I am tired of Bank Statements which are not easily available in importable formats. First of all it is difficult to get an excel format, if there is then an export to excel is not clean due to the nature of data in the statements and historical data is more often than not available in a consolidated formats.
The transaction list that the bank provides is required for savings, current, loans, credit card, Demat and name it and one has to spend hours transforming it and uploading them into the database.
There are indeed good tech enabled banks - ICICI seems to stand out in technology innovation at times better than international banks - but one does not bank exclusively due to technology.
It is not that there are no standards. ISO20022 has acceptable formats and XML can be easily imported into Excel. It requires some discipline and regulation and not to penalize customers to buy applications that negotiate with banks to get the statements formatted and display.
It is time RBI considered this. A bank may go head over heal to create custom formats for corporates for retail customers it requires regulation.A simplified and standardized statements help many people in the financial supply chain, CA, Income Tax Department least of all and indeed will save the bank many expenses downstream.
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