The way that we engage with our banks has changed dramatically in recent years. In the transition from banking with a passbook, and relying on stamps and signatures to allow us to keep track of our accounts, we have moved into a digital age where the cashless society is fast becoming a reality. Not so long ago, the idea of a cashless society seemed ridiculous, but these days it seems that it is the way of the future.

Unfortunately, as the technology, software, hardware, and processes have changed the way that banks do business and the way that we interact with them, it has also changed the way that many banks behave. This change in behaviour can be seen when it comes to dealing with individual customers. Many people are disappointed that their local bank seems more focussed on commercial operations, merchant banking, or upselling rather than actually serving the people who keep them in business.

Looking After Everyone

Inasmuch as there are banks that are solely focussed on investment and merchant banking and corporations, the good news is that retail banking still matters. Looking after the customer is still the number one priority for certain banks. This means that they prioritise services to individual customers and engage on a one-to-one basis. To this end, some banks still care about the way that they are perceived by customers and offer a range of services that are not only customer focussed, but are also beneficial. You can learn more about retail banking in Malaysia by visiting your local branch and asking about their services.

One area where consumer-focussed banks have made great strides is in the provision of low interest rate debit cards. Consider some of the benefits of these cards, as follows:

  • Your own money: Unlike credit cards, a debit card links directly to a consumer’s bank account. The benefit of this is that the money used is coming directly from the customer and is not being provided upfront by a faceless corporation. This means that the customer enjoys the convenience of a card that works globally and can be accessed nearly anywhere, but without the hefty interest fees that so often go along with a regular credit card.
  • Zero fees: One area where many banks do not enjoy a positive customer perception is in the area of ATM fees. A small fee is applied to many transactions at ATMs, and the real benefit is seen in all the extra money that the banks make off of their own customers. Some banks offer a debit card that attracts no fees at all when used at specific ATMs. This saves the customer extra money.

More Convenient Banking

It is no longer good enough to stick with a single bank just because it has been that way since you can remember. There are many banks that offer good services, with some of the best being banks that are focussed on consumers. We must certainly accept the benefits of a digital economy and services such as online banking, but it is always wise to investigate the right bank for you.