Letters: Customers ignored

In the article, “Digital banking needs pro-customer default options” (April 3), Debashis Basu is right in saying that “policymakers all over the world usually think of customers last”.

Customers are being exploited by financial institutions to maximise returns. There is no concern for the rights of customers. The codes are only on paper. Digitalisation of the financial sector has been extensively used for introducing advanced technological products and services. The price that depositors and investors are getting for their money is shrinking, however, the cost of the services rendered to them by the financial sector is rising. With limited avenues for bargaining, customers have to cope with the increase in cost. The financial sector has turned into a seller’s market.

Players in the financial markets are selling their products without ensuring transparency in transactions. The common man, who has limited awareness of products and services, is falling prey and suffering losses. Lack of sufficient internet facilities, inadequate digital literacy are contributing to the losses of customers. Instead of making arrangements to educate customers about the dos and don’ts, they are being urged to become part of the digitalisation. 

Although customers are the backbone of the financial sector they are being neglected. Their grievances are not redressed in time, more so if they are illiterate. Extensive digitalisation programmes without proper customer education and ensuring affordable cost of financial products and services is of no use; it defeats the purpose. Customers should not be driven to losses; their rights need to be honoured. No business can flourish without their active support.

V S K Pillai   Changanacherry

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