After complaint, Federal Bank to change process flow.

[Vineet Kumar]

I had applied for a Federal Bank CC for the first time through the designàted link on 03rd April, 2023 at 10:25 AM.

After processing the application upto the stage where all my details were captured by the Bank, suddenly a prompt appeared on screen "Sorry! No offers are available."

Thereafter the page returned to the beginning and when tried again, it simply kept on saying the same thing.

A little later I received a call from one of Bank executives who asked about the problem faced while completing the application. I informed him that this error was appearing. On this he stated that there could be some technical glitch responsible for the issue, and that I should try it again.

When re-tried the same issue contunued to appear and the same is the issue till date also.

Since, I completed all the necessary processes online, including providing my PAN Number, AADHAR Number, and other details related to my residence and office addresses and employment. Additionally, I underwent a CIBIL inquiry.

I was perplexed by this outcome, as I have an excellent credit profile and fulfill all the requirements. Furthermore, I already possess the most premium Credit Cards issued by the top banks of India on LTF basis.

I finally thought of taking up the matter with the bank and started a communication seeking detailed explanation of what has happened.

I asked the bank that I understood that there would have been certain factors including some technical issues responsible for the outcome. However, as a customer, I deserved to know the reasons behind the outcome of my application.

I requested for specific details, including shortcomings or discrepancies, if any that might have impacted the result to be shared with me on priority basis.

CONTD.....

 

[Harry1]

I took the matter to RBI that in case the credit worthiness of the applicant and other qualifying criteria doesn't count in decision making for card issuance to Federal Bank, and that despite meeting all other criteria, some arbitrarily maintained Pin Code list is given supremacy, it is a mal-practice and wrong doing at the end of Bank.

Further, if PIN Code is the most relevant criteria, the first field to be filled up by a customer should be his address PIN Code, even before the PAN Number, leave aside the Aadhar Number and other financial details. This would at least ensure that CIBIL inquiry is not undergone and other important personal and financial details are not unduly fetched and stored by the Bank

They are just giving random reasons to meet the RBI guidelines requirements. Their portal has issues and they are not addressing that. They have pretty high rejection rates.

 

[Vineet Kumar]

Thereafter, started getting calls from the Bank. Got the last call from the Bank on Friday.

The caller stated to be calling from Product Head Team.

He acknowledged that there was flaw in the process of the bank and that the point raised by me with RBI was very much valid.

He stated that they are new in business and learning from the suggestions and feedbacks given by valuable customers like us.

After a series of sugar-coated laurels, he finally informed that based on the complaint the matter was taken up at policy level and very soon they will change the process flow.

It was informed that as per the new expected process-flow, all non-financial information which the Bank thinks is vital for application processing will be taken at the very beginning, and only after the same meets the banks internal criteria, remaining financial details like PAN, Aadhar and financial/employment details would be obtained.

He informed that once the process-flow decision is formally accepted and implemented, RBI complaint thread will be updated.

 

[Vineet Kumar]

However, as regards non-processing of my application for the Card they again sought sorry.

On my insisting that there was a CIBIL hit without the card application being processed, it was stated that if anything would be possible to be done in the matter, they would get back to me again.

Hope the much needed change is brought by the Bank soon, as assured by them.

***** Story Ends For Now *****
😃

 

[akshayhs]

However, as regards non-processing of my application for the Card they again sought sorry.

On my insisting that there was a CIBIL hit without the card application being processed, it was stated that if anything would be possible to be done in the matter, they would get back to me again.

Hope the much needed change is brought by the Bank soon, as assured by them.

***** Story Ends For Now *****
😃

Looks like their developers were ordered to get into production immediately than creating a POC first and letting it get reviewed internally.

 

[jack333]

However, as regards non-processing of my application for the Card they again sought sorry.

On my insisting that there was a CIBIL hit without the card application being processed, it was stated that if anything would be possible to be done in the matter, they would get back to me again.

Hope the much needed change is brought by the Bank soon, as assured by them.

***** Story Ends For Now *****
😃

So they didn't remove your cibil enquiry?

 

[Vineet Kumar]

So they didn't remove your cibil enquiry?

Not yet. And I don't want that also, till the possibility of re-considerstion of application. In case they finally say Not Possible, I will take that up.

 

[creditcardkakida]

Same issue.. first asked for all details .. then sorry no offers available... New players in card segment are here for rejection on pin code basis.. or any random reason they can say like a school boy gives the reasons for late coming or absence..