Startupreneur

For the First Time Entrepreneur

Bank with the Best

Posted by Vijay on March 7, 2007

One of the things I have realized during my 3+ years of entrepreneurship is that you should not be fooled by glitz and glamour. In most cases (exceptions excluded), the glitz is meant to hide all the flaws underneath.

Nothing highlights this fact than the banking industry today. My best experiences have been with our Nationalized Banks. Granted there could be a few starting problems. But once you establish your credibility, the service levels are unmatched by anyone.

At my company we bank with Bank of India. Three years ago, they were the only Bank willing to give a small BPO company a break by giving us a loan for equipment and working capital facilities. During those three years, they have bailed us out of some tricky financial situations when payments from customers came in late and cash flows were tight.

What really impresses me about them was the human touch to their service right from the Bank Manager upto their Zonal office. Compare the same with some of the more market savvy International Banks and their computerized call centers.

I still remember Infosys CEO Nandan Nilikeni was the chief guest at a function last year to commemorate Bank of India’s 100th year. In his own words, the only people who gave Infy the time of day when they were growing were these very Nationalized Banks.

Give me a Nationalized Bank anytime.

As a small business you stand a better chance of success there.

Cross posted on BizzBuzz

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One Response to “Bank with the Best”

  1. vijay
    it is true to the core
    these people will stand out and do
    all that can be done in spite so many
    constraints of moving up for approval etc.,
    some of these managers of Nationalised Banks
    are really cusotmer driven and got out of way
    to help and bail out the needy one.
    It is not that all is green in these banks but
    overall their performance in helping industry
    is much much superior to so call hi-hitech Inter-
    national banks
    good post vijay kudos to you and BOI in where Is stated my banking as a student

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