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.

Please subscribe to Banking Reframed for more conversations on banking, BFSI careers and the changing world of financial services.

#BankingReframed #CustomerService #IndianBanking #BFSI #CustomerExperience #DigitalBanking #BankingFraud #UnclaimedDeposits #Nomination #DeathClaims #BankingPodcast #BygC

• What can banks learn from an online shoe retailer about training new employees?
• What can Ritz-Carlton and Amazon teach banks about frontline empowerment?
• What should senior bank leaders remember when they visit branches and interact with junior employees?
• Can aggressive sales targets damage customer relationships?

In Part 2 of our 4-part conversation on customer service in Indian banks, veteran banker Madhusudan Hegde shares practical suggestions on what banks must do differently if they truly want to improve customer experience.

The discussion covers important questions such as:
• Why frontline empowerment is critical in banking
• Why junior and inexperienced staff should not be the first point of contact for complex customer issues
• Why training, product knowledge and process knowledge matter deeply in customer-facing roles
• How banks can use customer profitability and relationship data to take better goodwill decisions
• How young bankers can balance sales targets with genuine customer care
• What senior and middle-level managers should do differently during branch visits

This episode is especially relevant for bankers, BFSI professionals, branch banking teams, customer service leaders, banking aspirants, and anyone interested in the future of customer experience in Indian banking.

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This is Part 2 of our 4-part series on customer service in Indian banking.

Watch Part 1 here: https://youtu.be/vIVhe296kAU
Watch Part 3 here: Link will be added after release - scheduled for 13th May

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Timestamp:

00:11 – Introduction to Part 2 of the customer service series
01:15 – What should banks do differently to improve customer service?
01:56 – The missing frontline delegation and empowerment in banks
04:52 – What banks can learn from Ritz-Carlton about customer empowerment
06:07 – Amazon’s customer-obsession approach and lessons for banks
08:10 – Why training and people capability matter in customer-facing roles
11:18 – Why banking processes must become customer-friendly and staff-friendly
13:45 – Where banks are progressing — and where they are still falling short
14:37 – What banks can learn from Zappos about new employee training
15:46 – Can young bankers balance sales targets with genuine customer care?
19:49 – What senior leaders should do differently during branch visits
23:09 – Can aggressive sales targets damage customer relationships?
26:27 – Closing note and preview of Part 3

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Please subscribe to Banking Reframed for more conversations on banking, BFSI careers, customer experience and the changing future of financial services.

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Host: Srikumar Nair, Co-founder – BygC & formerly senior banker at HDFC Bank
LinkedIn: https://www.linkedin.com/in/srikumarnair68/

Guest: Madhusudan Hegde, Formerly Branch Banking Head – South & National Head – RBCX & RBCU at HDFC Bank
LinkedIn: https://www.linkedin.com/in/madhusudan-hegde-493b8118/

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#BankingReframed #CustomerService #IndianBanking #BFSI #BankingCareers #BankingPodcast #CustomerExperience #BankingIndustry #BygC #bankingknowledge

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Podcast also available on: YouTube & Spotify

✅What do customers really feel when they walk into bank branches today?
✅Have banks made banking more convenient through technology, but lost some of the human touch along the way?
✅Have you ever felt that when a customer raises a problem, the starting assumption is almost that “the customer is wrong”?

In Part 1 of this 4-part special series of Banking Reframed, I speak with Mr. Madhusudan Hegde, former senior banker and ex-Head – Branch Banking South at HDFC Bank. Madhu also handled customer experience and branch control at a national level during his banking career.

This episode looks at the changing face of customer service in Indian banking — from the limited banking environment of the 1980s, to the transformation brought in by new private sector banks, and to the current phase where technology has improved convenience but the human element may have weakened.

Madhu makes a powerful distinction between customer service, customer experience and customer obsession. His assessment is thought-provoking: banks have improved significantly in technology, distribution, processes and convenience, but still have a long way to go when it comes to empathy, intent, training, product knowledge and problem resolution.

Please subscribe to Banking Reframed for more conversations on banking, BFSI careers and the changing world of financial services.

Timestamp:

00:00 – Episode highlights
01:26 – Introduction to the 4-part series on customer service in banks
02:13 – Introducing Madhusudan Hegde
02:58 – Why Madhu chose banking over the Indian Revenue Service
04:33 – Why a banker is like a “wealth doctor”
05:18 – Madhu’s role in customer experience and branch banking
07:21 – What do banks prioritise today: customers or business numbers?
08:00 – Do customers rate banks differently from how banks rate themselves?
09:53 – Technology vs the human element: how banking has changed since the 1980s
11:35 – How training in banks has changed over the years
13:51 – Best and worst customer experiences as a banking customer
14:24 – Unknown faces, weak product knowledge and the need for better frontline training
15:02 – Closing note and preview of Part 2

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Host: Srikumar Nair, Co-founder – BygC & formerly senior banker at HDFC Bank
LinkedIn: https://www.linkedin.com/in/srikumarnair68/

Guest: Madhusudan Hegde, Formerly Branch Banking Head – South & National Head – RBCX & RBCU at HDFC Bank
LinkedIn: https://www.linkedin.com/in/madhusudan-hegde-493b8118/

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Part 2 of this 4-part series will be available on 9th May, 2026

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#BankingReframed #CustomerService #IndianBanking #BFSI #BankingCareers #BankingPodcast #CustomerExperience #BankingIndustry #BygC #bankingknowledge

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Podcast also available on: Spotify & YouTube

• Where do banks deploy funds apart from loans?
• Why do banks rely on funding sources other than deposits?
• Does money moving into mutual funds actually reduce bank deposits in the way many assume?
• How does loan growth also help create deposits in the banking system?
• What do episodes like Silicon Valley Bank teach us about liquidity and ALM risk?
  
  In this episode of Banking Reframed podcast, eminent banker Ramesh Krishnan explains the less visible side of banking in simple language — treasury, liquidity management, ALM, funding sources, deposit flows, and balance sheet risk.
  
  A practical episode for bankers, BFSI professionals, banking aspirants, and anyone who wants to better understand how banks really manage money.
  
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  Timestamp:
  00:00 – Quick snippets from the episode
  02:36 – Guest introduction
  04:33 – Why banks cannot lend 100% of their deposits
  05:30 – Understanding embedded option risk
  06:04 – CRR and SLR explained
  09:56 – Why banks invest in instruments other than loans
  13:20 – Sources of bank funds beyond deposits
  14:05 – Understanding the CD ratio
  14:48 – The call money market
  15:14 – Repo and TREPS explained
  16:06 – Refinance windows for banks
  16:39 – Asset securitisation and collateralised debt obligations
  19:15 – Reserve-adjusted cost of funds
  20:15 – Why equity investments can still impact deposit growth
  23:26 – Purchased funds in banking
  24:03 – Do bank loans create deposits?
  24:35 – The money multiplier explained
  26:21 – How money can move out of the banking system: the example of taxes
  29:44 – How banks manage funds operationally
  32:43 – What liquidity really means in banking
  39:54 – Investment risk and ALM risk
  41:37 – Tenor vs duration
  44:55 – ALM risk examples: Northern Rock and Silicon Valley Bank
  
  ________________________
  
  Host: Srikumar Nair, Co-founder – BygC & formerly senior banker at HDFC Bank
  LinkedIn: https://www.linkedin.com/in/srikumarnair68/
  
  Guest: Ramesh Krishnan, formerly GM-Treasury at Karur Vysya Bank
  LinkedIn: https://www.linkedin.com/in/ramesh-krishnan-09621762/
  
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  Podcast also available on: Spotify & YouTube

Want to hear stories from the evolution of banking in India?

• How customers once worried whether they would get their money back from an ATM
• How bankers worked with heavy manual ledgers before computerisation
• How Money Orders and Demand Drafts were once part of everyday banking
• How technology transformed banking — but not the importance of trust

In this inaugural episode of Banking Reframed, I speak with veteran banker and former KSFE MD Joshi Paul Veliyath about the transformation of Indian banking and what it means for bankers, BFSI professionals and young aspirants today.

Drawing from a career spanning the Air Force, traditional banking, new-generation private banks, fintech and leadership roles, Joshi shares practical lessons on ambition, sales, domain knowledge, customer grievance handling and the human side of banking.

At the heart of the conversation is a simple but powerful idea: even as technology keeps changing banking, trust, empathy and continuous learning remain timeless.

If you work in banking or BFSI, aspire to build a career in this sector, or simply want to understand how banking is changing, this episode is for you.

Please watch, share and subscribe to Banking Reframed for more conversations on banking, BFSI careers, customer service, technology and the future of the industry.

#bankingpodcast #bankingreframed #bygc #indianbankingevolution #bankingknowledge #bankingcareers #bfsi #indianbanking
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Timestamps:
00:00 – Teaser: What to Expect in This Episode
01:37 – Welcome to Banking Reframed: Introducing the Guest
04:06 – Banking as a Customer in the 1970s and 80s
05:35 – From Manual Ledgers to Digital Banking and AI
07:39 – How Liberalisation Changed Indian Banking
09:03 – What Young Graduates Must Understand About BFSI Careers
10:40 – Operations vs Sales in Banking: Correcting a Common Misunderstanding
11:34 – Why Sales Roles Often Pay More
12:07 – The Future of Banking Operations in the Digital and AI Era
14:52 – Why Sales and Relationship Roles Can Be Rewarding
15:19 – The Human Side of Sales: Meeting People and Building Trust
18:08 – Is the Starting Salary in Banking Really Too Low?
22:33 – Why Career Growth Often Needs Mobility and Discomfort
26:00 – Why Domain Knowledge Matters in Banking
28:31 – What Good Banking Managers Do Differently
32:40 – Customer Complaints: Where Professionalism Is Truly Tested
37:09 – Balancing Business Growth, Service, and Compliance
40:28 – Why Banking Remains a Strong Long-Term Career
42:53 – The Big Question: How Do We Keep Empathy Alive in Banking?
44:16 – Closing Remarks

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Link to the book "Five Uniforms" by Joshi Paul Veliyath | Paridhi Publications on Amazon:
https://amzn.in/d/04mQcQCw

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Host: Srikumar Nair, Co-founder – BygC | Former senior banker at HDFC Bank
LinkedIn: https://www.linkedin.com/in/srikumarnair68/

Guest: Joshi Paul Veliyath, Founder-Director & COO – Xenturion Fintech | Former MD, KSFE
LinkedIn: https://www.linkedin.com/in/joshi-paul-veliyath-a85b8b53/

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Podcast also available on: Spotify & YouTube