Online banking at ATM’s: Why is Commercial Bank so proud of this?

You stop by the ATM to withdraw cash. Amidst all the traffic and the rush hour rat race which is life, you notice that the person in front of you is taking unusually long to withdraw cash. It’s then that you notice that they are actually signing up for online banking and mobile banking. Welcome to Commercial Bank.

Witness online banking like never before

Commercial Bank recently announced that they would be adding the ability for customers to sign up for mobile banking and online banking via Commercial Bank’s network of ATMs and CRMs. While this is useful for some, others may beg to differ. Why? Because it’s 2019.

Online Banking

Commercial Bank recently announced that they would be adding the ability for customers to sign up for mobile banking and online banking via Commercial Bank’s network of ATMs and CRMs (Image Credits: ComBank)

Yes, it’s 2019. That means we are one year more advanced than we were in 2018. So why do we still have to go to a bank to sign up for online banking and mobile banking? This isn’t a grand revolutionary innovation as Commercial Bank’s marketing department would like to tell you.

Granted, the previous process was twice as annoying. You’d have to visit a branch and wait in a queue. After that, you fill a form and wait approximately a week until you get your login details through the mail. But now Commercial Bank is asking you to do the exact same thing via an ATM. Isn’t it possible to do this without waiting in another queue?

How are others handling online banking & mobile banking

Well, Nations Trust Bank (NTB) has a simpler process. It’s completely online. You can simply visit the Online Banking login page and sign up. All you need a valid credit or debit card and your contact details registered with the bank. And that’s already done when you open an account. Time spent waiting in queues: 0 seconds.

Online Banking

NTB offers a variety of services which can all be used online without the need to visit a bank (Image Credits: YouTube)

HSBC too allows you to sign up for mobile banking and online banking. Granted there is a somewhat lengthy terms and conditions section that you might want to read before you “accept”. Apart from that, the registration process is purely online and takes only a few minutes to go through. Then again, they are an international bank so this is expected.

Online Banking

HSBC has a thorough online banking platform (which is to be expected)

Seylan Bank we found was mixed. It too offers a similar online signup process. If you have a Seylan account, then just click here, and submit your own internet banking application online. Yet, once you’re done you’ll receive a token number via SMS. To complete the process you’ll have to visit the nearest branch and present this token number to receive your password.

Online Banking

Seylan Bank offers a somewhat mixed approach to Online banking

It gets better, or does it?

On that note, we have Standard Chartered Bank. Now, this too is another internationally famous bank. So what is their take on online banking and mobile banking? Well, according to the bank’s website, you can “apply for online banking by calling +94 (11) 2480480 or visiting any branch and receive the following array of services”. Not quite the ease of use we were looking for, but okay.

Online Banking

With Standard Chartered you can “apply for online banking by calling +94 (11) 2480480 or visiting any branch and receive the following array of services) Image Credits: SC.com)

Then you have Bank of Ceylon. They offer online banking. But you will also need a printer. Why? Because you’re required to print out an application form, fill it out, and then hand it over to your nearest BOC branch. So we have what is possibly Sri Lanka’s oldest and most renowned bank, offering a rather Neanderthal approach for signing up for online banking.

Sampath Vishwa from Sampath Bank also offers users the ability to sign up for banking online without the need to visit a bank. Features such as fund transfers are also available making it a really useful platform for Sampath Bank customers. 

To that extent, People’s Bank who have taken large strides in digitizing all aspects of banking. We spoke about their work a few weeks ago, especially noting that they have implemented a system where you can open an account without even visiting a bank. This is perhaps the pinnacle of the Sri Lankan banking industry.

Does Sri Lanka need online banking?

The short answer to that question is, “Why not?” Online banking and mobile banking offer great convenience to their users. A simple example is most, if not all utility bills can be paid via credit/debit cards online. Even the simple act of hailing and riding in a Tuk can be paid for via a credit/debit card.

This leaves the only possible reason that one would need to visit an ATM is the off chance that you need to have physical cash with you. Even then you can do fund transfers of large amounts to people as well. However, Commercial Bank has yet to realize this. Their press releases might tell you they’re offering something revolutionary.

Online Banking

While online banking is definitely become a staple part of our lives, certain banks are offering rather outdated methods to embrace it (Image Credits: KipLinger)

In reality, though, it seems they are using a rather outdated approach for its users to embrace mobile banking and online banking. Yet, at the very least, they’re trying to get customers to embrace it in some form. Meanwhile, Bank of Ceylon and Standard Chartered show no signs of helping their customers embrace modern online banking.

At the end of the day, a simple fact remains. No one wants to spend their time waiting in queues even at an ATM. Especially to sign up for something that they could very well do from the comfort of their homes or even via their smartphones. Nonetheless, it is a positive step forward. We just wish they went further like they do for Chinese tourists.

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