What Banks Can Learn From TSB’s £105.4 Million Outage

Posted by Banking Exchange on March 25, 2019

In this featured article, our Director of Product Marketing, Steve Gilde, elaborates on why banks need to implement a proactive strategy for system maintenance and software testing.

Highly publicized service outages are one of the worst fears for any bank or financial services organization; these disruptions have the potential to cause significant reputational and financial damage.

Last year, the UK's TSB Bank lost £105.4 million (pounds, not dollars) as a result of a major IT meltdown that locked customers out of their accounts for several weeks. In addition to the lost revenue and hard costs associated with the outage, TSB and parent company Banco de Sabadell suffered significant brand damage and lost shareholder value.  

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