Bankers claim that recent times have shown the virtual shift in banking from traditional brick-and-mortar model to eBanking, with no human intervention, operating across time zones, geographic locations and contact points. Are the claims indeed true in their full perspective? What deliverables the ordinary man looks for, without much fanfare?
"No more waiting in long queues. Just log in to your account and log out with cash. With this card, there is no need to carry cash in your wallet and you need not fear of overspending on your credit card! You can now withdraw cash and make purchases anytime you wish to." These are the words that best describe how the present day banking is moving forward in the country. If this is the only wish of eBanking, this has been amply fulfilled with the pace of growth ATMs have shown in recent times. However, the real potentialities of eBanking are not exploited as a certain basic facility and it is not yet within the reach of the common man. To the common man who does not have much knowledge of technology, ATM is a great hit with him. He may not know how to operate the computer, but it does not stand in the way of transactions. However, to use an ATM a customer doesn't need a computer of his own. At the same time operating an ATM is easy and there are no intricacies involved. This is the reason behind the popularity of ATM, even with the aged.
Banks are constantly in the process of upgrading themselves for newer ways of doing transactions. From plastic to virtual money, these banks are adopting technology to offer the latest modes for transacting business. Internet banking, or eBanking as it is popularly called, offers banks and customers a huge opportunity by way of convenience and reach. ATM is the right place in terms of accessibility. But, extension of technology and required infrastructure still are to take place at ATM level to make the numerous facilities of eBanking easily accessible to the public. Banks need to adopt required technology, primarily, in this area to improve customer satisfaction as they are forced to remain competitive while reducing costs. In order to attract and retain customers, banks need to market new products and increase delivery channels. The need of the hour is to identify the basic needs of customers and find ways to fulfill them. The grass root level needs do not seem to be gaining the attention, adequately. Speed of response to customer needs is critical and first-mover advantage is significant.
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