Hi I am a modern day Indian… young enough to be a part of the technology revolution that is sweeping across our country yet old enough to be a part of the “manual” world that is slowly coming to an inevitable end.
I hold a couple of bank accounts across private and public sector banks as part of the company that I own.
Before the advent of internet banking, the most common way for money to be exchanged across two parties was a cheque (referring to a cheque as an entity of the past is deliberate…).
A cheque, a piece of paper, carrying a signature that seems similar enough to the naked eye was all that was needed.
Enter the new age – internet banking… supposed to be faster, easier and definitely less time consuming… OR IS IT???
The public sector bank with whom we work functions like this (for the corporate account)
Step 1: I login in to the site using a login password.
Step 2: I make the transaction.
Step 3: I need to enter an authorization password to complete the transaction
Step 4: On entering authorization password, I receive an OTP on my mobile
Step 5: I enter the OTP to complete the transaction.
For the readers who think it is done… please read on:
Step 6: Another user logs in to the site using his login password.
Step 7: The other user selects the transaction (Step 2) and authorizes it.
Step 8: In order to authorize the transaction, he needs to enter his authorization password.
Step 9: On entering the authorization password, he receives an OTP on his respective mobile
Step 10: The other user enters the OTP to complete the transaction.
For the readers who think there is more… TADA, it is finally done…
And I come back to the topic of the blog…
Why are our public sector banks suddenly so weary of the pitfalls of the electronic system? When crores of rupees used to be transacted using visual checks of scribblings, what is the source of the paranoia that replaces a visit to the bank with a 10 step process spanning 2 login ids, 4 passwords and 2 mobile phones???
In a fast growing world, government organizations need to view technology as a facilitator of efficiency and convenience and not as a grudging inevitability. This could be the first step in harnessing technology to be come a people centric country…
My ranting is done… Now i’m off to the bank to deposit a couple of cheques… Ciao