60% people think their banks are 'bureaucratic, inefficient': Report

Nearly 60 per cent of 9,699 respondents consider their bank to be ‘bureaucratic and inefficient' when asked to re-enable their family’s account access online, according to a survey by LocalCircles. The respondents cited technical glitches or lack of support from banks for ineffective digital banking.

In a second survey,  of the 11,357 participants, 41 per cent families have 1 or more bank accounts that they are unable to access online.  39 per cent face the problem of login credentials are ‘not working' The report further suggests that out of 10,386 respondents, accounts of 7 per cent have been placed under depositor education and awareness fund status (DEAF). About 12 per cent face account inactivity issues preventing the holders from accessing their account.