What happens when customer service in banks is not just about courtesy, greetings or branch ambience — but about a customer’s actual money?

What happens when families struggle to claim the money of a deceased customer?

And when a senior citizen loses money in a digital fraud, should the bank simply say “customer is wrong” — or should banks take more responsibility?

In Part 3 of our 4-part special series on customer service in Indian banking, I continue my conversation with Mr. Madhusudan Hegde, a veteran banker with nearly four decades of experience.

Madhu started his career as a Probationary Officer with Syndicate Bank in 1984 and later held senior responsibilities at HDFC Bank, including customer experience at retail branches at a national level.

This part focuses on customer issues that are very different from the usual “feel-good” aspects of customer service. These are real financial and real-life issues — unclaimed deposits, nomination, death claims and digital fraud — where banks need to combine process, accountability and empathy.

The conversation covers:

– Why unclaimed deposits continue to rise in Indian banking
– Why banks must make more sincere efforts to trace customers and families
– Why nomination should be seen as customer protection, not just paperwork
– How death claims can become painful and difficult for families
– Why banks need to handle such situations with more humanity
– How digital banking has improved convenience but created new risks
– Why senior citizens and vulnerable customers need better protection
– Whether banks should take more accountability in digital fraud cases
– Why “customer is always wrong” is a dangerous starting point in banking

Madhu makes an important point: banks are not just service providers. They are custodians of customer money. When customers or their families face difficult moments — death claims, inactive accounts, fraud or access to rightful money — the bank’s response can have a deep financial and emotional impact.

Timestamps

00:11 – Introduction to Part 3 of the customer service series
01:25 – Why unclaimed deposits build up in banks
03:06 – What banks can do to proactively reach customers
04:14 – Why nomination should be treated as customer protection
05:22 – How joint accounts can be effective
06:24 – Why nomination helps 100% of customers
06:50 – Why families struggle with death claims in banks
10:55 – Digital banking: balancing convenience and security
12:18 – Why banks need more accountability in digital fraud cases
14:12 – A real example of a senior citizen fraud complaint
15:40 – Closing note and preview of Part 4

This is Part 3 of our 4-part conversation on customer service in Indian banking.

In the final part, we move closer to the branch and discuss digital banking versus human touch, sales one-dayers, scripted conversations, private sector versus PSU banks, and other practical aspects of customer service.

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