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Many Families Struggle with Online Banking Access and Inefficiency, Survey Finds

Many Families Struggle with Online Banking Access and Inefficiency, Survey Finds

In a recent survey conducted by Local Circles, a significant number of member shared their challenges with online banking access and regulatory hurdles when seeking assistance from their banks. The survey included 11,357 participants and revealed some eye-opening insights.

Online Access Woes for 41% of Families

Among the member, 41% of families reported that they had one or more bank accounts that they couldn’t access online. This issue has left a substantial number of people unable to enjoy the convenience of digital banking.

Bureaucracy and Inefficiency Frustrate Customers

Even more striking was the response from 60% of the 9,699 respondents who described their banks as “regulatory and inefficient” when trying to regain access to their family’s online bank accounts. This frustration primarily stemmed from technical glitches and a lack of support from the banks, making digital banking seem ineffective.

Login Credentials Troubles for 39%

Nearly 39% of the member faced the frustrating issue of login credentials that “weren’t working.” This problem has left a substantial number of individuals locked out of their online accounts, unable to perform essential transactions.

Accounts in Depositor Education and Awareness Fund (DEAF)

Out of 10,386 respondents, the survey revealed that 7% had their accounts placed under “Depositor Education and Awareness Fund” status, commonly known as DEAF. This status can be a result of inactivity or other issues and may restrict access to funds for account holders.

Account Inactivity Woes for 12%

Around 12% of the respondents also reported facing account inactivity issues, preventing them from accessing their bank accounts. This issue can be particularly distressing for individuals who depend on their accounts for various financial transactions.

These survey findings shed light on the challenges that many families .

And individuals face in their interactions with banks, particularly in the context of digital banking.

While online banking is meant to make financial management more accessible and convenient, it appears that technical difficulties and perceive inefficiency in customer support have created barriers for a significant portion of the population.

For many, these challenges have not only caused inconvenience but .Have also raised concerns about the reliability of online banking systems. Banks may need to invest more in improving their digital infrastructure and customer support to address these issues effectively.

As the banking industry continues to evolve in the digital age, it is crucial for financial institutions to prioritize customer satisfaction, streamline online banking processes, and ensure that their customers have hassle-free access to their accounts. Only then can the promise of convenient and efficient digital banking be fully realize by all

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