ICICI- Lousy banker as well?

sh50 · #1 7th January 2005, 09:46 PM

ICICI is not only a lousy broker but not much of a bank either. In April last year, we didn't use their terminal because the people in their branch were completely unaware of the shares business. They dont understand the reports of their own software.

We opened 10 accounts(we are a joint family) with them in October'2004 and half the passwords are not working. They bungled up in opening half the accounts and even the current account was awkward.

They have a link facility by which they can link all the accounts. That is relevant only if all the accounts are in one person's name. If they link the acccounts, one can see all the balances on one screen. I requested them to do it for our accounts telling them that we shall give a power of attorney to our father who is the head of the family but they refused to budge. It is ridiculous that if i give you a power of attorney, you can withdraw money from my account but you cannot see it. They continue with their govt deptt attitude that there is no linking for power for attorney.

Only their infrastructure has changed. Otherwise they have the same mindset of nationalised banks- giving govt department like answers. One can convince pakistan to give up Kashmir but one cannot change their stupid obdurate stand.

In all the stock forums I have seen, ICICI is condemned the most and they are proud of their customer base. If only the customers could getogether and highlight this in a media magazine. What is the use of all these forums and information revolution and mass communication if an individual is still helpless.

venkpra · #2 8th January 2005, 11:19 AM

Hi sh50,

I could not agree with you more. My experience with icicibank and icicidirect has been pretty bad. all these rants by customers do not appear to have any impact on icicibank because (a) most of the alternatives are either worse or more expensive or both (b) the customer complaints are not properly channelized and highlighted to necessitate corrective actions

The employees and the contract staff in the branches are a real pain to deal with due to their lack of awareness and awful customer service processes.

waiting for the day, when there is adequate competition to icicibank so that they are not so pathetic and complacent (idbi?? ... digressing a bit, i think idbi should be a good short-term investment opportunity -- 6-12 months -- what do others in the forum feel?)

regards,venkpra

heda_p · #3 14th January 2005, 11:19 PM

It's great to hear from you all on this forum..this is very useful and my thanks to you all...

Me being from software line wud favour icicidirect...

In link facility icici bank is right...link is meant to join only one person account not various peoples...Though they cud do it as software is capable of doing it...but legel limitations are there...

Customer support is like that in all the places...about india there is no company where you can say customer support is good...it's always like that and no point in blaiming icici alone for that...

What is good is that it's only icicidirect.com which gives all the facility from start to end for trading... no other bank is able to offer such thing (HDFC do not allow trading in BSE). Yes competition wud be great if new players comes to the market, things wud improve drastically....it's software which needs time to mature... But i will give credit to icicidirect for taking initiative...

Believe me I am in trading only because of convenience icicidirect provides...AND THE BEST PART IS SAFETY & security it provides...

Anyways i do agree that there are other alterbnatives for better trading like 5paisa and sherkhan but they are not providing all in one solutions...for a normal investor icicidirect is best...

Anyway have you heard about the bsewebex.com and I think it's good to go for it as in future this wud be a great service being guaranteed by bse and your broker both...a demat account is also coming in bsewebex.com soon...Though no experience on this site...i am in process to open an account there...

sh50 · #4 29th January 2005, 08:53 AM

ICICI may ensure safety but the service has to be commensurate with the infrastructure.

rajendra · #5 29th January 2005, 01:06 PM

A thief comes to ur house and asks u to "JAO JEELO AASMAN CHOO LO HUM HAI NA"
In that way this guys are working . It is not the direct.com but lossmaking.com only
because of improper services. Nobody in call center have proper knowledge of trading system also in banking department they don't know when to clear the check. If u want to see poor and rediculous show then pl. go to icici.

jaideep · #6 29th January 2005, 07:45 PM

Quote:

Originally Posted by rajendra

A thief comes to ur house and asks u to "JAO JEELO AASMAN CHOO LO HUM HAI NA"
In that way this guys are working . It is not the direct.com but lossmaking.com only
because of improper services. Nobody in call center have proper knowledge of trading system also in banking department they don't know when to clear the check. If u want to see poor and rediculous show then pl. go to icici.

sh50 · #7 30th January 2005, 07:30 PM

Mr Rajendra has made an apt observation. Happens to the best of companies.They try to make new customers at the cost of exisiting customers without commensurately upgrading their infrastructure. When you grow, your left hand doesn't know what your right hand is doing if you don't know how to monitor management control sytems well,it can lead to big problems some day. All the so called stock scams were not share market scams but bank scams; banks financing shares illegally because of systems failure. In the future such failure shall be of a different kind.

nkpanjiyar · #8 5th February 2005, 05:36 PM

Hi All,

To some extent heda_p was right but the views posted by sh50 and Rajendra are more relevant and eye-opener.

ICICI may have taken the initiative first but they lack commitment towards their customer service and grievance clearances. The lack of good alternative had given them liberty to take advantage of customers.

Sadly, consumer forums or any other institutions are not playing any active roles in checking their services after sales. We can only pray for other banks to give them good run and competition.

Lastly majority of us do have the problem with the services of ICICI banks and with thier host of products.

Cheers,
nkpanjiyar

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