Let us ask you a simple question. When was the last time you visited a bank to either get your KYC (Know Your Client) done or open a new account or get a new credit/debit card issued? We bet you are thinking hard. For Gen Z, this may be something that they may really find hard to imagine, since they were born in the era of smartphones where they had everything on their fingertips. That being said, why not give Gen Z an idea of what it used to be like in the past. Let us stroll down the memory lane and recreate one of our memories of those days with a fictional character, Jeh, who had to visit a bank for small requirements too.
The year was 2009, when there were hardly any touchscreen smartphones. Nokia was ruling the roost, and people were excited about its new multimedia Express-Music series. Jeh had shifted to a new city, Kota (A place in India), with one dream: Crack one of the most premier institutes of engineering in India and be part of its legacy. He wanted to open a bank account and hence, visited a top bank’s branch nearby. He had with him his basic documents, which he thought would suffice for opening an account. However, after waiting for his turn for an hour or two, the concerned person informed Jeh that he needed a couple of more documents before he could open an account. Jeh had to go back and return in a few days with the documents. When he went for the second time, the concerned person had changed and after looking at his documents, the new bank staff told Jeh that he needed another document. Jeh was finally able to get a new account opened in the bank with the correct documents after visiting the bank three-four times and wasting almost two-three hours per visit.
Similarly, for a new debit card, Jeh had to visit the bank a couple of times before they finally approved his request. Now, you would be surprised to know that in those days, the card and the ATM pin were sent through two different couriers on separate days for security reasons. So, there chances of couriers being misplaced, translating to Jeh visiting the bank to raise a new request and going through the hassle again. Even if he received the card, he would have to wait for a few more days, hoping that it does not misplaced before getting his ATM pin. In essence, from the moment Jeh first visited the bank to open his account to the time he could finally use his ATM card to withdraw money, the whole process took about 20-25 days. Surprised? Trust us, this was how long it took to get such a simple task done.
Now, let us fast forward to 2021. With advancements in technology and being in the era of smartphones and the Internet, everyone started innovating to make everything easy for a common person. Now, as many other banks have also opened up providing extra benefits and return rates, Jeh decided that it would work in his favour if he had another account in one of those banks. So, to enquire how and what documents are needed as well as the offerings that the bank had, Jeh decided to visit a bank’s branch. Initially, he was nervous, since he did not want to go through the hassle of waiting in long lines and wasting a lot of time. However, to his surprise, he learnt that everything, ranging from KYC to requesting for a debit/credit card, could be done on the bank’s mobile app. Jeh was initially hesitant, since he feared that there would be no one to answer his basic questions, which would make it even more difficult for him to open an account.
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