Everyone I heard were boasting regarding the awesome services provided by the private and foreign banks and how the Nationalized banks do not care that much. I was caught by surprise when I did not notice a big variation in the experience I had. The nationalized banks actually provided better service for my needs.
Private banks are banks funded by private businesses or by foreign companies who follow certain rules and regulations stipulated by the RBI (Reserve Bank of India).
- Nationalized banks are banks which are sponsored by the government and are usually public sector banks which are governed by the RBI.
- There were certain rules that were rigid and annoying in private banks and also certain fees in private banks which do not exist in a nationalized bank.
- The availability of ATM's were better with nationalized banks when it comes to rural areas compared to urban areas.
Now here are my findings.
No | Quality | Private bank | Nationalized bank |
1. | Professionalism in support | Very professional | Semi professional |
2. | Time consumption | Short to too long | Consistent not too short not too long |
3. | Approach to customers | Robotic | Humane (varying) |
4. | Relationship | None | Very personal |
5. | Online experience | Good | Ok |
6. | Attitude | Progressive and fast | Conservative and slow/steady |
7. | Customer preparation requirement | Less | High |
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