Why is it we as customers of Malaysia’s internet banking services have to pay RM1.00 for transactions involving payment to external parties? How can this be fair? Banks should be thankful that we’re helping to keep their cost down.
Having worked in the financial institution sector for 4 years, I know that banks are always looking to automate their operations in a bid to save cost. One of the reasons why the NUBE and ABOM unions opposed so much “automation” of the banking industry is that once banks go fully automated, there’s no need for people manning branches anymore.
So how is that when we customers use their services such as internet banking and mobile banking, we are charged RM1.00? We are paying for the power that runs the pc or laptop and we’re the one’s paying for the internet connection that we use so what is the RM1.00 for?
I’ll share with you why I believe RM1.00 should be scrapped:
First, most banks run virtualization to cut down the number of servers that eats up power for them to run. The days of having loads and loads of servers are gone. These days, you could fit 6 virtual servers in 1 physical machine.
Second, it costs the bank money to put a person behind the counter. The teller requires wages, benefits and all other amenities that a person working for an employer needs. The machine does not, period. Machines don’t get sick or do they go on annual leave.
Third, it costs the bank to run a branch, make no bones about it. Rental, utilities and security are just some of the operating expenditures a bank needs to incur. Internet banking servers are normally located in places where infrastructure is already there and costs have been accounted for.
Fourth, machines don’t complain. They don’t argue about wages, they don’t need yearly increments and bonuses. They don’t picket outside of a bank to protest wages they don’t really deserve. So much less of a headache for HR and IR who are not cheap to employ.
If each of the above is worth RM0.25 then you can see that banks are making a killing charging its customers RM1.00 for each transaction that an internet banking user performs.
These are just some of the reasons why banks are pushing for consumers to adopt online banking because at the end of the day it makes perfect business sense. What makes no sense at all is the fact despite the customer incurring most of the costs, why are we still charged RM1.00.
I say let’s start a campaign to get the banks to drop the RM1.00 charge, what think?
Cheers!!! :D
Having worked in the financial institution sector for 4 years, I know that banks are always looking to automate their operations in a bid to save cost. One of the reasons why the NUBE and ABOM unions opposed so much “automation” of the banking industry is that once banks go fully automated, there’s no need for people manning branches anymore.
So how is that when we customers use their services such as internet banking and mobile banking, we are charged RM1.00? We are paying for the power that runs the pc or laptop and we’re the one’s paying for the internet connection that we use so what is the RM1.00 for?
I’ll share with you why I believe RM1.00 should be scrapped:
First, most banks run virtualization to cut down the number of servers that eats up power for them to run. The days of having loads and loads of servers are gone. These days, you could fit 6 virtual servers in 1 physical machine.
Second, it costs the bank money to put a person behind the counter. The teller requires wages, benefits and all other amenities that a person working for an employer needs. The machine does not, period. Machines don’t get sick or do they go on annual leave.
Third, it costs the bank to run a branch, make no bones about it. Rental, utilities and security are just some of the operating expenditures a bank needs to incur. Internet banking servers are normally located in places where infrastructure is already there and costs have been accounted for.
Fourth, machines don’t complain. They don’t argue about wages, they don’t need yearly increments and bonuses. They don’t picket outside of a bank to protest wages they don’t really deserve. So much less of a headache for HR and IR who are not cheap to employ.
If each of the above is worth RM0.25 then you can see that banks are making a killing charging its customers RM1.00 for each transaction that an internet banking user performs.
These are just some of the reasons why banks are pushing for consumers to adopt online banking because at the end of the day it makes perfect business sense. What makes no sense at all is the fact despite the customer incurring most of the costs, why are we still charged RM1.00.
I say let’s start a campaign to get the banks to drop the RM1.00 charge, what think?
Cheers!!! :D
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hi.. just dropping by here... have a nice day! http://kantahanan.blogspot.com/
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