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