Role of Ombudsman in Online banking and recommendation based on future trends in India
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Keywords:
Banking Ombudsman, Online Banking, Unauthorised transaction, Technical glitch and Consumer RightsAbstract
This paper discusses the role of the Banking Ombudsman in India's online banking problems. Fast-paced advancement in digital banking services means that customers today increasingly face unauthorized transactions, technical breakdowns, and delayed services. The Banking Ombudsman Scheme, amended to include complaints regarding online banking, plays a vital role in redressing some of these issues and rescuing consumer rights. The convenience sampling method and the data obtained from SPSS software have been used. This paper examines the efficacy of the Ombudsman in dealing with online bank complaint issues, evaluates consumer satisfaction, and determines gaps in the existing framework. This paper reveals that the major challenge the banking ombudsman would have to deal with when it comes to online transactions is technical glitches related to failed transactions and gives recommendations to Banks that shall collaborate with Fintech companies and cybersecurity experts, among others, for innovative solutions to reduce technical glitches.
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