28 November 2015

Talk of Many Things

Ketharaman Swaminathan - GTM360 Marketing Solutions

67Posts 309,622Views 2,019Comments

Object reference not set to an instance of an object.

04 June 2012  |  2756 views  |  1

Irony is when

  1. My bank wants me to visit its branch to update my email. I wonder why I can't convey my new email address to my bank via Internet Banking or in a letter signed by me in 'wet ink'.  
  2. Left with no choice, I visit the branch but find that it has moved.
  3. Despite 'friending' it on Facebook, I keep getting irrelevant offers from my bank on my newsfeed, but when its branch relocates, it doesn't notify me of such an important event in advance. When I ask my bank if payors who customarily make electronic fund transfers to my account need to update the branch address field in their 'List of Beneficiaries' screen, my bank is clueless.
  4. EFTs can happen in one hour but my bank won't let me initiate one for 24 hours. The National Payments Corporation of India (NPCI) has established a net settlement system that can complete a retail payment transaction within one hour by running over 10 settlement cycles during an 8 hour window. However, my bank takes 24 hours to approve my request to add a new payee, without which I can't initiate the ePayment. It doesn't bother to explain how this 24 hour 'cooling period' benefits the payor, payee or itself. Since my account doesn't get debited until the next day, float - the usual suspect in such cases - can't be responsible for the hold up.
  5. ePayments need cheques. Apart from providing my bank account details, I'm required to submit a canceled cheque before a payor can transfer money to my account electronically. Asking payors why this step is required is pointless since all of them uniformly blame it on 'security measures imposed by the regulator'. It's quite dumb if the payor requires the canceled cheque to establish that I'm the legitimate owner of the said account - I'm not stupid enough to falsify the bank account details and see my money getting transferred to someone else.

I'd love to hear more examples of ironies in Internet, mobile and social media banking, whether nationwide or with a few specific banks.

Visit Branch To Update Email Tags

Comments: (2)

Brett King - Moven - New York | 04 June, 2012, 21:25

Maybe you should have entitled this blog "When Compliance Officers go Wild!"

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 05 June, 2012, 07:43

@BrettK: Good one, thanks! I bank with a couple of other banks. They use fully fledged implementations of 2FA - unlike the "my bank" of my blog post - and escape from the aforementioned ironies. However, they demonstrate a different, Newtonian type of irony: "Friction Skids Banking Rails".

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from Ketharaman

Hiding Your Secret Sauce

17 November 2015  |  1009 views  |  0  |  Recommends 0 TagsMobile & onlineInnovation

How Online Banking Prepares You To Become An Entrepreneur

01 October 2015  |  3353 views  |  1  |  Recommends 1 TagsMobile & onlineRetail banking

Bank Insources Credit Card Reward Redemption Theft

13 September 2015  |  4613 views  |  0  |  Recommends 0 TagsCardsRetail banking

When Does Correlation Equal Causation?

11 August 2015  |  3676 views  |  2  |  Recommends 1 TagsCardsRetail banking

Mitigating Fraud Does Not Pay The Bills

20 July 2015  |  3589 views  |  0  |  Recommends 0 TagsCardsRisk & regulation

Ketharaman's profile

job title Founder & CEO
location Pune
member since 2009
Summary profile See full profile »
As Founder and CEO, S. Ketharaman provides overall direction and leadership toward setting and achievement of GTM360's goals and objectives.

Ketharaman's expertise

What Ketharaman reads
Ketharaman writes about

Who's commenting on Ketharaman's posts

Balasubramaniam GD
Charmaine Oak
Seeva Selliah
James Piggot
Ulrich Rosenbaum
Stanley Epstein
Abhishek Chatterjee
Shoumit Bhattacharyya
Aditya Gupta
Aparty Behera