Tuesday, January 31, 2017

Why does it take four weeks to approve Giro application?

Published in Straits Times Online Forum

Singapore introduced the Giro system 35 years ago. It allows a bank customer to authorise the bank to accept instructions from billing organisations to deduct money due to them regularly from the customer's bank account.

At that time, Singapore was way ahead of many countries, including the developed countries, in the use of electronic payments.

Recently, when I wanted to authorise Giro payment to a billing organisation, I had to complete a hard-copy form and submit it to the organisation. I was told it would take four weeks for the Giro application to be processed and approved.

Why should it take so long when money transfers can be done almost immediately these days? Surely, the banks could have introduced an online application form and online process to approve the application within a day or two.

Tan Kin Lian


Anonymous said...

As consumers subject to ineffective bureaucracy the quickest way to get your bank to improve is to look for a bank that can effect it fastest. Only this kind of selection criteria by consumers can get the kind of response for improvement. If you can get a comparison going among banks for their response time it would be useful to get the poor performing banks to wake up from their slumber.

Anonymous said...

given such a low performance can we find out from the crowd which bank shows a decent response time?

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