Thursday, June 24, 2010

Faceless Banking!

Faceless Banking

Yet another term in Banking, but not entirely new.  Eversince the banking industry has taken to technology in a big way to modernise its services and extend more efficient services, computerisation has come in a handy way.  At least in the last three decades, several Committees have gone into this aspect (like Rangarajan Committee, Padmanabhan Committee, etc) it was rather a very slow transition from manual to computerised environment for back and front office operations.  The amount of time and money invested to bring in this facility, was stupendous.  The Trade Unions in the banking system opposed mechanisation and computerisation fearing reduction in employment and career growth opportunities to its membership.  Besides, the older generation staff and executives were motivated to undergo a series of trainings in order to equip themselves to handle the new environment. 

Introduction of ATMs, Networking, Core Banking Solutions, Online Banking, remittance / payment facilities like RTGS, NEFT, etc., fecilitation of Debit and Credit Cards, have all totally transformed the customer service domain.  The Indian Banking system is today in a position to compete with the Foreign Banks in all spheres.  Yes, the Governor's caution may be with some observation and concern that the customers should not be distanced from the fundamental principle of rendering the best service be in through technology or otherwise; be it in rural or metro cities.

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