Bank Account Portability

Customers hate to get locked-in with any of their service providers. 

Hence, when mobile number portability was announced, it was a boon for customers  because if they wanted to switch to another mobile service provider, they could do so easily as the mobile number was owned by the customer and not the service provider. The reason for this switch could be bad service, inaccurate billing, coverage issues etc.

One never thought, we could do it with a bank. With the number of standing instructions for direct debit committed by them, it is extremely painful to switch bank accounts even if they are unhappy with their current bank’s service.  The process is just too tedious. Here’s an interesting banking service in Netherlands that is being implemented – Inter Bank Switch Support service.

The service aims to facilitate account holders who want to move their payment relationship  from one bank to another, thus increasing customer mobility and lowering switching costs for their current accounts.

I think this is just too good. Download bankportability.pdf

1 Comment

  1. This is a concept that warrants much debate specially for a country like India – where everything is hyped & undue premiums are extracted.

    Like

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