The Hindu Business Line : Cheque this out

It was a moment of immense thrill when I was first able to reach my bank account on the Net, from the comfortof my living room. It was like getting a big-boy toy with which I could do the most powerful things that I had never imagined. I was 43 then and the feeling was incredible," says 50-year-old Rajeev Saxena, a senior official with a leading FMCG company.

This initial euphoria has obviously petered out and Net banking has now become an absolute necessity for Saxena, right from keeping tabs on his financial position to paying his monthly telephone and electricity bills on the Net.

"It is like having a personal cashier on my fingertips," remarks U. Jairaj Rau, Vice-President and Client Services Director, JWT. Rau, who earlier used to depend on his office cashier for his personal transactions, says that he now carries out all these activities on his own, courtesy the Internet. "I can get on to my account whenever I feel like it. In fact, I have a better grip over my inflows and outflows ever since I started doing my own banking transactions," says Rau.

The most important advantage that has lured a large number of people to Net banking is the savings on time and, of course, respite from the hassle of travelling to a bank and standing in queue for long hours.

"Why should I take the trouble to go to a bank, when I can do a lot of my banking transactions sitting at home or out of office," says Bharathi Ramaswamy, a young IT professional in Chennai. Amresh Acharya, Vice-President and Head - Retail Liabilities, HDFC Bank, says that the Net bankers segment has gone up by almost 43 per cent in the last two years. "HDFC Bank's bill payment product, BillPay, offers freedom from long queues. We have the largest number of utility tie-ups across the country. Therefore, a large number of customers are availing this service, which comes at a nominal price."

Though Bharathi finds Net banking extremely convenient, she says that banks should make it more user friendly. "There have been instances when I have not been able to log in and the bank took almost 24 hours to sort out my problem. An online help desk to redress queries instantly would have made the whole experience much more pleasurable," she adds.

But don't they fear that their passwords might be misused or their funds misappropriated?

Rau of JWT says that the fear of misuse does exist, "but even your best car could let you down some time. That doesn't mean you stop using the car."

Ramaswamy also shares a similar view and says, "I often have fears of my password being misused but, at the end of the day, Net banking is so much more convenient and time-saving. I can pay my telephone and electricity bills on the Net. I even book airline tickets online."

However, there are others who areextremely apprehensive about Internet banking. "I have heard of several cases abroad where people have lost a lot of money through Net transactions. I would rather take the trouble of travelling to the bank and doing the transactions manually," says Kiran, a professional dancer.

Akash Mathur, a senior finance professional, says, "Going to the bank is undoubtedly difficult. But an ATM counter offers me all the facilities that Net banking does, and I can go to an ATM counter whenever I feel like."

"If the banks really want to offer user-friendly services, why can't they deliver money at the doorstep of their customers," suggests Kiran.

However, regular Net-banking users such as Rau and Saxena feel that the future lies in Net banking. "Ten years from now banks will begin to have an isolated look as more and more people will switch to Internet banking," says Rau.

Picture by Bijoy Ghosh

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