An Analog banking system in a Digital age

Time: 10 pm

Place: Outskirts of a big city

The scooter stops infront of an ATM and the person rushes in. The agitation on the face shows the urgency with which he is going about the business of transaction. The moment he inserts the card in the ATM machine, it shows that the machine does not have any cash. At the very moment, the security who went out for reliving himself appears and gives a free advise to go to next ATM which is 4 to 5 kms away.

Time: 11 am

Date: 1^st week of month

Place: Any ATM in the city

There is a big line infront of ATM with two machines, where is one is perennially down. After a while, the security puts a board outside indicating the machine is down. He non-chalantly says go to next available ATM which is couple of kms away, as this machine can get repaired only after 3 or 4 hours.

These are all familiar scenes at many ATMs and for many of us. However, in the age where we talk about transfer on the fly, retrieval is becoming a challenge at times. In the beginning when the cards and ATMs were introduced, the few who had used to boast of them as priced possessions. As the systems grew and it started becoming a norm that any one who has an account need to transact only through ATM, more and more they are becoming common things, which means, less valued. Earlier they used to receive us happily in the banks, now they are charging us for entering in to banks.

The more and more banking became a routine, the more and more people’s hassles increasing. One can not use other ATMs for more than stipulated number, divide between urban and rural ATM functioning, restrictions on number of transactions in your own bank ATM, more and more value adds to ensure one does not come to bank for regular work. While digital age has brought in more comfort, it also brought in enough challenges to many. While we pay per transaction in non-home bank ATM, the guarantee that the ATMs working is never assured for the customer. If ATM does not work, there is nothing one can do, but use the closest existing ATM of any bank and pay the price for using it. Pay for using the ATMs more than the number allotted, does not matter how big you are. The safety factor that one has, to depend on plastic and less on real cash, is turning out to be a nightmare. Many a places, the sign board says, card not working today. But that today word is constant and everyday the same board hangs. While oneside the Finance minister is promoting usage of cards in all possible places, many such possible places are turning out to be kirana shops asking for Cash.

At times, when the customer is really frustrated, he thinks of complaining against the system or to take the bank to task. Alas! Such provisions are normally unavailable for commoners. If at all one dares to call, he will be caught in the maze of IVRs or the customer care centre queries with all kinds of detailing including what was one wearing or how many times they pressed the buttons.

Is there a way in which such issues can be addressed? While the customer is being loyal to the bank, why not bank be loyal and allow him to transact as many times? Are they charging the people if they walk in to banks many a time? When the banks can charge the users for the service, don’t the users deserve a reliable ATM service?

Nah! It is all one-sided. The banks feel they are doing a great service of coming close to us and we depend on their mercy. While this is all one side of transaction, the other side is about home branch and non-home branch. In some of the national banks, if one wants to deposit a cheque in non-home branch, they will not accept. Either server is down or can not take etc.. to go to one’s home branch are the reasons. Why? They can not handle the cheque if it bounces as the person who is depositing does not belong to the branch. Payable at all branches on cheques is ok, but acceptable at all branches is the big doubt. In a digital age, with CTS cheques, the situation is so horrible. And with no one to turn to for help.

I really wonder why we are pushing ourselves so hard, when such critical systems refuse to accept the impending change and stay rooted to good old customs?