Archive for the 'Banks and Banking' Category

Financial Products HAVE TO BE SOLD Subra

I keep doing this – keep asking the financial services industry the need for such a big variety of products while the customer needs only a few. Of course I do not get a satisfactory ¬†answer except that “Financial products are not bought, but have to be sold – and that has to be incentivised. […]

Customer Complaint…

“ICICI Bank Mr.P ………Branch, Regret to state that I am totally disappointed withe the level of service for the past few months. I had requested for opening of a new DEMAT in my single name . On 30th Jan 2014, I had paid Rs X and signed all documents as were required by you. When […]

Banking service deficiency…

Dear Sir, If you publish this in your blog, please remove loan account number and service request number. I had taken a home loan from ICICI during 2002 (account no. removed) The last EMI was paid in Jan, 2014. However, when I went to the branch to collect the original property documents, it was found […]

Bank rip off…but hey that is fine…

This is an awesome Bank-Customer Relationship story… A client of a bank had about Rs. 7-8 lakhs in the savings account. The Relationship manager moved it into a mix of mutual funds – equity about Rs. 1L and debt funds about Rs. 7Lakhs. After sometime this man wanted to buy a car and also needed […]

Good time to be in BFSI space…

Yes you read it right. This is a great time to be in the BFSI space – Banking & Financial Services Industry. Yes I know you are going through a tough time. Clients are not buying ULIPs , not even mutual funds, most people above the poverty line have 5 credit cards….. Why am I […]

Banks hold their customers tight….

In the battle between IFAs and Banks, it is the banks who win hands down most of the time. Why does this happen? Some of my observations: 1. Clients love activity, and banks can provide that: Most clients like to do something on a regular basis – but may not be too keen to do […]

Payoff Mortgage or Invest….continued

Let us take a real life case and see what is to be done when you have a lump-sum amount. Should you repay the loan amount or should you Invest that money? The sad part is YOU need to take a decision TODAY and you will be judged (you may be the judge) after 5, […]