August 11, 2009

The USAA Example: Online Banking takes another step forward!

It has been a while now since banking moved on-line and went almost mobile. Most of the banks in India give us options to do on-line transactions and use our mobile phones to keep track of what is happening with the accounts. With a bank in USA moving ahead and permitting customers to deposit their checks on-line, using their iPhones, I think it is another step forward. I feel, since banks are trying everything they can to make banking a more comfortable experience for account holders, this is soon going to come to India too. So if it comes to Indian Banks, it means you don't have to apply for a casual leave to go to the bank and sit in the queue to deposit a check.

How is this on-line check depositing done? Here, I have got this video from the bank in question, as posted on YouTube and it explains how it is done:

I am happy that core banking services are moving more on-line. And economics experts are right, in a way the global economic melt down is for good reasons. We are going to see a lot of customer centric innovations happening at every level.

But I am not happy with the fact that it is first launched on iPhone. Why? Because, lately Apple is acting very strange and stifling innovations. It took Google Voice away from its store and thus denied American users an opportunity to save a few pennies on phone calls. I know that businesses are not run for charity. But my point is, denying an opportunity to save something during this huge economic meltdown is an economic crime and Apple has done that. Now,I feel, nothing innovative should be first launched on Apple  here after. Apple should be the last one to get a taste of the innovations by other people because of their stone age policies about promoting innovations on-line.

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