ICICI bank in Tornto Star-- Thank God i didnt open an account with them..
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ICICI bank in Tornto Star-- Thank God i didnt open an account with them..more interest is a good idea but definately not at the cost of the time these people have gone through..
They can do what they want to do in India but definately not year..i will stick to TD
ICICI Bank troubled by outsourcing pain
Nov. 25, 2006. 01:00 AM
ELLEN ROSEMAN
When you call Bell Canada, you may find yourself speaking to someone in India. And if you have a baggage problem with Air Canada, your call is taken by someone in India.
So, it's no surprise to hear that ICICI Bank Canada has sent all its customer-service calls to India since setting up shop here in December 2003. The operation is a wholly owned subsidiary of India's second-largest bank.
But that will happen no longer, says Sriram Iyer, ICICI Bank's senior vice-president and chief operating officer.
"With outsourcing comes pain," he says. "It's never easy. There's a cultural difference."
ICICI offers a high rate on savings accounts (currently 3.75 per cent). But customers drawn by the rates aren't always pleased with the service.
Ved Singal responded to an advertising campaign that promised a $20 bonus if he opened a high-interest savings account at ICICI Bank with a minimum $100 deposit.
"I was expecting a $20 bonus within a month, but I didn't see it when I checked two months later," he said.
He called customer service and was told several times the money would be in his account within two days.
"I am getting tired of their assurances," Singal said.
He managed to get the money credited to his account after several more calls to India. But Elizabeth Lai never did.
"I referred three family members to open an account, since they promised a $20 bonus with every new member I introduced. But I didn't get any of that," she said.
Lai eventually closed her account, as did her husband and daughter. Soon after, she received a letter from ICICI Bank welcoming her to its HiSave Account.
Anup Desai was attracted to the interest rates on ICICI Bank's U.S.-dollar term deposits. He found the first month's interest credited to his account, but not the second month's.
"I followed up almost 10 times for my interest, which was due Sept. 11, but it is not yet credited," he said a month later.
"Everything is handled from India and no one bothers to listen to what I say. I feel helpless, as if I'm begging to get my interest that they're supposed to pay on the due date."
Desai received his interest after he called a few more times. Now, he's thinking of closing the account.
"ICICI still has the best rates in U.S. dollars," he said. "But it's the hassles. Asking for a supervisor doesn't help, since they won't come to the phone. It seems no one has any authority in India."
Stanley Francis started doing business with ICICI Bank in July. But a mistake was made processing his request to withdraw $500 a month from his accounts at another bank.
"In two of my accounts, $500 was withdrawn on consecutive days. I had instructed the bank to do it only once a month," he said.
"I was shocked. This meant they would be withdrawing about $31,000 a month, instead of $1,000 a month, for those two accounts."
Francis spoke to the call centre in India, but didn't get anywhere. He sent emails to the Canadian president and other senior managers, with no response.
The daily $500 withdrawals finally stopped after he got in touch with the Ombudsman for Banking Services and Investments.
"We made several calls on his behalf and we made sure he got extra interest on his term deposits," said David Agnew, the banking ombudsman.
The ombudsman is an independent agency that handles complaints not resolved by member institutions. It has a mandate to compensate people for financial losses, rather than to get involved in customer-service issues, Agnew pointed out.
Francis said ICICI Bank offered him an extra 0.1 of a percentage point in interest for two months, "a minuscule gesture compared to the time and anguish they have caused me."
The bank's statements show only five term deposits, but he has more than five and can't track them. He's not sure whether the bonus interest he was promised was ever paid.
I sat down for an interview with Iyer this week, after chasing him for more than a month.
He told me that ICICI has 100,000 deposit accounts in Canada and assets of $1.7 billion. The bank started making profits four months ago.
About three-quarters of customers do their banking either online or over the phone, though ICICI has four branches in the Toronto area and two in Vancouver.
"We stopped the incentives to open accounts. It was done in India and errors crept in," Iyer said.
Only one of the customers who complained to me had closed an account, he said.
"I get involved personally with anyone who closes an account. I will talk to Stanley Francis myself to take care of his issues."
With all respect to Iyer, he's on the wrong track if he gets involved at such a late stage.
A foreign bank won't get anywhere in Canada — even with high rates — if the service is not up to the standard offered by the Big Five Canadian banks.
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Live and Let Live
Hi all CD's,
I think this article appearing in whatever news paper, is an attempt to defame an non canadian financial institute trying to beat the locals in their home turf.
Please do not misunderstand me, I am not working in ICICI bank, I also had my share of problems with this bank, but I had far more silly , serious , troubles with TD bank too, inspite of killing in bank charges this banks have the same if not worst standard of services. I shall any day rate our indian banking services far far more efficient and better in all ways than their canadian counter parts.
I always had problems with banks in India, but seeing the canadian banks functioning, I now salute my Indian banks, and I am proud to say we are far more better in terms of service, when you compare the service charge they charge, the volume of customers they handle.
There may be experiences of other CD's good and bad, , I do not wish to argue , it is that what I felt of this bank, I felt compelled to share my thoughts .
Quote:
Originally posted by 3m
I shall any day rate our indian banking services far far more efficient and better in all ways than their canadian counter parts.
You trippin' maaan!!! Pass along some of the good stuff that you're smokin'
While i was in India i banked with HDFC except the last 2 years when i was with ICICI.
The service of HFDC are at par with the bank i bank with over here but ICICI sucked even in India. I dont think they can manage themselves..
While it is cheaper banking in India the service and product offerings here are more, the banking industry is more mature here at a little higher cost.
but it dosent matter where you are India/Canada.. ICICI sucks.
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Live and Let Live
I had also lot of trouble with ICICI Customer service, they even doesn’t know what they are talking about, only one things they have learn is “We can’t do this, we don’t provide this”
I also send e-mail regarding this customer service, even they didn’t reply back.
Funny things all the branch phone number has been transfer to voice mail.
I don’t have an experience with any other Canadian bank this time, but the bank I am using WACHOVIA unbelievable customer service.
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"First they ignore you, then they laugh at you, then they fight you, then you win" - Mahatma Gandhi
Location: Canada-Glorious and Free
Posted on: 28-11-06 01:44:24
I am all for supporting desi businesses. As a matter of fact, I go out of my way to deal with desis. I have only one criteria - good customer service. Easier said than done.
Quote:
Originally posted by chittesh
But that will happen no longer, says Sriram Iyer, ICICI Bank's senior vice-president and chief operating officer.
"With outsourcing comes pain," he says. "It's never easy. There's a cultural difference."
What Sriram does not understand is that outsourcing is a concept where a company assigns another company, a 3rd party to handle a business process. Handing over your calls to a call centre in India that is owned by your parent corporation is NOT OUTSOURCING. Bell / Dell/ Microsoft and growing list of companies using Indian call centres don't seem to have this cultural difference issue.
Quote:
ICICI offers a high rate on savings accounts (currently 3.75 per cent). But customers drawn by the rates aren't always pleased with the service.
Ved Singal responded to an advertising campaign that promised a $20 bonus if he opened a high-interest savings account at ICICI Bank with a minimum $100 deposit.
This is called FALSE ADVERTISING. Competitions bureau has certainly gotten wind of this and is going to make sure ICICI understands the consequences of false advertising.
Quote:
\\\"Everything is handled from India and no one bothers to listen to what I say. I feel helpless, as if I'm begging to get my interest that they're supposed to pay on the due date.\\\"
Hello! That brings me to my latest phrase! You can take a company out of India, but you cannot take the India out of a company!
Quote:
He told me that ICICI has 100,000 deposit accounts in Canada and assets of $1.7 billion. The bank started making profits four months ago.
3M thinks ICICI is beating the locals in their home turf! What a joke! Banks are valued on their balance sheets. I don't know if 3M has been following the news, but banks make that much in profit alone. I wonder what Canadian banks give away in charity every year??? I hope it is not a $1.7B
Quote:
Only one of the customers who complained to me had closed an account, he said.
Sriram, it not hard to find dissatisfied customers. The Toronto Star found a few already. And they don't have a call centre!
SideNote: I am a customer of ICICI and I had one simple transaction which was screwed up (surprise) and it took a month to fix (another surprise). They still have my money, so I better not say much more about the service!!
NO WONDER!!
Open an account at the ICICI bank and get a chance to meet Shah Rukh Khan.?!
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