Portable feature makes every customer king!!

Last 2-3years,we have been seeing this concept of number portability.Now everybody seems own a number and that number becomes his identity.starting from school friends to business partners to family members , everybody, saves our number along with name. By this method we create a group,who may not be interacting regularly.

 Now problem starts when we are unhappy with some service provider and want to switch to some other vendor. The new vendor will give us a new number. It is a huge task for me to update this number to the other members of my different groups.Those who are closed may get my number by sms(double cost for me!!!). Thanks to the advancement of technology we got new number portability.Change of operator will not change my phone number.

Few days back the same rule got applied to Health insurance policy also.You do not need to open different health insurance policies in different service providers.You can simply port your policy to other vendor.This eliminate the risk of the calculation where repay is somewhere dependent to the age of the policy.Say you have a policy of 10,000 INR for 5 years and you are on its 3 years the amount you get,will be much higher than of the same amount premium of a new policy in 1st year. So,after third year if you are dissatisfied with the vendor,you did not have any choice to switch. As the next company will treat you as a new customer and payout will be calculated based on the time frame you spent with the new company. Again it is policy number portability that becomes the helping hand for the customer.Any customer can change its base vendor to other vendor!!
 Hey,,I have something more to say!!Our finance ministry has come up with more advanced concept---account number portability!!sounds interesting?? Yes,this concept is still in evaluation mode but very soon it will rock the market.The concept is again very simple-this feature will allow you to retain your account number even if you are changing your bank account provider.

This will be done through an identification code,know your customer(kyc)and core banking solution(CBS) norms. Banks provide 10,12,14 or 18 digit account numbers to customer.For cell phone it was bit easy as all the numbers that are being pooted is 10 digit only.It will be interesting to see how they can solve this problem.Secondly there might be chance of security loss,either all the personal or official transaction will be visible to all the bank members previous and recent.As per proposed solution any customer will be assigned a unique number and with which the savings accounts will be linked.The proposed unique number is called-Unique Identification Authority of India(UIDAI).

What we will be getting out it!!!
1)The techniques who change frequently from one company to other may avail this service.If the next company has a tie up with different bankers your existing account needs to be ported,thats it!!
2)Common people may be benefited from switching different bankers for higher internet rate.
3)Investors will also be benefited from banks for the Point No. 2.

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Portable feature makes every customer king!! Portable feature makes every customer king!! Reviewed by Animesh Chatterjee on January 30, 2012 Rating: 5

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