Banking Industry Shifts Focus Towards Customer Benefits

The banking sector is undergoing significant changes to benefit customers. Investments in technology are now translating into customer relief. With waivers on transaction charges and revised account norms, the industry aims to enhance customer experience and bring hope for the future.

Monetary Policy has breathed fresh air, and for once customers felt some comfort existed for them too. Post-liberalization banks went on investing in technology and realizing the costs of such investments through various types of charges. Now, after realizing the cost of investment in technologies over the last two decades, it is time to pass on the benefits to the customers in whose name they infused technologies. A waiver of electronic transaction charges for a year at least to start with has been viewed as a big relief. ‘No Frills’ accounts norms also changed. Though interest rate changes disappointed the depositors, borrowers expect some rate reduction transmission soon. Prudential norms underwent a change giving comfort to the banks and borrowers alike. The resolution process provided leeway for the corporates running after bankruptcy courts to resolve their debt and start production/services to their full capacities sooner than later. The present environment of banking is transitioning from dissatisfaction to hope for the better.