Do IT departments need more investment?

A large UK bank’s recent technical failings have led to them to put aside £125m to pay compensation to customers who were affected. A software upgrade failure led to a huge backlog in updating customers’ balances and retail and corporate customers were unable to obtain access to fund and payment facilities.

UK banks on the high streetA large UK bank’s recent technical failings have led to them putting aside £125m to pay compensation to customers who were affected. A software upgrade failure led to a huge backlog in updating customers’ balances with retail and corporate customers being left unable to obtain access to fund and payment facilities.

MPs have warned that “computer failings pose a threat to the entire British banking system” and Andrew Tyrie, chairman of the Commons Treasury Committee, has urged other banks to check their IT systems.

He confirmed that “the recent IT failure affected millions of individuals and a wide range of businesses in the UK and Ireland.” Tyrie suggested that it was not only the bank’s customers affected but the problems and confusion they caused threatened to infect the rest of the banking system – and for some companies were severe.

It is another blow against the UK’s financial institutions and does little to inject public confidence in our banks and building societies.

The bank was praised for taking full responsibility for the incident and not only will they refund charges placed on customers’ accounts in error, but will also offer inconvenience redress of £20 for anyone who made an in-branch transaction between 19th June and 18th July 2012.

 

Register for Updates

Register to receive news updates straight to your inbox.
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.
  • This field is for validation purposes and should be left unchanged.

Newsletter

Sign up to our newsletter
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.
  • This field is for validation purposes and should be left unchanged.

Technology Form

  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.

Get in touch with us

We're ready to show you the future of consulting. Just fill out the form below!
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.

PPI Case Handler Profile

Complete your details below to receive our PPI Case Handler profile.
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.
  • This field is for validation purposes and should be left unchanged.

Subject Access Request

    We require basic personal details to locate you on our records.

Request to Delete your Personal Data

    We require basic personal details to locate you on our records so we can delete your information.

Request to Withdraw Opt-In

    We require basic personal details to locate you on our records.