In a bid to ease congestion in banking halls, the country’s commercial banks have, over the years, introduced several innovations, including digital platforms that have also reduced paperwork.
Today, it is common for bank customers not to fill in any forms when making deposits or cashing over the counter. In many cases, it is only third-party customers issued with cheques that are seen using papers.
For a long time, I have held my primary account with Standard Bank plc and I was used to filling a cheque or withdrawal slip whenever I wanted to withdraw cash, mostly using the drive-in facility at Ginnery Corner.
However, the other day I was pleasantly surprised when the bank teller wondered why I always drew the personal cheque. She said it was not necessary as I could dictate my account number or write the same on a piece of paper and I would receive a code on my phone. It worked and ever since I embraced the innovation.
In one of my Business Unpacked entries back in 2012, under the headline ‘Why some banks are congested’ I had pointed out that the cumbersome paperwork demanded for most transactions in our banks was one of the contributing factors to the congestion.
That time, most of our banks demanded customers to fill deposit slips in duplicate yet they hardly provided carbon papers for the same, thereby making customers to fill in two forms, taking their time.
With time, banks introduced self-duplicating papers that transferred information written on the front onto sheets beneath.
It was refreshing to note that banks positively responded by introducing user-friendly paperwork.
The banks extended the paperless transactions to deposits, but I have noted recently that most of them are reintroducing the deposit slips, perhaps for records’ sake.
I must say that the paperless transactions have eased congestion in banking halls. Besides, the digital banking platforms are also making many customers do banking at their own convenience without physical contact with bank officers.
The banks also deserve a pat at the back for embracing mobile banking technology that has also reduced visits to banking halls. With technology, many are able to transfer funds, pay bills around the clock from any corner of the world.
But while the innovations, especially the paperless transactions, are a welcome development, I feel uncomfortable with the arrangement to have customers shout out their account details or even to tellers in the banking hall.
Call me old-fashioned, I always make it a point to write down the details on a piece of paper and hand in to the teller. Even where a code is sent via text, I display my handset for them to see.
Nowadays, with fraudsters getting ‘advanced’ by the day, not everyone who sits around in a banking hall is there for good intentions. I find it risky for customers to be shouting out their account details.
I appreciate the fact that less paperwork is also good for the environment, but still I feel arranging small strips of paper, not the size of the normal deposit or withdrawal slips, for customers to jot down their details like amount being withdrawn or deposited and bank account can go a long way in guaranteeing some level of privacy. You will thank me later!
Security and privacy should be a primary consideration in every innovation that banks introduce to ease processes, especially those requiring physical contact with customers
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