Here’s something that I found in my Inbox over the weekend (emphasis mine) —

I am writing to you on behalf of Standard Chartered Bank to explore an opportunity to review its latest offering — instant online Credit Card approval solution. Please find below details for the same.

Standard Chartered Bank, India’s largest international bank has gone digital, launching India’s first instant online Credit Card approval solution, which will enable a customer to apply for a card online and receive an ‘Approval In Principle’ (AIP) almost instantly.

With the digital application process, the customer can apply for a credit card online at his or her convenience. From a customer-friendly dedicated internet page accessible directly or through their website https://apply.standardchartered.co.in/credit-card, the customer can browse through various options available and apply for his or her preferred card.

The online application process involves verification of key customer details such as the Permanent Account Number, mobile number, email ID and credit history through CIBIL, and other internal eligibility criteria.

The AIP will be followed by a final approval after completion of ‘Know Your Customer’ and credit approval processes.

I have also attached more details about AIP for your reference. We thought this might be useful for you and also the readers on your blog. Do you need more information please feel free to contact me.

Click here to download the PowerPoint explaining the whole process in greater detail. This was attached by the marketing agency with the above email.

Here’s what makes me happy —

• I really like the concept. It’s a pretty straightforward way of connecting data about you and using it. No more filling-up forms and then twiddling your thumbs or plucking rose petals chanting “will they give me a credit card or will they not give me a credit card.” I recount my experience and fight with Kotak when I’d applied for one of their credit cards and was rejected.

But more important, here’s what makes me nervous —

• Approval also depends on vaguely termed “other internal eligibility criteria.” What exactly does that mean? Why not be transparent and specific about what those criteria are? My credit card application with Kotak was rejected for precisely the same other internal eligibility criteria. They never told me what that was. The exact words used were “other reasons.” I got frustrated and told them to keep their cards with themselves. Immediately after that, my credit card application with Standard Chartered Bank was approved. So go figure!

Address this one shortcoming (when you’re setting a precedent you might as well go the whole way) and I think we’ll have a true winner.

What do you think?