British Banking Giant’s Tech Crisis

British bank TSB, who have over 550 branches across the UK, has recently been into a crisis due to flaws in their online banking system. Customers created an uproar when they were either shown wrong statements and balances on their online accounts, or were displayed nothing at all. This very quickly blew up out of control, as hundreds of complaints came flying in their direction over social media and via major news outlets.

Representatives at TSB have regretfully reported that the users are getting delayed text alerts or none at all. They have assured that they are working round the clock to improve the situation and to bring relief to their customers, but many think the damage could already be done. They have also assured the customers that their deposits will not be meddled with and their account balances will reflect what they should do as soon as this nightmare is over.

One customer was outraged when her online login showed that she had an overdraft, despite her never signing up for one. Others had logged in to find other customers transactions in their account, and a bank balance that was completely wrong! Another customer said that she had tried calling the TSB help line, but after being put on hold for fifteen minutes, she finally connected with an advisor who hung up the call.

TSB CEO Paul Pester passed a very intriguing statement on the matter; “The challenge we are facing at the moment is that while we know everything is working, one of the main ways that our customers see everything is working – through our internet banking and mobile app – isn’t functioning as well as it should be, and for this I’m truly sorry,” he added. “I can appreciate how frustrating this must be for our customers.”

TSB CEO Paul Pester has been under fire Credit: The National

The bank now admits that it has only 50 percent online capacity and 90 percent capacity for mobile app users, meaning 1 in 10 users are having problems with their mobile app. The debacle has had a devastating effect on the bank’s stock price, with their holding company Banco de Sabadell SA seeing a sharp drop to their lowest price in a year.

Banco de Sabadell’s 1y Stock Price Chart Credit: TradingView