Consumer Grievances in Banking - Inputs on Solutions
Dear Friends,
Below is a list of the key root causes identified by you regarding Consumer Grievances in Banking.
Kindly review them and let us identify solutions that are needed from the Government to make Banking industry more customer friendly.
We will then put together a comprehensive whitepaper to be submitted to Consumer and Finance Ministry and any other associated Government departments/regulators for actions.
I look forward to your inputs!
Rajendra Pratap Gupta
------------------------------------------------------------------------------------------------------------------
Consumer Grievances in Banking – Root Causes
1. Loose control of the regulatory bodies
2. The judicial process itself has a lot of loopholes and is very slow
3. Banks are opportunists; they try to earn as much money as possible from the customer
4. Bank agents see loan as an opportunity to push more products to the customer
5. Agents are not 100% transparent due to the fear of losing the deal
6. Bankers leave terms/margins undefined with customers so they can generate more profit
7. Big pressure on the sales force to achieve the sales numbers
8. Banks want to recover their money by hook or by crook, even if it means going against the guidelines of the Supreme court
9. Customer service of private banks is more focused than public banks
10. People do not know the rules and hence get exploited
11. Banking paperwork is complicated which results in the customer blindly trusting the bank representatives more
Below is a list of the key root causes identified by you regarding Consumer Grievances in Banking.
Kindly review them and let us identify solutions that are needed from the Government to make Banking industry more customer friendly.
We will then put together a comprehensive whitepaper to be submitted to Consumer and Finance Ministry and any other associated Government departments/regulators for actions.
I look forward to your inputs!
Rajendra Pratap Gupta
------------------------------------------------------------------------------------------------------------------
Consumer Grievances in Banking – Root Causes
1. Loose control of the regulatory bodies
2. The judicial process itself has a lot of loopholes and is very slow
3. Banks are opportunists; they try to earn as much money as possible from the customer
4. Bank agents see loan as an opportunity to push more products to the customer
5. Agents are not 100% transparent due to the fear of losing the deal
6. Bankers leave terms/margins undefined with customers so they can generate more profit
7. Big pressure on the sales force to achieve the sales numbers
8. Banks want to recover their money by hook or by crook, even if it means going against the guidelines of the Supreme court
9. Customer service of private banks is more focused than public banks
10. People do not know the rules and hence get exploited
11. Banking paperwork is complicated which results in the customer blindly trusting the bank representatives more
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Brajabandhu Behera would like to connect on LinkedIn. How would you like to respond? Accept: https://www.linkedin.com/e/v2?e=-8tht92-if3f6xfg-5w&a=preRegInvite&ek=second_guest_reminder_01&li=3&m=hero&ts=accept_text&sharedKey=fHFhQBws&invitationID=6049407722737147904 View Brajabandhu Behera's profile: https://www.linkedin.com/e/v2?e=-8tht92-if3f6xfg-5w&t=npv&ek=second_guest_reminder_01&li=4&m=hero&ts=profile_text&memberID=167506818 You received an invitation to connect. LinkedIn will use your email address to make suggestions to our members in features like People You May Know. Unsubscribe here: https://www.linkedin.com/e/v2?e=-8tht92-if3f6xfg-5w&t=lun&midToken=AQFmrFVhGEd36Q&ek=second_guest_reminder_01&li=8&m=unsub&ts=HTML&eid=-8tht92-if3f6xfg-5w&loid=AQFsofxUAIki8QAAAVAS3EUdxr1z0G-tBth4tAIGfalNXldDL-Fn2gCvlXUsy9k4ceNB1NRZiB_JBer4Fi-2RX5urVccAm373BVGaq6WJ00917Xo08P0FuhjxxanbE7vJcD-7NEPCFfthxhLi3xG9IQP This email was sent to www.send_liked_post_email++bbbbiyaeaelk++triyiymqiyvv@localcirclesmail.com. If you need assistance or have questions, please contact LinkedIn Customer Service: https://www.linkedin.com/e/v2?e=-8tht92-if3f6xfg-5w&a=customerServiceUrl&ek=second_guest_reminder_01 © 2015 LinkedIn Corporation, 2029 Stierlin Court, Mountain View CA 94043. LinkedIn and the LinkedIn logo are registered trademarks of LinkedIn. more
Sep 28
Brajabandhu Behera would like to connect on LinkedIn. How would you like to respond? Accept: https://www.linkedin.com/e/v2?e=-8tht92-ietnpvle-6t&a=preRegInvite&ek=first_guest_reminder_01&li=4&m=hero&ts=accept_text&sharedKey=fHFhQBws&invitationID=6049407722737147904 View Brajabandhu Behera's profile: https://www.linkedin.com/e/v2?e=-8tht92-ietnpvle-6t&t=npv&ek=first_guest_reminder_01&li=5&m=hero&ts=profile_text&memberID=167506818 You received an invitation to connect. LinkedIn will use your email address to make suggestions to our members in features like People You May Know. Unsubscribe here: https://www.linkedin.com/e/v2?e=-8tht92-ietnpvle-6t&t=lun&midToken=AQFmrFVhGEd36Q&ek=first_guest_reminder_01&li=8&m=unsub&ts=HTML&eid=-8tht92-ietnpvle-6t&loid=AQE98cab-_ZycgAAAU_vt8rbhtiFI5RuLjW7ikZr4VBvJa0WPvvRga_xkLYyy1TWkJZDoBF9LD47FoZiG6k0DrwSi1Qxjit1VKXQXcVADzFBHHTfXSdZyHQQoYlrlBUCTNffEyHrCwcndReH0XGxRi7W This email was sent to www.send_liked_post_email++bbbbiyaeaelk++triyiymqiyvv@localcirclesmail.com. If you need assistance or have questions, please contact LinkedIn Customer Service: https://www.linkedin.com/e/v2?e=-8tht92-ietnpvle-6t&a=customerServiceUrl&ek=first_guest_reminder_01 © 2015 LinkedIn Corporation, 2029 Stierlin Court, Mountain View CA 94043. LinkedIn and the LinkedIn logo are registered trademarks of LinkedIn. more
Sep 21
I totally disagree that the private sector is better than public sector entities. Due to the weak regulatory environment, lack of knowledge on the part of customers, excessive efforts required to enforce a redress and very low penalties in the event wrong doings are established, the private sector corporate are least concerned about the rights of the customers and pursue their own goals of profits. They do not hesitate to short change and harass the customers if they do not fall in line. A typical method adopted by service providers on receipt of the complaint is to act in a manner that does not leave a legally enforceable right (talk on telephone or send a personal representative). The companies do not record the proceedings and in writing claim that complaint has been resolved. A WRITTEN RECORD SHOULD BE MADE MANDATORY REGULATORS SHOULD UNDERTAKE WHAT IS THE REASON FOR THE COMPLAINT TO EMERGE OR WHETHER IT IS DESIGNED FOR SHORT CHANGING OF CUSTOMERS. more
Oct 02
At this era of mobile banking, there is not enough security or check measures to have control on transactions. Today mobile applications crashed while transferring the money, later tried to do it again. But system had done the transaction twice creating a big challenge. Spoke to customer care and they informed, it can't be reversed or stopped. They need to bring more check mechanism to prevent these critical issues. more
Oct 01
Either call center concept of banking should be scrapped or officers on call should be made more responsible. there should be mechanism of providing proof to consumers that they made call and requested services. Quiet often I have seen banks deny call / receipt of request more
Oct 01
