I sometimes ask myself this question: Why is it so hard for me to use a commercial banking system when I would rather use an online banking system? And later I got the answer, which is that it is because of the exorbitant charges that commercial banks impose on bank users in spite of your financial capability or your buoyancy.
Commercial banks are never concerned with this, and this makes them always lose customers because when a student invests or saves money in a mobile bank, he or she later sees that charges have been deducted from the money he or she has kept in the bank. Seeing this, to a student, it will look so irrelevant because he or she won't be able to cope with these charges, which speak more of the working class.
I've stopped using commercial banks for some time now, and this was due to the fact that they place too many charges on whatever I do, even if it is a mobile banking app I'm using. They will still deduct even extra charges from the money I have in their account. When this started, I was feeling very uncomfortable, but I could not complain because if I should, there is nothing the bank will do to it, but instead they will continue to deduct the money.
I was not even bothered with this as such, so I told a friend about it, and he advised me to open another bank with another bank name and another set of details, which are mine. I did as he had instructed. Lo and behold, this one was even worse than the ones I have been using before, and this one deducts money even from the minimum transaction I do, and it is very annoying that I had to go to the bank and request all the money I have in their custody and close down the bank.
Now we have the online banking system, which most people use for transactions and the payment of different bills. This is far better than the commercial banks because it is much less stressful, and does what the commercial banks also do and even beyond.
The online banking system has really been helping people, to the point that when the commercial banks see that the online banking system has been dominating and gaining more customers from them, they are to report them to the Nigerian bureau system. This didn't stop them from operating, and after the dialogue and everything else, they still came back to their work, and they gave more options to users than the commercial banks.
And I sometimes wonder about the money that is left in a commercial bank account that they regard as a dormant account. This account is meant to be an account switch that a family member or a friend should be able to claim, but instead, commercial banks will make it so stressful and time-consuming that they will be able to gain access to the account when the person later leaves it.
All these things are things that I believe will not allow commercial banks to grow in time because they are not putting their customers first and are just after the money they want to make. Being able to keep customers goes a long way, and this has helped commercial banks grow so well.