Thursday , October 18 2018
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Banks Today and Tomorrow

Do anyone of you remember the things you or your parents did in Bank when you were young. There is a specific time in the morning (i.e., from 10 AM to 2 PM) in which the Bank operates. You will have to plan 1 day in advance. All the daily work that you do have to shifted accordingly. You will have to get permission of 1 or 2 hours to go to bank from your office. Business people will have one person appointed to do all the banking operations. His work is to go to bank Daily to deposit the sales money. You will have to physically go to the Bank for any operation you do with the bank, be it  Open an account, Deposit money, Withdraw money, order checkbook or even take a draft. There use to be passbook where all the account transactions are maintained. Actually speaking, it is the Bank’s responsibility to maintain the Banking transactions but they ask us to keep it safe Smile. We have to show the passbook, they will check the Balance in our passbook and give us the money.

But today the Banking has changed completely. The visit to the Bank has reduced. An agent comes to you for the account opening. You just need to sign and give all the documents to the agent. After 2-3 days you will get all the details about the account, Debit/credit card, Card Pin etc in post. You can deposit and withdraw money from the ATM. There is no Passbook now. Most of the Bank’s have opened internet banking. You can use your internet Banking for the list of transactions that was the work of passbook. If you need to take a draft you just use the internet banking to place a draft request. The draft will be delivered to your address with-in 24 hours( Citibank in India does this). Even though the checkbooks are still in use today, the usage ha been reduced. Most people use the internet banking to do the transfer to other people. In those days, when you need to send money to someone in another city, you need to use the money order feature provided by post offices. Today the usage has reduced because you can use the internet banking for this transfer the money. They will get the money immediately if they both have the account in the same bank or in 24 hours if the accounts are in different banks.

Ok, we all know this. How will bank operate in the future? I will mention the procedure based on the services that we do in the bank.

Opening a account : There is no need to go to the Bank or an agent coming to you. You can go the Bank website. There will be online application form. you just need to fill in the form. The camera on your laptop will capture your photograph, you need to scan the documents and upload the scanned copies to the bank website. Within 5 seconds to 5 hours the account will be opened. Internally the Bank will check if you are already an existing customer or not. If you are existing customer, then the account will be opened immediately without any checks and the account number will be SMSed to you in a minute. If you are not an existing customer then bank will check if you are genuine customer who has not defaulted any payment with other banks with a common network among banks. This process will be more simplified when the Aadaar (UID) comes to India. In account opening, the address and the identification is already verified. UID will do this for the Bank’s and you just need to given the scan copy of the UID card. The account will be opened immediately.

Withdraw and deposit money : This will continue as it is available today through ATMs.

Draft and Checkbooks : This will be obsolete. People will stop using these instruments in the future. They are just used for transferring the money from your account to someone else’s account in the same or other bank. They will be replaced by Online transfer or mobile transfer.

Today most of the features are available today in Internet will be moved to Mobile too. Bank’s will provide a small application that need to be installed on the mobile. Using this software, you can transfer mobile and even use them in POS ( Point of Sale – where you use the cards to pay someone for the things that you have bought).

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